Corner Retail Storefront with
For Sale
$450,000
403 S Buchanan Street, Lafayette, LA 70501
COMMERCIAL - Lafayette, LA
Property Size2,521 SF
Lot Size0.58 Acres
Price / SF$178.50
Days on Market355
Property Features for 403 S Buchanan Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CBD
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
2
Parking features
Assigned, On Street
Security features
Security System
Subdivision
Buchanan Lofts
Lot features
Commons, Level, Zero Lot Line
Directions
W Congress North, Right onto Garfield, Right onto Buchanan.
Standard status
Active
APN
6172423
Size
2,521 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Description
UNIT A BUCHANAN LOFTS (0.0579 AC)(2521 SF) (16.96% INTEREST IN COMMON AREA & ELEMENTS)
Legal Description
UNIT A BUCHANAN LOFTS (0.0579 AC)(2521 SF) (16.96% INTEREST IN COMMON AREA & ELEMENTS)
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
1
Roof type
Concrete
Listing Agency:
Compass · ERA Real Estate
(337) 233-9700
Listed By:
Setareh A Mirian · License #99564700
(337) 344-0067
Added: Sep 10, 2025
Changed: Aug 4
Last Checked: Aug 30 at 9:06PM
MLS# 2500003385
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 well-maintained corner retail storefront offers character and a compact commercial layout totaling 2,521 square feet. The property currently has an existing long-term tenant in place.
The building is located within CBD zoning. The public remarks note high visibility and convenient parking, including on-street parking as well as access to a paid parking lot across the street.
Overall, this is a storefront property configured for retail use, positioned for easy customer parking access along the street and nearby shared parking.
The building is located within CBD zoning. The public remarks note high visibility and convenient parking, including on-street parking as well as access to a paid parking lot across the street.
Overall, this is a storefront property configured for retail use, positioned for easy customer parking access along the street and nearby shared parking.
Key Highlights
- Corner unit with an existing long‑term tenant
- Central heating and central air conditioning
- Assigned and on‑street parking, with access to a paid parking lot across the street
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
$30,574
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
6.79%
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%
$611,480
$611.5K
Cap Rate 7%
$436,771
$436.8K
Cap Rate 9%
$339,711
$339.7K
Market Conditions
NOI Build-Up for 2,521 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
$47.5K $18.84/SF
− Vacancy
−$3.8K −$1.51/SF
EGI
$43.7K $17.33/SF
− OpEx
−$13.1K −$5.20/SF
NOI
$30.6K $12.13/SF
Area
Lafayette, LA
Vacancy
8.04%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
30.00%
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%
$611,480
Cap Rate 7%
$436,771
Cap Rate 9%
$339,711
Alternative Uses
Best Use
Retail
$436.8K
$382.2K – $509.6K
NOI $30,574 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$596.1K
$521.6K – $695.4K
NOI $41,724 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,053
Businesses Nearby
Balanced
Demand for This Use
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Well-maintained corner storefront in CBD zoning with an existing long-term tenant and street and nearby paid parking access.
Where is this storefront property located?
The property is located at 403 S Buchanan Street Lafayette, LA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Corner unit with an existing long‑term tenant; Central heating and central air conditioning; Assigned and on‑street parking, with access to a paid parking lot across the street
