Office Building with Flexible
For Sale
$495,000
311 W University Avenue, Lafayette, LA 70501
COMMERCIAL - Lafayette, LA
Property Size3,001 SF
Lot Size0.29 Acres
Price / SF$164.95
Days on Market284
Property Features for 311 W University Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CM-1 (COMMERCIA
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking features
Parking Lot
Exterior features
Door Sign
Subdivision
Elmhurst Park
Lot features
Level
Directions
From Pinhook Rd, take University Ave, pass Johnston St. intersection, building will be about 1 block down on the left
Standard status
Active
APN
6022502
Size
3,001 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Description
P LOTS 1-2-3-4-5-6 BLK 8 ELMHURST PARK ADD SE P OF LOTS 1-2-3-4 & P LOT 5 BLK 8 ELMHURST PARK ADD SE P OF LOTS 5-6 BLK 8 ELMHURST PARK ADD
Legal Description
P LOTS 1-2-3-4-5-6 BLK 8 ELMHURST PARK ADD SE P OF LOTS 1-2-3-4 & P LOT 5 BLK 8 ELMHURST PARK ADD SE P OF LOTS 5-6 BLK 8 ELMHURST PARK ADD
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
conference room
kitchen
two lobbies
two restrooms
private courtyard
Building Details
Flooring type
Tile, Wood
Roof type
Built-Up
Listing Agency:
Scout Real Estate Co.
(337) 443-0880
Listed By:
Jeff Landry · License #995682229
(337) 257-5380
Added: Nov 14, 2025
Changed: Aug 4
Last Checked: Aug 25 at 8:06AM
MLS# 2500005554
Copyright © 2026 Realtor Association of Acadiana. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,001-square-foot office building is arranged with seven offices, a conference room, kitchen, two lobbies, and two restrooms. The layout can support up to three individual suites, each with its own entrance. A rear suite adds a private courtyard, while tile and wood flooring, central heating, and central air contribute to the existing improvements. The property also includes a built-up roof, public water, a parking lot, and door signage.
Located near University Avenue and Johnston Street, the property provides access to Downtown Lafayette and the University of Lafayette. A city bus stop is one block away. CM-1 Commercial Mixed Zoning allows a broad range of potential uses, subject to applicable requirements.
Located near University Avenue and Johnston Street, the property provides access to Downtown Lafayette and the University of Lafayette. A city bus stop is one block away. CM-1 Commercial Mixed Zoning allows a broad range of potential uses, subject to applicable requirements.
Key Highlights
- 3,001‑square‑foot office building on 0.29 acres
- Seven offices, conference room, kitchen, two lobbies, and two restrooms
- Layout supports up to three individual suites with private entrances
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
$34,923
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
7.06%
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%
$698,460
$698.5K
Cap Rate 7%
$498,900
$498.9K
Cap Rate 9%
$388,033
$388.0K
Market Conditions
NOI Build-Up for 3,001 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
$54.0K $18.00/SF
− Vacancy
−$7.5K −$2.48/SF
EGI
$46.6K $15.52/SF
− OpEx
−$11.6K −$3.88/SF
NOI
$34.9K $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%
$698,460
Cap Rate 7%
$498,900
Cap Rate 9%
$388,033
Alternative Uses
Best Use
Office B
$498.9K
$436.5K – $582.1K
NOI $34,923 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$709.5K
$620.9K – $827.8K
NOI $49,668 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,226
Businesses Nearby
Explore this area
Business Placement
Demographics for 70501, LA
28,721
Population
12,657
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
78%
High-School Grad
15.3 sq mi
ZIP Area
1,877
Density / Sq Mi
$31,723
Median Household Income
$25,281
Median Earnings
$867
Median Rent
$117,200
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 - CM-1 commercial zoning supports a multi-suite office layout with private entrances and a private courtyard.
Where is this office building located?
The property is located at 311 W University Avenue Lafayette, LA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 3,001‑square‑foot office building on 0.29 acres; Seven offices, conference room, kitchen, two lobbies, and two restrooms; Layout supports up to three individual suites with private entrances
