Versatile Commercial Property For
For Sale
$225,000
207 N Luke St, Lafayette, LA 70506
Functional layout, excellent accessibility, ideal for professional uses.
Property Size1,261 SF
Price / SF$178.43
Days on Market189
Property Features for 207 N Luke St
General Information
Standard status
Active
Size
1,261 SF
Listing Agency:
Real Broker, LLC
(337) 315-0654
Listed By:
Shannon L Broussard · License #0995688213
(337) 315-0654
Source:
Exprealty
Added: Feb 24
Changed: Aug 23
Last Checked: Aug 30 at 10:02PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This commercial property offers a functional layout and accessibility, suitable for various professional uses. The space includes 4 private offices, a reception and waiting area, a kitchen or breakroom, and 2 restrooms, supporting both client-facing operations and administrative needs. It is suited for medical or wellness practices, salon or beauty professionals, engineering firms, accounting or bookkeeping services, chiropractic care, counseling or therapy offices, nutritional services, insurance agencies, consulting firms, tutoring services, real estate offices, or other professional and service-based businesses. Located off Eraste Landry Drive and near I-10, the property provides access for clients and staff. The lot offers on-site parking. The property contains 1,261 square feet.
Key Highlights
- Excellent accessibility due to its location just off Eraste Landry Drive and near I‑10.
- Ample on‑site parking on a large lot.
- Functional layout featuring 4 private offices, reception/waiting area, kitchen/breakroom, and 2 restrooms.**
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
$14,674
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
6.52%
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%
$293,480
$293.5K
Cap Rate 7%
$209,629
$209.6K
Cap Rate 9%
$163,044
$163.0K
Market Conditions
NOI Build-Up for 1,261 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
$22.7K $18.00/SF
− Vacancy
−$3.1K −$2.48/SF
EGI
$19.6K $15.52/SF
− OpEx
−$4.9K −$3.88/SF
NOI
$14.7K $11.64/SF
Area
Lafayette, LA
Vacancy
13.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$293,480
Cap Rate 7%
$209,629
Cap Rate 9%
$163,044
Alternative Uses
Best Use
Office B
$209.6K
$183.4K – $244.6K
NOI $14,674 @ 7.0% cap · market cap 6.52%
Second Best
Healthcare Medical
$204.3K
$178.8K – $238.3K
NOI $14,300 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$298.1K
$260.9K – $347.8K
NOI $20,870 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
586
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- SpayNation for Dogs & Cats — 1640 N Bertrand Dr, Lafayette, LA 70506
Frequently Asked Questions
What type of property is this?
Medical Office Space - Functional layout, excellent accessibility, ideal for professional uses.
Where is this medical office space located?
The property is located at 207 N Luke St Lafayette, LA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Excellent accessibility due to its location just off Eraste Landry Drive and near I‑10.; Ample on‑site parking on a large lot.; Functional layout featuring 4 private offices, reception/waiting area, kitchen/breakroom, and 2 restrooms.**
