Move-in Ready Professional Office
For Sale
$199,000
605 S Lewis St, New Iberia, LA 70563
Well-designed office building with recent updates and excellent visibility.
Property Size1,500 SF
Price / SF$132.67
Days on Market137
Property Features for 605 S Lewis St
General Information
Standard status
Active
Size
1,500 SF
Listing Agency:
Compass
(337) 380-3680
Listed By:
Rebecca B Ruskoski · License #99563997
(337) 380-3680
Source:
Exprealty
Added: Apr 17
Changed: Aug 20
Last Checked: Aug 30 at 8:02PM
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 move-in ready professional office building features a functional layout that includes 4 private offices, a welcoming lobby with a reception area, a large storage closet, a kitchenette, and a restroom. Recent updates have been made throughout the property, including the HVAC system and electrical panel. The property is situated in a convenient location with excellent visibility. There are 14 parking spaces available, with additional room to expand the parking area if needed. The property is suitable for a variety of business uses and offers immediate occupancy.
Key Highlights
- Move‑in ready condition with recent HVAC and electrical panel updates.
- Convenient location with excellent visibility.
- Functional layout with 4 private offices, lobby/reception, storage, kitchenette, and restroom.
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
Explore this area
Business Placement
Demographics for 70563, LA
19,145
Population
8,663
Households
2.2
Avg Household Size
41
Median Age
21%
College-Educated
90%
High-School Grad
62.7 sq mi
ZIP Area
305
Density / Sq Mi
$73,555
Median Household Income
$47,011
Median Earnings
$975
Median Rent
$190,700
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 - Well-designed office building with recent updates and excellent visibility.
Where is this office building located?
The property is located at 605 S Lewis St 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: Move‑in ready condition with recent HVAC and electrical panel updates.; Convenient location with excellent visibility.; Functional layout with 4 private offices, lobby/reception, storage, kitchenette, and restroom.
