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    406 Voorhies St Lafayette, LA 70501

    For Sale
    $420,000

    Prime location, strong rental income potential.

    Property size:
    5,300 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    360
    This exceptional 6-unit apartment building, located at 406 Voorhies St in Lafayette, Louisiana, presents a compelling investment opportunity. Boasting 5,300 square feet and situated in the heart of downtown, this property benefits from its proximity to the University of Louisiana at Lafayette campus and a vibrant array of amenities including Steven's Fine Food & Seafood Market, Coffeeweed Cottage, and Brown Skillet Downtown. The property is zoned MN-1 Mixed Use Neighborhood 1. Currently, three of the six units are occupied, generating immediate rental income with significant potential for increased rental rates. Furthermore, the property has undergone recent improvements: three units were remodeled, and the roof was completely replaced in 2023, ensuring a well-maintained and attractive investment. The property's convenient location near the Lafayette Public Library, the Lafayette Science Museum, and the Children's Museum of Acadiana adds to its appeal. The asking price for this turnkey multifamily investment is $420,000, with the Assessor's Parcel Number (APN) being 6063904. This property offers a blend of immediate return and long-term growth potential in a thriving downtown Lafayette location.

    Property Features for 406 Voorhies St

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,300 SF

    HighLights

    • 3/6 units currently occupied, offering immediate rental income and upside potential for increased rates.
    • 3/6 units remodeled in 2023, along with a new roof; property is well‑maintained.
    • Prime downtown Lafayette location near the Lafayette Public Library, Lafayette Science Museum, and Children's Museum of Acadiana.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Law Firm Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lafayette
    County
    Lafayette Parish
    State
    Louisiana
    Longitude
    -92.02020812
    Latitude
    30.22820445

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    FAQs

    What type of property is this?
    Multifamily property - Prime location, strong rental income potential.
    Where is this multifamily property located?
    The property is located at 406 Voorhies St Lafayette, LA.
    What is the asking price?
    The asking price for this property is $420,000.
    What are key features of this property?
    This property features: 3/6 units currently occupied, offering immediate rental income and upside potential for increased rates.; 3/6 units remodeled in 2023, along with a new roof; property is well-maintained.; Prime downtown Lafayette location near the Lafayette Public Library, Lafayette Science Museum, and Children's Museum of Acadiana.
    Request Owner's contact information
    406 Voorhies St Lafayette, LA 70501
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    Lafayette, LA 70501
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    406 Voorhies St Lafayette, LA 70501
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