Two-Unit Office/Retail
520 & 522 Garfield St Lafayette, LA 70501
520 & 522 Garfield St, Lafayette, LA, 70501
$260,000
For Sale
$260,000
Well-maintained two-unit commercial building with separate entrances, bathrooms, and utility meters, plus updates to finishes and systems.
Property Size1,950 SF
Price / SF$133.33
Days on Market29
Property Features for 520 & 522 Garfield St
General Information
- Standard status
- Active
- Size
- 1,950 SF
Listing Agency
Compass
(720) 299-2400
Listed by
Mikaela Wiggins · License #995707173
(720) 299-2400
Source
Exprealty
Added: Jun 23 Updated: Jul 20 at 3:38 am Checked: Jul 20 at 3:38 am
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
Investment Insights
Based on property information with market context.
This well-maintained two-unit commercial building offers nearly 2,000 square feet of versatile space configured as suites 522 (660 sqft) and 520 (1,290 sqft). Each unit has its own bathroom and separate utility meters, and an interior adjoining door allows the space to be used as either one combined suite or two independent spaces. Recent updates in unit 522 include new flooring, lighting, water heater, and paint. In April 2022, a new roof and interior HVAC systems were installed.
The property has easy accessibility right off Southeast Evangeline Thruway and is located in the area where Freetown meets Downtown, within walking distance of Festival International and other downtown Lafayette amenities. A concrete parking lot provides on-site parking, with additional space in the backyard area that may support future expansion or overflow needs.
For sale as a flexible owner-occupant or income-producing setup, the building is suited for office, retail, medical, or service-based uses depending on how the units are combined or operated.
The property has easy accessibility right off Southeast Evangeline Thruway and is located in the area where Freetown meets Downtown, within walking distance of Festival International and other downtown Lafayette amenities. A concrete parking lot provides on-site parking, with additional space in the backyard area that may support future expansion or overflow needs.
For sale as a flexible owner-occupant or income-producing setup, the building is suited for office, retail, medical, or service-based uses depending on how the units are combined or operated.
Key Highlights
- Nearly 2,000 SF commercial building in Lafayette with easy access right off Southeast Evangeline Thruway.
- Two separate units: Unit 522 (660 SF) and Unit 520 (1,290 SF), each with its own bathroom and separate utility meters.
- Interior adjoining door lets you use as one space or two independent suites for office, retail, medical, or service use.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.7k | $18.84 |
| − Vacancy | −$3.0k | −$1.51 |
| EGI | $33.8k | $17.33 |
| − OpEx | −$10.1k | −$5.20 |
| NOI | $23.6k | $12.13 |
1,950 SF · lease $18.84/SF/yr · vacancy 8.04% · expense 30.00%
Alternative Uses
Best Use
Retail
$337.8K
$295.6K – $394.2K
NOI $23,649 @ 7.0% cap · market cap 9.10%
Second Best
Office B
$324.2K
$283.7K – $378.2K
NOI $22,692 @ 7.0% cap · market cap 8.73%
Theoretical Best
Office A
$461.0K
$403.4K – $537.9K
NOI $32,273 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Hairpaparazzi
Hair Salon
Prestige Hair Salon
Hair Salon
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FAQs
What type of property is this?
Office units - Well-maintained two-unit commercial building with separate entrances, bathrooms, and utility meters, plus updates to finishes and systems.
Where is this office units located?
The property is located at 520 & 522 Garfield St Lafayette, LA.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Nearly 2,000 SF commercial building in Lafayette with easy access right off Southeast Evangeline Thruway.; Two separate units: Unit 522 (660 SF) and Unit 520 (1,290 SF), each with its own bathroom and separate utility meters.; Interior adjoining door lets you use as one space or two independent suites for office, retail, medical, or service use.
