Historic Downtown Commercial
For Sale
Contact for pricing
321 Pryce Street, Lake Charles, LA 70601
2,400 SqFt building in Downtown Development District.
Property Size2,400 SF
Lot Size0.50 Acres
Price / SF$177.08
Days on Market167
Property Features for 321 Pryce Street
General Information
Standard status
Active
Size
2,400 SF
Lot size
0.50 Acres
Property subtype
Mixed Use
Building Details
Year Built
1933
Listing Agency:
Keller Williams Realty Lake Ch
Listed By:
Cassandra Groves · License #995695028
Source:
Crexi
Added: Feb 26
Changed: Aug 8
Last Checked: Aug 11 at 8:12PM
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 Realty Lake Ch
Investment Insights
Based on property information with market context.
This commercial property is located in the Downtown Development District, a few blocks from Downtown Lake Charles. The 2,400 SqFt building, formerly the historic Trailways Bus Station and later The Continental Room event center, presents an opportunity for retail, office, restaurant, or entertainment use. The structure retains original architectural character and offers functional open space suitable for various business types. Situated on nearly half an acre, the property includes on-site parking and room for future expansion. The property has visibility, convenient access, and redevelopment potential, making it suitable for an owner-user or investor.
Key Highlights
- Prime location in Downtown Development District, blocks from Downtown Lake Charles.
- Large 2,400 SqFt building adaptable for retail, office, restaurant, or entertainment use.
- Nearly half‑acre lot with valuable on‑site parking and room for future expansion.
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
$36,212
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
8.52%
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%
$724,240
$724.2K
Cap Rate 7%
$517,314
$517.3K
Cap Rate 9%
$402,356
$402.4K
Market Conditions
NOI Build-Up for 2,400 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
$50.4K $21.00/SF
− Vacancy
−$2.1K −$0.88/SF
EGI
$48.3K $20.12/SF
− OpEx
−$12.1K −$5.03/SF
NOI
$36.2K $15.09/SF
Area
Calcasieu County, LA
Vacancy
4.20%
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%
$724,240
Cap Rate 7%
$517,314
Cap Rate 9%
$402,356
Alternative Uses
Best Use
Specialty Retail
$517.3K
$452.7K – $603.5K
NOI $36,212 @ 7.0% cap · market cap 8.52%
Second Best
Retail
$302.5K
$264.7K – $353.0K
NOI $21,178 @ 7.0% cap · market cap 4.98%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
Explore this area
Business Placement
Demographics for 70601, LA
34,571
Population
16,811
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
16.1 sq mi
ZIP Area
2,147
Density / Sq Mi
$49,545
Median Household Income
$34,044
Median Earnings
$938
Median Rent
$164,300
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?
Mixed-use property - 2,400 SqFt building in Downtown Development District.
Where is this mixed-use property located?
The property is located at 321 Pryce Street Lake Charles, LA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Prime location in Downtown Development District, blocks from Downtown Lake Charles.; Large 2,400 SqFt building adaptable for retail, office, restaurant, or entertainment use.; Nearly half‑acre lot with valuable on‑site parking and room for future expansion.
