High-Visibility Commercial Building on
For Sale
$495,000
418 SW Evangeline, Lafayette, LA 70501
COMMERCIAL - Lafayette, LA
Property Size4,094 SF
Lot Size0.29 Acres
Price / SF$120.91
Days on Market352
Property Features for 418 SW Evangeline
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
8
Parking features
Parking Lot
Security features
Security System
Exterior features
OH Door 10 - 15 Ft
Subdivision
Mccomb Addition
Lot features
Level
Directions
US 90 traveling south, turn west onto Eith Street. Property is on the corner of Eith Street and Evangeline Thruway
Standard status
Active
APN
6044943
Size
4,094 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Description
LOT 24 BLK 33 MCCOMB ADDITION (95.37X100X125X70.36X46.76)(.28AC) (F/K/A LOT 11 12 13 14 & 21 BLK 33 MCCOMB ADD)
Legal Description
LOT 24 BLK 33 MCCOMB ADDITION (95.37X100X125X70.36X46.76)(.28AC) (F/K/A LOT 11 12 13 14 & 21 BLK 33 MCCOMB ADD)
Utilities
Heating system
Electric (Heating)
Cooling system
Window Unit(s)
Water source
Public
Amenities
roll-up doors
private office
restroom
220 Amp breaker panels
security system
exterior lighting
paved parking
rock parking
Building Details
Floors in Building
1
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Keller Williams Realty Acadiana
(337) 735-9300
Listed By:
Robert A Burke · License #0099568021
(318) 787-8653
Added: Sep 11, 2025
Changed: Aug 4
Last Checked: Aug 28 at 11:06PM
MLS# 2500003383
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 expansive commercial building, over 4,000 sq ft, is located on a highly visible corner lot along the Evangeline Thruway. The property benefits from exceptional exposure, with DOTD reports indicating between 68,000 to 95,000 vehicles passing daily. Constructed with iron beam construction and protected by a 2-hour firewall, the structure sits on a durable concrete slab foundation. It features four large roll-up doors, a private office, and a restroom. The building also includes two separate 220 Amp breaker panels with room for future electrical expansion. Currently operating as a body and paint shop, the building can be sold to include a certified oversized paint booth system and commercial-grade air compressor. Additional features include a security system with exterior lighting, ample paved and rock parking in the front and along the side, and multiple access points. The property, zoned commercial, sits on a 0.29-acre lot in Lafayette, LA.
Key Highlights
- High‑traffic location on Evangeline Thruway with 68,000‑95,000 vehicles passing daily, providing exceptional business exposure
- Spacious 4,000+ sq ft metal commercial building on a concrete slab foundation
- Turn‑key opportunity: Option to include a certified oversized paint booth system and commercial‑grade air compressor
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
$19,316
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
3.90%
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%
$386,320
$386.3K
Cap Rate 7%
$275,943
$275.9K
Cap Rate 9%
$214,622
$214.6K
Market Conditions
NOI Build-Up for 4,094 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
$29.0K $7.08/SF
− Vacancy
−$1.4K −$0.34/SF
EGI
$27.6K $6.74/SF
− OpEx
−$8.3K −$2.02/SF
NOI
$19.3K $4.72/SF
Area
Lafayette, LA
Vacancy
4.80%
Lease Rate
$7.08 /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%
$386,320
Cap Rate 7%
$275,943
Cap Rate 9%
$214,622
Alternative Uses
Best Use
Retail
$709.3K
$620.6K – $827.5K
NOI $49,651 @ 7.0% cap · market cap 10.03%
Second Best
Industrial
$275.9K
$241.5K – $321.9K
NOI $19,316 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$968.0K
$847.0K – $1.13M
NOI $67,757 @ 7.0% cap · market cap 13.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
95,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,848
Businesses Nearby
Well-served
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
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Frequently Asked Questions
What type of property is this?
Auto shop - 4,000+ sq ft commercial building on high-traffic corner lot.
Where is this auto shop located?
The property is located at 418 SW Evangeline Lafayette, LA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: High‑traffic location on Evangeline Thruway with 68,000‑95,000 vehicles passing daily, providing exceptional business exposure; Spacious 4,000+ sq ft metal commercial building on a concrete slab foundation; Turn‑key opportunity: Option to include a certified oversized paint booth system and commercial‑grade air compressor
