Live-Work Property with
For Sale
$523,500
6615 N University Avenue, Carencro, LA 70520
COMMERCIAL - Carencro, LA
Property Size2,670 SF
Lot Size1.13 Acres
Price / SF$196.07
Days on Market161
Property Features for 6615 N University Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Lt Industrial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
6
Parking features
Parking Lot
Security features
Security System
Exterior features
OH Door < 10 Ft
Lot features
Corner
Directions
I-49 North to 182 Exit, turn right, home on left.
Subdivision
B
Standard status
Active
APN
6012797
Size
2,670 SF
Lot size
1.13 Acres
Taxes and HOA fees
Tax Description
SEC 60 T8S R4E (1965-469876 PLAT) SEC 60 T8S R4E TRIANGULAR (1976-666664) PLOT 1 SEC 60 T8S R4E (2001-26911 PLAT)
Legal Description
SEC 60 T8S R4E (1965-469876 PLAT) SEC 60 T8S R4E TRIANGULAR (1976-666664) PLOT 1 SEC 60 T8S R4E (2001-26911 PLAT)
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
1
Flooring type
Concrete, Tile - Ceramic
Roof type
Metal
Listing Agency:
EXP Realty, LLC
(337) 522-7554
Listed By:
Stacy Folse · License #73665
(337) 849-8962
Added: Mar 3
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 2600001639
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 live-work property on 1.13 acres combines a traditional residence with dedicated commercial improvements. The 2,670-square-foot home includes formal and open living areas, a kitchen with custom cabinetry, granite counters, stainless appliances, and a walk-in pantry, along with engineered wood flooring, a fireplace, cathedral-beamed ceilings, and substantial storage. The primary suite has a tiled walk-in shower and double closets.
Commercial improvements include approximately 1,500 square feet of office space arranged across six offices with a restroom, plus 1,170 square feet of warehouse area served by two overhead doors. A separate storage building includes roll-up doors and an attached workshop. The property also features a 660-square-foot outdoor kitchen with cooking equipment, pantry, storage, dining island, and half bath. Additional site features include a parking lot, mature trees, public water, septic service, central heating and cooling, and a metal roof. The property is zoned Lt Industrial and fronts the I-49 Frontage Road in Carencro.
Commercial improvements include approximately 1,500 square feet of office space arranged across six offices with a restroom, plus 1,170 square feet of warehouse area served by two overhead doors. A separate storage building includes roll-up doors and an attached workshop. The property also features a 660-square-foot outdoor kitchen with cooking equipment, pantry, storage, dining island, and half bath. Additional site features include a parking lot, mature trees, public water, septic service, central heating and cooling, and a metal roof. The property is zoned Lt Industrial and fronts the I-49 Frontage Road in Carencro.
Key Highlights
- 1.13‑acre live‑work property with residence and commercial improvements
- 2,670‑square‑foot traditional home with custom kitchen, fireplace, and engineered wood flooring
- Approximately 1,500 SF of office space with six offices and a 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
$31,071
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
5.94%
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%
$621,420
$621.4K
Cap Rate 7%
$443,871
$443.9K
Cap Rate 9%
$345,233
$345.2K
Market Conditions
NOI Build-Up for 2,670 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
$48.1K $18.00/SF
− Vacancy
−$6.6K −$2.48/SF
EGI
$41.4K $15.52/SF
− OpEx
−$10.4K −$3.88/SF
NOI
$31.1K $11.64/SF
Area
Lafayette County, 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%
$621,420
Cap Rate 7%
$443,871
Cap Rate 9%
$345,233
Alternative Uses
Best Use
Office B
$443.9K
$388.4K – $517.9K
NOI $31,071 @ 7.0% cap · market cap 5.94%
Second Best
Mixed Use
$383.2K
$335.3K – $447.1K
NOI $26,823 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$631.3K
$552.4K – $736.5K
NOI $44,190 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 70520, LA
20,017
Population
9,011
Households
2.2
Avg Household Size
37
Median Age
21%
College-Educated
87%
High-School Grad
38.8 sq mi
ZIP Area
516
Density / Sq Mi
$65,956
Median Household Income
$43,019
Median Earnings
$953
Median Rent
$199,600
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 - Mixed-use property with a residence, dedicated offices, warehouse space, and an outdoor kitchen.
Where is this live-work space located?
The property is located at 6615 N University Avenue Carencro, LA.
What is the asking price?
The asking price for this property is $523,500.
What are key features of this property?
This property features: 1.13‑acre live‑work property with residence and commercial improvements; 2,670‑square‑foot traditional home with custom kitchen, fireplace, and engineered wood flooring; Approximately 1,500 SF of office space with six offices and a restroom
