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 Market239
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
Listed By:
Ken Simeral
(337) 319-2182
Source:
Lacdb.resimplifi
Added: Feb 20
Changed: Oct 13
Last Checked: Oct 16 at 5:45AM
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
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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 / Yr
$20,260
Cap Rate
5.79%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Market
Vacancy Rate% for Office in South region
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
