Self-Storage Facility with Climate
For Sale
Contact for pricing
2209 Richard St., Abbeville, LA 70510
Facility offers non-climate storage, an apartment, and a warehouse conversion to 67 climate-controlled units.
Property Size22,100 SF
Price / SF$67.87
Days on Market139
Property Features for 2209 Richard St.
General Information
Standard status
Active
Size
22,100 SF
Property subtype
INDUSTRIAL
Listing Agency:
SVN Wilson Commercial
Listed By:
Doug Wilson · License ##0000350178
(614) 944-5140
Source:
Moodyscre
Added: May 1
Changed: Sep 13
Last Checked: Sep 15 at 11:42AM
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 Wilson Commercial
Investment Insights
Based on property information with market context.
Simple Storage Abbeville is a value-add self-storage facility with 12,400 NRSF of non-climate storage, a 1,500 SF apartment, and a brand new 8,200 SF warehouse conversion designed for climate-controlled storage. The conversion totals 67 climate-control units.
The property is described as a prime retail location situated between Walgreens, Eastridge Nursing Home, and Oakleigh Apartments, supporting an existing tenant base. Per the seller’s remarks, leasing activity is currently running at a 5–10% monthly rate. The listing also cites a low self-storage supply rate of 6.7 SF/capita within a 5-mile radius.
The property is described as a prime retail location situated between Walgreens, Eastridge Nursing Home, and Oakleigh Apartments, supporting an existing tenant base. Per the seller’s remarks, leasing activity is currently running at a 5–10% monthly rate. The listing also cites a low self-storage supply rate of 6.7 SF/capita within a 5-mile radius.
Key Highlights
- Value‑add self‑storage facility with 12,400 NRSF of non‑climate storage
- Warehouse conversion to 67 climate‑controlled units (brand new conversion, 8,200 SF)
- Includes a 1,500 SF apartment on‑site
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
$126,614
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
8.44%
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%
$2,532,280
$2.5M
Cap Rate 7%
$1,808,771
$1.8M
Cap Rate 9%
$1,406,822
$1.4M
Market Conditions
NOI Build-Up for 22,100 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
$156.5K $7.08/SF
− Vacancy
−$7.5K −$0.34/SF
EGI
$149.0K $6.74/SF
− OpEx
−$22.3K −$1.01/SF
NOI
$126.6K $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%
$2,532,280
Cap Rate 7%
$1,808,771
Cap Rate 9%
$1,406,822
Alternative Uses
Best Use
Self Storage
$2.39M
$2.09M – $2.78M
NOI $167,076 @ 7.0% cap · market cap 11.14%
Second Best
Warehouse
$1.81M
$1.58M – $2.11M
NOI $126,614 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$5.23M
$4.57M – $6.10M
NOI $365,764 @ 7.0% cap · market cap 24.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
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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
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Self storage facility - Facility offers non-climate storage, an apartment, and a warehouse conversion to 67 climate-controlled units.
Where is this self storage facility located?
The property is located at 2209 Richard St. 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: Value‑add self‑storage facility with 12,400 NRSF of non‑climate storage; Warehouse conversion to 67 climate‑controlled units (brand new conversion, 8,200 SF); Includes a 1,500 SF apartment on‑site
