Value-Add Storage Facility with
For Sale
$1,500,000
2209 Richard Street, Abbeville, LA 70510
Self-storage facility with warehouse conversion and apartment in Abbeville.
Property Size22,420 SF
Price / SF$66.90
Days on Market275
Property Features for 2209 Richard Street
General Information
Standard status
Active
Size
22,420 SF
Property subtype
Industrial
Building Details
Building Size
22,420 SF
Listing Agency:
SVN Toomey Property Advisors
(614) 370-9077
Listed By:
Kristen Asman · License #OH #658012934
(614) 370-9077
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 19
Last Checked: Aug 22 at 4:02AM
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 SVN Toomey Property Advisors
Investment Insights
Based on property information with market context.
Located in the Lafayette MSA, a fast-growing area in Louisiana, this property offers a value-add self-storage opportunity. The facility features 22,100 square feet, including 12,400 square feet of non-climate storage, a newly converted 8,200-square-foot warehouse with 67 climate-controlled units, and a 1,500-square-foot three-bedroom apartment. The property is fully fenced and equipped with a remote management system. Situated in the heart of the Abbeville retail area, it is located behind a Walgreens and next to a nursing home and apartment complex. The location benefits from high traffic, with 17,000 cars passing by daily on Veterans Memorial Drive. The surrounding area has a population of 15,000 within a 3-mile radius. The property is located in Abbeville, the county seat of Vermillion Parish, approximately 150 miles west of New Orleans and 60 miles southwest of Baton Rouge. Abbeville is an agricultural trade and processing center and services oil and natural gas fields in the Gulf of Mexico. The area has a low self-storage saturation rate of 6.7 SF/Capita within a 5-mile radius, indicating potential for growth.
Key Highlights
- Brand new conversion of 8,200 SF warehouse into 67 climate‑controlled storage units
- Located in the rapidly growing Lafayette MSA
- Low self‑storage saturation rate of 6.7 SF/Capita within a 5‑mile radius
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
$128,447
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
8.56%
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%
$2,568,940
$2.6M
Cap Rate 7%
$1,834,957
$1.8M
Cap Rate 9%
$1,427,189
$1.4M
Market Conditions
NOI Build-Up for 22,420 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
$158.7K $7.08/SF
− Vacancy
−$7.6K −$0.34/SF
EGI
$151.1K $6.74/SF
− OpEx
−$22.7K −$1.01/SF
NOI
$128.4K $5.73/SF
Area
Vermilion County, LA
Vacancy
4.80%
Lease Rate
$7.08 /SF/Yr
Expense Ratio
15.00%
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%
$2,568,940
Cap Rate 7%
$1,834,957
Cap Rate 9%
$1,427,189
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.17M
NOI $190,070 @ 7.0% cap · market cap 12.67%
Second Best
Self Storage
$2.42M
$2.12M – $2.82M
NOI $169,495 @ 7.0% cap · market cap 11.30%
Theoretical Best
Office A
$5.30M
$4.64M – $6.18M
NOI $371,060 @ 7.0% cap · market cap 24.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
Explore this area
Business Placement
Demographics for 70510, LA
24,074
Population
11,603
Households
2.1
Avg Household Size
40
Median Age
18%
College-Educated
82%
High-School Grad
233.0 sq mi
ZIP Area
103
Density / Sq Mi
$50,881
Median Household Income
$37,079
Median Earnings
$789
Median Rent
$150,400
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?
Self storage facility - Self-storage facility with warehouse conversion and apartment in Abbeville.
Where is this self storage facility located?
The property is located at 2209 Richard Street Abbeville, LA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Brand new conversion of 8,200 SF warehouse into 67 climate‑controlled storage units; Located in the rapidly growing Lafayette MSA; Low self‑storage saturation rate of 6.7 SF/Capita within a 5‑mile radius
