Renovated Office
For Sale
$4,000,000
538 Jefferson St, Lafayette, LA 70501
Two-level office property pairs exposed brick character with Class A finishes, collaborative rooms, and substantial open workspace.
Property Size24,850 SF
Price / SF$160.97
Days on Market84
Property Features for 538 Jefferson St
General Information
Standard status
Active
Size
24,850 SF
Additional Details
Utilities to Site
Yes
Sprinkler System
Yes
Amenities
full kitchen
conference rooms
meeting and training rooms
rooftop deck
high-speed internet and fiber wiring
heavy electrical capacity
Building Details
Buildings
1
Stories
2
Building Size
24,850 SF
Construction
brick
Listing Agency:
Keaty Real Estate Team
(337) 344-4236
Listed By:
James Keaty · License #30974
(337) 344-4236
Source:
Exprealty
Added: Jun 9
Changed: Aug 21
Last Checked: Aug 30 at 9:58PM
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 Keaty Real Estate Team
Investment Insights
Based on property information with market context.
This approximately 24,850-square-foot office building spans two floors and combines exposed brick walls with renovated Class A finishes. The first floor includes a full kitchen, conference and training rooms, multiple restrooms, and expansive open workspace. The upper level is largely open, with plumbing already installed for future build-out or continued storage use. A rooftop deck adds an outdoor amenity, and approved plans may allow expansion of that area.
The property is at 538 Jefferson St in downtown Lafayette, directly across from the Vermilion parking garage entrance through the park. It is located within the Historic Downtown District, Downtown Economic Development Zone, and designated Opportunity Zone 2.0, effective 2027.
Building infrastructure includes heavy electrical capacity, high-speed internet with fiber wiring, and fire sprinkler systems throughout. The layout is designed to accommodate a headquarters operation with room for up to 200+ employees.
The property is at 538 Jefferson St in downtown Lafayette, directly across from the Vermilion parking garage entrance through the park. It is located within the Historic Downtown District, Downtown Economic Development Zone, and designated Opportunity Zone 2.0, effective 2027.
Building infrastructure includes heavy electrical capacity, high-speed internet with fiber wiring, and fire sprinkler systems throughout. The layout is designed to accommodate a headquarters operation with room for up to 200+ employees.
Key Highlights
- Approximately 24,850 total square feet across two floors
- Renovated Class A office finishes with exposed brick walls
- Full kitchen, conference rooms, training rooms, and multiple restrooms
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
$289,179
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
7.23%
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%
$5,783,580
$5.8M
Cap Rate 7%
$4,131,129
$4.1M
Cap Rate 9%
$3,213,100
$3.2M
Market Conditions
NOI Build-Up for 24,850 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
$447.3K $18.00/SF
− Vacancy
−$61.7K −$2.48/SF
EGI
$385.6K $15.52/SF
− OpEx
−$96.4K −$3.88/SF
NOI
$289.2K $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%
$5,783,580
Cap Rate 7%
$4,131,129
Cap Rate 9%
$3,213,100
Alternative Uses
Best Use
Office B
$4.13M
$3.61M – $4.82M
NOI $289,179 @ 7.0% cap · market cap 7.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.88M
$5.14M – $6.85M
NOI $411,277 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,219
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
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Frequently Asked Questions
What type of property is this?
Office building - Two-level office property pairs exposed brick character with Class A finishes, collaborative rooms, and substantial open workspace.
Where is this office building located?
The property is located at 538 Jefferson St Lafayette, LA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Approximately 24,850 total square feet across two floors; Renovated Class A office finishes with exposed brick walls; Full kitchen, conference rooms, training rooms, and multiple restrooms
