Flex Space Building with
For Sale
$185,000
203 Winchester Dr, Lafayette, LA 70506
Former drive-thru restaurant offers conversion potential to flex space with quick access to a major commercial corridor.
Property Size1,200 SF
Days on Market94
Property Features for 203 Winchester Dr
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Industrial
Building Details
Building Size
1,200 SF
Listing Agency:
Elifin Realty
Listed By:
Mark Johns · License #995715972
(501) 513-7394
Source:
Elifinrealty
Added: Jun 2
Changed: Aug 23
Last Checked: Sep 2 at 2:57PM
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
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.
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 = 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
$5,662
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
3.06%
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%
$113,240
$113.2K
Cap Rate 7%
$80,886
$80.9K
Cap Rate 9%
$62,911
$62.9K
Market Conditions
NOI Build-Up for 1,200 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
$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 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%
$113,240
Cap Rate 7%
$80,886
Cap Rate 9%
$62,911
Alternative Uses
Best Use
Industrial
$80.9K
$70.8K – $94.4K
NOI $5,662 @ 7.0% cap · market cap 3.06%
Second Best
Flex RnD
$75.1K
$65.7K – $87.6K
NOI $5,257 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$283.7K
$248.3K – $331.0K
NOI $19,860 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
