Updated Professional Office
For Sale
$199,000
Pending
605 S Lewis Street, New Iberia, LA 70560
Commercial Sale, New Iberia, LA
Property Size1,500 SF
Lot Size0.35 Acres
Days on Market163
Property Features for 605 S Lewis Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
c3
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
14
Parking features
Parking Lot
Security features
Security System
Exterior features
Door Sign
Lot features
Level
Directions
Hwy 90 E to Lewis Street exit, Turn left on Lewis Street, cross over Admiral Doyle, office building on right
Subdivision
I2
Standard status
Pending
APN
05 04402000a
Size
1,500 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Description
BEING TRACT 1 OF PLAT IMP (COMMERCIAL BLDG - 605 S LEWIS ST) ITEM 2 LAND COMM SITE DEVELOPMENT
Legal Description
BEING TRACT 1 OF PLAT IMP (COMMERCIAL BLDG - 605 S LEWIS ST) ITEM 2 LAND COMM SITE DEVELOPMENT
Utilities
Sewer type
Private Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
1
Flooring type
Carpet - Full, Tile
Roof type
Metal
Listing Agency:
Compass · ERA Real Estate
(337) 365-9700
Listed By:
Rebecca B Ruskoski · License #99563997
(337) 380-3680
Added: Apr 17
Changed: Sep 23
Last Checked: Sep 26 at 10:06AM
MLS# 2600003290
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 1,500-square-foot office building on a 0.35-acre parcel provides four private offices, a reception area, lobby, large storage closet, kitchenette, and restroom. Carpet and tile flooring, central HVAC, a metal roof, and a recently updated HVAC system and electrical panel support day-to-day operations. The property is configured for immediate occupancy and carries C3 zoning.
Located at 605 S Lewis Street in New Iberia, the property includes 14 parking spaces, with additional room on the site for expansion of parking if needed. Public water and private sewer serve the property, while a door sign provides exterior identification. The office layout and existing improvements offer a functional setting for professional operations.
Located at 605 S Lewis Street in New Iberia, the property includes 14 parking spaces, with additional room on the site for expansion of parking if needed. Public water and private sewer serve the property, while a door sign provides exterior identification. The office layout and existing improvements offer a functional setting for professional operations.
Key Highlights
- 1,500‑square‑foot office building on a 0.35‑acre parcel
- Four private offices plus lobby, reception area, storage, kitchenette, and restroom
- Recent HVAC and electrical panel updates
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
$12,636
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
6.35%
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%
$252,720
$252.7K
Cap Rate 7%
$180,514
$180.5K
Cap Rate 9%
$140,400
$140.4K
Market Conditions
NOI Build-Up for 1,500 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
$21.6K $14.40/SF
− Vacancy
−$4.8K −$3.17/SF
EGI
$16.8K $11.23/SF
− OpEx
−$4.2K −$2.81/SF
NOI
$12.6K $8.42/SF
Area
Iberia County, LA
Vacancy
22.00%
Lease Rate
$14.40 /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%
$252,720
Cap Rate 7%
$180,514
Cap Rate 9%
$140,400
Alternative Uses
Best Use
Office B
$180.5K
$158.0K – $210.6K
NOI $12,636 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$248.1K
$217.1K – $289.4K
NOI $17,366 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
Explore this area
Business Placement
Demographics for 70560, LA
39,457
Population
16,970
Households
2.3
Avg Household Size
38
Median Age
11%
College-Educated
80%
High-School Grad
176.1 sq mi
ZIP Area
224
Density / Sq Mi
$48,296
Median Household Income
$31,864
Median Earnings
$886
Median Rent
$126,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Efficient commercial layout with private offices, reception space, on-site parking, and recent mechanical improvements.
Where is this office building located?
The property is located at 605 S Lewis Street New Iberia, LA.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,500‑square‑foot office building on a 0.35‑acre parcel; Four private offices plus lobby, reception area, storage, kitchenette, and restroom; Recent HVAC and electrical panel updates
