Main Street Office
For Sale
$197,000
223 Main St, Opelousas, LA 70570
Office building with multiple private offices, conference space, and updated bathrooms and kitchen appliances.
Property Size2,100 SF
Price / SF$93.81
Days on Market759
Property Features for 223 Main St
General Information
Standard status
Active
Size
2,100 SF
Additional Details
Opportunity Zone
Yes
Road Access
Yes
Office Units
5
Listing Agency:
Dwight Andrus Real Estate Agency, LLC
(337) 296-1540
Listed By:
Claire Disch Schexnayder · License #99563787
(337) 296-1540
Source:
Exprealty
Added: Jul 15, 2024
Changed: Jul 10
Last Checked: Aug 11 at 12:23PM
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 Dwight Andrus Real Estate Agency, LLC
Investment Insights
Based on property information with market context.
This office building offers a receptionist area with a window and separate private space, along with three small offices and two larger offices. There is also a conference room, a full bathroom with a new stand-up shower, and a large kitchen/break room that includes brand new appliances that will remain with the property. Additional features include a half bath and two large storage rooms, plus a brand new water heater. The building is supported by a Spectrum internet service and a Firewryre security system.
Located in an Opportunity Zone in the heart of Opelousas, the property has Main Street frontage across from the St. Landry Bank Building and is within walking distance to the courthouse. Utility estimates provided include Cleco averaging $80/month, Centerpoint averaging $30/month, and City of Opelousas water and sewer averaging $30/month.
For tenants, this layout supports professional services that benefit from a reception area, several private offices, and a dedicated conference room. The updated break room appliances and newer water heater reduce near-term turnover concerns, while the storage rooms help keep operational and client-facing materials organized.
Located in an Opportunity Zone in the heart of Opelousas, the property has Main Street frontage across from the St. Landry Bank Building and is within walking distance to the courthouse. Utility estimates provided include Cleco averaging $80/month, Centerpoint averaging $30/month, and City of Opelousas water and sewer averaging $30/month.
For tenants, this layout supports professional services that benefit from a reception area, several private offices, and a dedicated conference room. The updated break room appliances and newer water heater reduce near-term turnover concerns, while the storage rooms help keep operational and client-facing materials organized.
Key Highlights
- Office building in an Opportunity Zone with Main Street frontage across from the St. Landry Bank Building
- Receptionist area with window plus private office space, including 3 small separate offices and 2 large offices
- Conference room and large kitchen/break room with brand new appliances that remain with the property
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
$16,065
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
8.15%
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%
$321,300
$321.3K
Cap Rate 7%
$229,500
$229.5K
Cap Rate 9%
$178,500
$178.5K
Market Conditions
NOI Build-Up for 2,100 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
$25.2K $12.00/SF
− Vacancy
−$3.8K −$1.80/SF
EGI
$21.4K $10.20/SF
− OpEx
−$5.4K −$2.55/SF
NOI
$16.1K $7.65/SF
Area
St. Landry County, LA
Vacancy
15.00%
Lease Rate
$12.00 /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%
$321,300
Cap Rate 7%
$229,500
Cap Rate 9%
$178,500
Alternative Uses
Best Use
Office B
$229.5K
$200.8K – $267.8K
NOI $16,065 @ 7.0% cap · market cap 8.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$316.8K
$277.2K – $369.6K
NOI $22,176 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
80
Businesses Nearby
Explore this area
Business Placement
Demographics for 70570, LA
38,746
Population
17,099
Households
2.3
Avg Household Size
39
Median Age
15%
College-Educated
82%
High-School Grad
171.8 sq mi
ZIP Area
226
Density / Sq Mi
$45,276
Median Household Income
$33,090
Median Earnings
$764
Median Rent
$151,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building with multiple private offices, conference space, and updated bathrooms and kitchen appliances.
Where is this office building located?
The property is located at 223 Main St Opelousas, LA.
What is the asking price?
The asking price for this property is $197,000.
What are key features of this property?
This property features: Office building in an Opportunity Zone with Main Street frontage across from the St. Landry Bank Building; Receptionist area with window plus private office space, including 3 small separate offices and 2 large offices; Conference room and large kitchen/break room with brand new appliances that remain with the property
