Two-Building Flex
For Sale
$2,200,000
3029 Nw Evangeline Trwy, Lafayette, LA 70507
Adjacent office-warehouse buildings provide flexible occupancy options with on-site parking and shared municipal utilities.
Property Size19,000 SF
Price / SF$115.79
Days on Market218
Property Features for 3029 Nw Evangeline Trwy
General Information
Standard status
Active
Size
19,000 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Building Details
Buildings
2
Building Size
19,000 SF
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
Coldwell Banker Trahan Real Estate Group
(337) 315-6066
Listed By:
John O'Reilly · License #0000019177
(337) 315-6066
Source:
Exprealty
Added: Jan 26
Changed: Aug 31
Last Checked: Aug 31 at 12:31AM
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 Coldwell Banker Trahan Real Estate Group
Investment Insights
Based on property information with market context.
This flex space offering includes two adjacent buildings with comparable layouts combining office and warehouse areas. Each building measures approximately 9,500 square feet, for a combined total of 19,000 square feet. One building is leased with multiple years remaining, while the owner-occupied building may be leased as a whole or divided into smaller portions.
The property is located at 3029 NW Evangeline Trwy in Lafayette, north of I-10 along I-49. Both buildings have on-site parking and share a sewer system supplied by city water. Three-phase power can be added to either building or both, providing an option for users whose operations require that service.
The property is located at 3029 NW Evangeline Trwy in Lafayette, north of I-10 along I-49. Both buildings have on-site parking and share a sewer system supplied by city water. Three-phase power can be added to either building or both, providing an option for users whose operations require that service.
Key Highlights
- Two adjacent buildings totaling 19,000 square feet
- Each building is approximately 9, 500 square feet
- Office and warehouse layouts in both buildings
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
$108,854
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
4.95%
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%
$2,177,080
$2.2M
Cap Rate 7%
$1,555,057
$1.6M
Cap Rate 9%
$1,209,489
$1.2M
Market Conditions
NOI Build-Up for 19,000 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
$134.5K $7.08/SF
− Vacancy
−$6.5K −$0.34/SF
EGI
$128.1K $6.74/SF
− OpEx
−$19.2K −$1.01/SF
NOI
$108.9K $5.73/SF
Area
Lafayette, LA
Vacancy
4.80%
Lease Rate
$7.08 /SF/Yr
Expense Ratio
15.00%
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%
$2,177,080
Cap Rate 7%
$1,555,057
Cap Rate 9%
$1,209,489
Alternative Uses
Best Use
Office B
$3.16M
$2.76M – $3.69M
NOI $221,103 @ 7.0% cap · market cap 10.05%
Second Best
Warehouse
$1.56M
$1.36M – $1.81M
NOI $108,854 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,458 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Crawdaddy's Onsite Catering, LLC — 3015 NW Evangeline Thruway, Lafayette, LA 70507
Frequently Asked Questions
What type of property is this?
Flex space - Adjacent office-warehouse buildings provide flexible occupancy options with on-site parking and shared municipal utilities.
Where is this flex space located?
The property is located at 3029 Nw Evangeline Trwy Lafayette, LA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Two adjacent buildings totaling 19,000 square feet; Each building is approximately 9, 500 square feet; Office and warehouse layouts in both buildings
