Occupied Mixed-Use Building
For Sale
$250,000
196 198 Mt Vernon Dr, Lafayette, LA 70503
Two occupied structures offer distinct lease terms within CH zoning near established retail amenities.
Property Size1,650 SF
Days on Market91
Property Features for 196 198 Mt Vernon Dr
General Information
Standard status
Active
Size
1,650 SF
Property subtype
Retail
Zoning
CH - Commercial Heavy
Occupancy
100%
Additional Details
Traffic Count
28,100 vehicles/day
Building Details
Building Size
1,650 SF
Buildings
2
Tenancy
Multi
Listing Agency:
Elifin Realty Lafayette
(501) 513-7394
Listed By:
Mark Johns · License #995715972
(501) 513-7394
Source:
Elifinrealty
Added: Jun 2
Changed: Aug 29
Last Checked: Aug 30 at 1:32PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Elifin Realty Lafayette
Investment Insights
Based on property information with market context.
This offering includes two occupied mixed-use buildings at 196 and 198 Mt Vernon Dr. The structures contain approximately ±1,000 SF and ±1,400 SF, respectively, with one unit leased month-to-month and the other committed through July 2026. The property is zoned CH - Commercial Heavy.
The buildings are positioned near the Johnston St corner and serve an area reporting approximately ±28,100 vehicles per day. Nearby amenities include Jersey Mike’s, McDonald’s, and Office Depot, placing the property among established commercial activity.
The combination of two separate buildings, current occupancy, and differing lease maturities provides a straightforward configuration for an owner-user or investor evaluating a mixed-use commercial asset.
The buildings are positioned near the Johnston St corner and serve an area reporting approximately ±28,100 vehicles per day. Nearby amenities include Jersey Mike’s, McDonald’s, and Office Depot, placing the property among established commercial activity.
The combination of two separate buildings, current occupancy, and differing lease maturities provides a straightforward configuration for an owner-user or investor evaluating a mixed-use commercial asset.
Key Highlights
- Two occupied mixed‑use buildings at 196 and 198 Mt Vernon Dr
- Buildings measure approximately ±1,000 SF and ±1,400 SF, respectively
- One unit is leased month‑to‑month; the other is leased to July 2026
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,011
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$400,220
$400.2K
Cap Rate 7%
$285,871
$285.9K
Cap Rate 9%
$222,344
$222.3K
Market Conditions
NOI Build-Up for 1,650 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$31.1K $18.84/SF
− Vacancy
−$2.5K −$1.51/SF
EGI
$28.6K $17.33/SF
− OpEx
−$8.6K −$5.20/SF
NOI
$20.0K $12.13/SF
Area
Lafayette, LA
Vacancy
8.04%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$400,220
Cap Rate 7%
$285,871
Cap Rate 9%
$222,344
Alternative Uses
Best Use
Retail
$285.9K
$250.1K – $333.5K
NOI $20,011 @ 7.0% cap · market cap 8.00%
Second Best
Mixed Use
$272.3K
$238.2K – $317.6K
NOI $19,058 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$390.1K
$341.4K – $455.1K
NOI $27,308 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
28,100 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
635
Businesses Nearby
Explore this area
Business Placement
Demographics for 70503, LA
27,497
Population
13,052
Households
2.1
Avg Household Size
38
Median Age
55%
College-Educated
96%
High-School Grad
11.3 sq mi
ZIP Area
2,433
Density / Sq Mi
$94,360
Median Household Income
$54,170
Median Earnings
$1,087
Median Rent
$326,800
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two occupied structures offer distinct lease terms within CH zoning near established retail amenities.
Where is this mixed-use property located?
The property is located at 196 198 Mt Vernon Dr Lafayette, LA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two occupied mixed‑use buildings at 196 and 198 Mt Vernon Dr; Buildings measure approximately ±1,000 SF and ±1,400 SF, respectively; One unit is leased month‑to‑month; the other is leased to July 2026
