Former Elementary School
For Sale
$3,800,000
Pending
2910 Ambassador Caffery Pkwy, Lafayette, LA 70506
Former school campus with existing buildings and substantial land area for adaptive reuse.
Property Size37,254 SF
Lot Size21.88 Acres
Days on Market371
Property Features for 2910 Ambassador Caffery Pkwy
General Information
Standard status
Pending
Size
37,254 SF
Lot size
21.88 Acres
Property subtype
Investment
Zoning
PI-L
Amenities
Vacant
Listing Agency:
NAI Rampart Commercial Real Estate Lafayette
(337) 233-9541
Listed By:
Flo Meadows
(337) 233-9541
Source:
Lacdb.resimplifi
Added: Aug 27, 2025
Changed: Aug 29
Last Checked: Aug 31 at 1:11PM
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 NAI Rampart Commercial Real Estate Lafayette
Investment Insights
Based on property information with market context.
This former Prairie Elementary School property includes approximately 37,254 SF of building area across 21.88 acres. The site is classified PI-L, or Public Institution Light zoning, and retains an institutional campus configuration suitable for evaluating reuse concepts.
The property occupies the western corner of Ambassador Caffery Parkway and W Congress, with approximately 750 feet of frontage along Ambassador Caffery and 1,200 feet along W Congress. The source information identifies mixed-use development, senior housing, specialized educational facilities, and business incubators as examples of adaptive reuse projects for similar facilities.
The property occupies the western corner of Ambassador Caffery Parkway and W Congress, with approximately 750 feet of frontage along Ambassador Caffery and 1,200 feet along W Congress. The source information identifies mixed-use development, senior housing, specialized educational facilities, and business incubators as examples of adaptive reuse projects for similar facilities.
Key Highlights
- Former Prairie Elementary School campus
- Approximately 37,254 SF of buildings
- 21.88+/- acres of land
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
$315,828
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
8.31%
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%
$6,316,560
$6.3M
Cap Rate 7%
$4,511,829
$4.5M
Cap Rate 9%
$3,509,200
$3.5M
Market Conditions
NOI Build-Up for 37,254 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
$782.3K $21.00/SF
− Vacancy
−$208.1K −$5.59/SF
EGI
$574.2K $15.41/SF
− OpEx
−$258.4K −$6.94/SF
NOI
$315.8K $8.48/SF
Area
Lafayette, LA
Vacancy
26.60%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
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%
$6,316,560
Cap Rate 7%
$4,511,829
Cap Rate 9%
$3,509,200
Alternative Uses
Best Use
Mixed Use
$6.15M
$5.38M – $7.17M
NOI $430,284 @ 7.0% cap · market cap 11.32%
Second Best
Apartment 5plus
$4.51M
$3.95M – $5.26M
NOI $315,828 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$8.81M
$7.71M – $10.28M
NOI $616,569 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Explore this area
Business Placement
Demographics for 70506, LA
39,801
Population
20,296
Households
2
Avg Household Size
36
Median Age
37%
College-Educated
91%
High-School Grad
20.8 sq mi
ZIP Area
1,914
Density / Sq Mi
$55,553
Median Household Income
$38,764
Median Earnings
$1,024
Median Rent
$215,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
School - Former school campus with existing buildings and substantial land area for adaptive reuse.
Where is this school located?
The property is located at 2910 Ambassador Caffery Pkwy Lafayette, LA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Former Prairie Elementary School campus; Approximately 37,254 SF of buildings; 21.88+/- acres of land
