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    Restaurant Space on Congress Street Title is generated by Realmo AI

    2441 W Congress St, Lafayette, LA 70506

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    For Lease
    $6,500 /Mo

    Restaurant space for lease on a busy, established street.

    Lot size:
    0.78 Acres
    Added:
    Sep 26, 2024
    Days on Market:
    592
    Last Refresh:
    Jan 11 at 12:49 pm

    Property Features for 2441 W Congress St

    General Information

    Standard status
    Active
    Lot size
    0.78 Acres

    We can help!

    Listing Contact
    Asim Baloch

    Listing agent Asim Baloch License #995696005

    Listing office Weiser Realty & Property Managment, LLC

    Listing date Sep 26, 2024

    Source Exprealty

    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 Weiser Realty & Property Managment, LLC

    HighLights

    • Established restaurant location on busy Congress Street.
    • Lease includes restaurant building and all kitchen equipment.
    • Upcoming Congress Street Streetscape project will enhance the property.
    • Perfect opportunity for a new or established bar/restaurant business.
    • Congress Street Streetscape includes planted medians and enlarged sidewalks.
    • Congress Street Streetscape includes bike lanes, on‑street parking and trees.

    Overview

    This restaurant property is available for lease on Congress Street, a well-known and busy thoroughfare in Lafayette. The lease includes the restaurant building and all existing kitchen equipment. Congress Street is slated for enhancement as part of the Evangeline Corridor Initiative, an upcoming catalyst project funded by the Lafayette Consolidated Government. This project, which began in September, will introduce planted medians, bike lanes, enlarged sidewalks, on-street parking, and trees to West Congress Street, with the intention of enhancing the property and its potential. This location presents an opportunity for a new or established business in the bar or restaurant industry.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Turn key restaurants

    Similar Places Nearby

    • Sunshine Sweets Art — Cajundome Blvd, Lafayette, LA 70506
    • Chad's Cajun Catering, LLC — 122 Glynndale Ave, Lafayette, LA 70506

    Map

    City
    Lafayette
    County
    Lafayette
    State
    Louisiana
    Longitude
    -92.0513
    Latitude
    30.2103

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    FAQs

    What type of property is this?
    Restaurant - Restaurant space for lease on a busy, established street.
    Where is this restaurant located?
    The property is located at 2441 W Congress St Lafayette, LA.
    What is the lease rate?
    The lease rate is $6,500 /Mo.
    What are key features of this property?
    This property features: Established restaurant location on busy Congress Street.; Lease includes restaurant building and all kitchen equipment.; Upcoming Congress Street Streetscape project will enhance the property.
    (337) 351-6299
    We can help!
    Listing Contact
    Asim Baloch
    Real Estate License ID: 995696005
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    2441 W Congress St, Lafayette, LA, 70506-5548
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