Building Details

Building Size 1,200 SF

Listing Agency: Elifin Realty

Listed By: Mark Johns · License #995715972 Show Phone

Source: Elifinrealty

Added: Jun 2 Changed: Oct 10 Last Checked: Oct 16 at 6:17AM

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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

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Investment Insights

Based on property information with market context.

This property is a former drive-thru restaurant building with practical conversion potential to flex space. The existing drive-through format can support a range of light-flex uses, while buyers and tenants benefit from the opportunity to create a more flexible operating layout from an already built structure.

The site is located just seconds off W Congress St, providing convenient corridor access for daily customer and employee flow. It also sits within the area of a broader commercial node at about 10.7 miles from the Ambassador Caffery Pkwy / W Congress St intersection.

As an acquisition opportunity, the building is well suited for operators seeking a low cost-per-square-foot entry point with room to adapt the property to their needs. The flex conversion direction makes it especially attractive for businesses looking to control occupancy costs while repurposing an improved, drive-through oriented asset.

Key Highlights

• Former drive‑thru restaurant building with conversion potential to flex space
• Located about 2 blocks/seconds off W Congress St for quick corridor access
• About 0.7 miles to the Ambassador Caffery Pkwy / W Congress St commercial node

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$5,662

Cap Rate

3.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$113,240 $113.2K

Cap Rate 7%

$80,886 $80.9K

Cap Rate 9%

$62,911 $62.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,200 SF

Gross rent

$8.5K $7.08/SF

− Vacancy

−$408 −$0.34/SF

EGI

$8.1K $6.74/SF

− OpEx

−$2.4K −$2.02/SF

NOI

$5.7K $4.72/SF

Area

Lafayette, LA

Vacancy

4.80%

Lease Rate

$7.08 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$113,240

Cap Rate 7%

$80,886

Cap Rate 9%

$62,911

Alternative Uses

Best Use

Industrial

$80.9K

$70.8K – $94.4K (±1% cap)

NOI $5,662 @ 7.0% cap · market cap 3.06%

Second Best

Flex RnD

$75.1K

$65.7K – $87.6K (±1% cap)

NOI $5,257 @ 7.0% cap · market cap 2.84%

Theoretical Best

Office A

$283.7K

$248.3K – $331.0K (±1% cap)

NOI $19,860 @ 7.0% cap · market cap 10.74%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm HVAC Service Kitchen & Bath Showroom Parking Lot & Garage Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

948

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 70506, LA

39,801

Population

20,296

Households

2

Avg Household Size

36

Median Age

37%

College-Educated

91%

High-School Grad

20.8 sq mi

ZIP Area

1,914

Density / Sq Mi

$55,553

Median Household Income

$38,764

Median Earnings

$1,024

Median Rent

$215,700

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Similar Off Market Nearby

• Kevin Killion services — 203 Bonaire Dr, Lafayette, LA 70506
• Cajun Legacy Foods — 202 arnould blvd, lafayette, la 70506

Frequently Asked Questions

What type of property is this?

Flex space - Former drive-thru restaurant offers conversion potential to flex space with quick access to a major commercial corridor.

Where is this flex space located?

The property is located at 203 Winchester Dr Lafayette, LA.

What is the asking price?

The asking price for this property is $185,000.

What are key features of this property?

This property features: Former drive‑thru restaurant building with conversion potential to flex space; Located about 2 blocks/seconds off W Congress St for quick corridor access; About 0.7 miles to the Ambassador Caffery Pkwy / W Congress St commercial node