Live-Work Craftsman
For Sale
$290,000
510 Garfield St, Lafayette, LA 70501
MN-1-zoned property combines residential functionality with flexible commercial potential for low-traffic, appointment-based operations.
Property Size1,640 SF
Price / SF$176.83
Days on Market43
Property Features for 510 Garfield St
General Information
Standard status
Active
Size
1,640 SF
Property subtype
Office
Zoning
MN-1
Amenities
Power
Water
Sewer
Building Details
Year Built
1938
Buildings
1
Construction
Creole Craftsman
Listing Agency:
Compass Lafayette
(720) 299-2400
Listed By:
Mikaela Wiggins · License #995707173
(720) 299-2400
Source:
Lacdb.resimplifi
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 12:59PM
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 Compass Lafayette
Investment Insights
Based on property information with market context.
Built in 1938, this 1,640-square-foot Creole Craftsman includes 3 bedrooms and 2 bathrooms within a live-work configuration. The interior features wood flooring, high ceilings, extensive natural light, custom built-ins, and an updated kitchen equipped with a gas range and appliances. A covered front porch, rear patio, fenced yard, brick-paver outdoor area, and tandem off-street parking extend the usable space.
Zoned MN-1, the property supports residential use along with flexible commercial applications subject to applicable zoning and permitting requirements. The layout is suited to low-traffic professional or service-based operations, including appointment-based practices, while also offering short-term rental potential. At 510 Garfield Street, the property is approximately 2 minutes from UL Lafayette and approximately 5 minutes from the Oil Center and Ochsner Lafayette General Medical Center. It is in Flood Zone X and convenient to Downtown amenities, dining, coffee shops, shopping, live music, and cultural events.
Zoned MN-1, the property supports residential use along with flexible commercial applications subject to applicable zoning and permitting requirements. The layout is suited to low-traffic professional or service-based operations, including appointment-based practices, while also offering short-term rental potential. At 510 Garfield Street, the property is approximately 2 minutes from UL Lafayette and approximately 5 minutes from the Oil Center and Ochsner Lafayette General Medical Center. It is in Flood Zone X and convenient to Downtown amenities, dining, coffee shops, shopping, live music, and cultural events.
Key Highlights
- MN‑1 zoning with residential and commercial use potential
- 1,640 SF Creole Craftsman built in 1938
- 3 bedrooms and 2 bathrooms
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
$19,085
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
6.58%
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%
$381,700
$381.7K
Cap Rate 7%
$272,643
$272.6K
Cap Rate 9%
$212,056
$212.1K
Market Conditions
NOI Build-Up for 1,640 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
$29.5K $18.00/SF
− Vacancy
−$4.1K −$2.48/SF
EGI
$25.4K $15.52/SF
− OpEx
−$6.4K −$3.88/SF
NOI
$19.1K $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%
$381,700
Cap Rate 7%
$272,643
Cap Rate 9%
$212,056
Alternative Uses
Best Use
Office B
$272.6K
$238.6K – $318.1K
NOI $19,085 @ 7.0% cap · market cap 6.58%
Second Best
Mixed Use
$270.6K
$236.8K – $315.7K
NOI $18,942 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$387.8K
$339.3K – $452.4K
NOI $27,143 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,126
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - MN-1-zoned property combines residential functionality with flexible commercial potential for low-traffic, appointment-based operations.
Where is this live-work space located?
The property is located at 510 Garfield St Lafayette, LA.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: MN‑1 zoning with residential and commercial use potential; 1,640 SF Creole Craftsman built in 1938; 3 bedrooms and 2 bathrooms
