Office/Retail Condominium
For Sale
$435,000
2504 Veterans Memorial Pkwy S, Lafayette, IN 47909
Move-in-ready suite with an open workspace, perimeter offices, and existing plumbing hookups along a heavily traveled parkway.
Property Size2,817 SF
Price / SF$154.42
Days on Market101
Property Features for 2504 Veterans Memorial Pkwy S
General Information
Standard status
Active
Size
2,817 SF
Site & Location
Traffic Count
18,000 vehicles/day
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,698
Listing Agency:
Keller Williams Lafayette
Listed By:
Steven Childers · License #RB22002269
(765) 413-6046
Source:
Exprealty
Added: Jun 5
Changed: Sep 6
Last Checked: Sep 12 at 1:27PM
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 Keller Williams Lafayette
Investment Insights
Based on property information with market context.
Move-in-ready office/retail condominium suite offered for sale or lease. The approximately 2,817 SF layout includes a large open workspace with perimeter offices, providing a flexible configuration for a range of service-oriented concepts. The suite was previously occupied as a salon and includes existing plumbing and nail station hookups that may be beneficial for compatible uses.
The property is located along Veterans Memorial Parkway South in Lafayette and has approximately 18,000 vehicles per day for visibility. Convenient access and ample shared parking are available to support customer and employee traffic.
Immediate occupancy is available. A full offering memorandum with detailed information is available in the MLS Documents, and the broker can provide additional details and schedule showings.
The property is located along Veterans Memorial Parkway South in Lafayette and has approximately 18,000 vehicles per day for visibility. Convenient access and ample shared parking are available to support customer and employee traffic.
Immediate occupancy is available. A full offering memorandum with detailed information is available in the MLS Documents, and the broker can provide additional details and schedule showings.
Key Highlights
- Move‑in‑ready office/retail condominium suite for sale or lease at 2504 Veterans Memorial Parkway South in Lafayette
- Approximately 2,817 SF suite with a flexible layout featuring a large open workspace and perimeter offices
- Previously occupied as a salon with existing plumbing and nail station hookups that may support similar uses
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
$33,719
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
7.75%
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%
$674,380
$674.4K
Cap Rate 7%
$481,700
$481.7K
Cap Rate 9%
$374,656
$374.7K
Market Conditions
NOI Build-Up for 2,817 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
$59.2K $21.00/SF
− Vacancy
−$14.2K −$5.04/SF
EGI
$45.0K $15.96/SF
− OpEx
−$11.2K −$3.99/SF
NOI
$33.7K $11.97/SF
Area
Tippecanoe County, IN
Vacancy
24.00%
Lease Rate
$21.00 /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%
$674,380
Cap Rate 7%
$481,700
Cap Rate 9%
$374,656
Alternative Uses
Best Use
Office B
$481.7K
$421.5K – $562.0K
NOI $33,719 @ 7.0% cap · market cap 7.75%
Second Best
Retail
$404.0K
$353.5K – $471.3K
NOI $28,277 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$650.4K
$569.1K – $758.8K
NOI $45,526 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
18,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 47909, IN
42,759
Population
18,455
Households
2.3
Avg Household Size
34
Median Age
32%
College-Educated
91%
High-School Grad
118.0 sq mi
ZIP Area
362
Density / Sq Mi
$67,341
Median Household Income
$42,309
Median Earnings
$1,091
Median Rent
$203,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Move-in-ready suite with an open workspace, perimeter offices, and existing plumbing hookups along a heavily traveled parkway.
Where is this office units located?
The property is located at 2504 Veterans Memorial Pkwy S Lafayette, IN.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Move‑in‑ready office/retail condominium suite for sale or lease at 2504 Veterans Memorial Parkway South in Lafayette; Approximately 2,817 SF suite with a flexible layout featuring a large open workspace and perimeter offices; Previously occupied as a salon with existing plumbing and nail station hookups that may support similar uses
