Office Building with
For Sale
$350,000
Pending
402 W Convent St, Lafayette, LA 70501
Downtown office property with flexible room configuration, onsite parking, and a separate storage building with plumbing.
Property Size1,741 SF
Days on Market193
Property Features for 402 W Convent St
General Information
Standard status
Pending
Size
1,741 SF
Total Parking Spaces
6
Property subtype
Office
Zoning
D
Amenities
Vacant
6 Parking Spaces
Building Details
Year Built
1982
Listing Agency:
Magnolia Real Estate and Construction, LLC
(337) 319-2182
Listed By:
Ken Simeral
(337) 319-2182
Source:
Lacdb.resimplifi
Added: Feb 20
Changed: Aug 31
Last Checked: Aug 31 at 12:55PM
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 Magnolia Real Estate and Construction, LLC
Investment Insights
Based on property information with market context.
This 1,741-square-foot office building offers a reception and administrative area, four private offices, a library or conference room, file and copy space, a break room, and two bathrooms. A gated courtyard provides additional outdoor space, while a separate 368-square-foot concrete block building with plumbing is included for file storage. The roof and HVAC were replaced in 2020.
The property occupies a corner location within the downtown central business and opportunity zone, with seven onsite parking spaces and visibility for signage. The courthouse is within walking distance. A current inspection report and termite inspection are on file, and most concerns identified in the inspection report have been addressed.
The property occupies a corner location within the downtown central business and opportunity zone, with seven onsite parking spaces and visibility for signage. The courthouse is within walking distance. A current inspection report and termite inspection are on file, and most concerns identified in the inspection report have been addressed.
Key Highlights
- 1,741‑square‑foot office building with reception, administrative area, 4 offices, conference room, break room, and 2 bathrooms
- Separate 368‑square‑foot concrete block building with plumbing, currently used for file storage
- Roof and HVAC replaced in 2020
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
$20,260
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
5.79%
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%
$405,200
$405.2K
Cap Rate 7%
$289,429
$289.4K
Cap Rate 9%
$225,111
$225.1K
Market Conditions
NOI Build-Up for 1,741 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
$31.3K $18.00/SF
− Vacancy
−$4.3K −$2.48/SF
EGI
$27.0K $15.52/SF
− OpEx
−$6.8K −$3.88/SF
NOI
$20.3K $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%
$405,200
Cap Rate 7%
$289,429
Cap Rate 9%
$225,111
Alternative Uses
Best Use
Office B
$289.4K
$253.3K – $337.7K
NOI $20,260 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$411.6K
$360.2K – $480.2K
NOI $28,814 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,248
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 - Downtown office property with flexible room configuration, onsite parking, and a separate storage building with plumbing.
Where is this office building located?
The property is located at 402 W Convent St Lafayette, LA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,741‑square‑foot office building with reception, administrative area, 4 offices, conference room, break room, and 2 bathrooms; Separate 368‑square‑foot concrete block building with plumbing, currently used for file storage; Roof and HVAC replaced in 2020
