Flexible Office
For Sale
$3,550,000
2424 N University Ave, Lafayette, LA 70507
The building features red-iron construction, flexible reconfiguration, and CM-1 zoning.
Property Size11,576 SF
Price / SF$306.67
Days on Market102
Property Features for 2424 N University Ave
General Information
Standard status
Active
Size
11,576 SF
Total Parking Spaces
72
Property subtype
Office
Zoning
CM-1
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
Water
Sewer
72 Parking Spaces
Building Details
Year Built
2010
Construction
red iron
Listing Agency:
EXP Realty CJ Group
(316) 562-6683
Listed By:
Melvin Granger · License #995711236
(316) 562-6683
Source:
Lacdb.resimplifi
Added: May 22
Changed: Aug 28
Last Checked: Aug 31 at 1:49PM
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 EXP Realty CJ Group
Investment Insights
Based on property information with market context.
Built in 2010, this 11,576-square-foot office building uses red-iron construction and offers a layout that can be reconfigured with limited structural constraints. The property is positioned for a range of potential commercial applications, including office, medical, community, event, and mixed-use concepts, subject to applicable approvals and requirements. CM-1 zoning is in place.
The property is located at 2424 N University Ave in Lafayette, Louisiana, near I-10. The surrounding corridor includes retail, commercial, and residential development. The memorial site may be included in the acquisition or excluded, providing an additional component for consideration. That site includes remaining inventory and room for future expansion, as described in the property information.
The property is located at 2424 N University Ave in Lafayette, Louisiana, near I-10. The surrounding corridor includes retail, commercial, and residential development. The memorial site may be included in the acquisition or excluded, providing an additional component for consideration. That site includes remaining inventory and room for future expansion, as described in the property information.
Key Highlights
- 11,576‑square‑foot office building constructed in 2010
- Red‑iron construction with flexible reconfiguration potential
- CM‑1 zoning
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
$134,710
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
3.79%
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%
$2,694,200
$2.7M
Cap Rate 7%
$1,924,429
$1.9M
Cap Rate 9%
$1,496,778
$1.5M
Market Conditions
NOI Build-Up for 11,576 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
$208.4K $18.00/SF
− Vacancy
−$28.8K −$2.48/SF
EGI
$179.6K $15.52/SF
− OpEx
−$44.9K −$3.88/SF
NOI
$134.7K $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%
$2,694,200
Cap Rate 7%
$1,924,429
Cap Rate 9%
$1,496,778
Alternative Uses
Best Use
Office B
$1.92M
$1.68M – $2.25M
NOI $134,710 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.74M
$2.39M – $3.19M
NOI $191,587 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Explore this area
Business Placement
Demographics for 70507, LA
17,791
Population
8,133
Households
2.2
Avg Household Size
36
Median Age
30%
College-Educated
92%
High-School Grad
21.4 sq mi
ZIP Area
831
Density / Sq Mi
$64,010
Median Household Income
$40,700
Median Earnings
$937
Median Rent
$206,700
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 - The building features red-iron construction, flexible reconfiguration, and CM-1 zoning.
Where is this office building located?
The property is located at 2424 N University Ave Lafayette, LA.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: 11,576‑square‑foot office building constructed in 2010; Red‑iron construction with flexible reconfiguration potential; CM‑1 zoning
