Creative Space with Event
403 S Buchanan Street, Lafayette, LA 70501
For Sale
New
$400,000
Commercial Sale, Lafayette, LA
Property Size2,181 SF
Lot Size0.05 Acres
Price / SF$183.40
Days on Market1
Property Features for 403 S Buchanan Street
General Information
Property type
Property subtype
Zoning
Parking features
Subdivision
Lot features
Directions
Standard status
APN
Size
Lot size
Additional Details
Property Use
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
two bathrooms
Building Details
Year built
Floors in Building
Flooring type
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Erin A Hubert · License LA #995698328
(504) 218-6071
Added: Nov 13
Last Checked: Nov 13 at 11:06PM
MLS# 200VBY
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Located in The Buchanan Lofts, this 2,181-square-foot creative property is suited to gallery presentations and special events. The interior has concrete flooring, central heating and air conditioning, and two bathrooms. Built in 1940, the property is served by public water and sewer and is zoned D for commercial use.
The property is at 403 S Buchanan Street in downtown Lafayette. Restaurants, galleries, and cultural venues are steps away, and a parking lot across the street offers nearby parking.
The property is at 403 S Buchanan Street in downtown Lafayette. Restaurants, galleries, and cultural venues are steps away, and a parking lot across the street offers nearby parking.
Key Highlights
- 2,181 square feet of creative space
- Presented for gallery use and special events
- Two bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,380
Cap Rate
6.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$507,600
$507.6K
Cap Rate 7%
$362,571
$362.6K
Cap Rate 9%
$282,000
$282.0K
Market Conditions
NOI Build-Up for 2,181 SF
Gross rent
$39.3K $18.00/SF
− Vacancy
−$5.4K −$2.48/SF
EGI
$33.8K $15.52/SF
− OpEx
−$8.5K −$3.88/SF
NOI
$25.4K $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%
$507,600
Cap Rate 7%
$362,571
Cap Rate 9%
$282,000
Alternative Uses
Best Use
Office B
$362.6K
$317.3K – $423.0K
NOI $25,380 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$515.7K
$451.2K – $601.6K
NOI $36,096 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,053
Businesses Nearby
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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?
Creative space - A gallery and gathering venue with two restrooms and parking across the street.
Where is this creative space located?
The property is located at 403 S Buchanan Street Lafayette, LA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2,181 square feet of creative space; Presented for gallery use and special events; Two bathrooms
