2810 Evangeline Thruway Lafayette, LA 70507
- Hospitality properties
- 29,172 SF
- 1.51 lot acres
Current Use by Public Records
- Hospitality properties
Property Details for 2810 Evangeline Thruway
- Year built
- 1985
- Lot size
- 1.51 lot acres
- Property size
- 29,172 SF
- Property type
- Hospitality properties
- Property subtype
- Motels
Description
This exceptional value-add opportunity presents a 2-building, 88-key hotel situated on a 1.51-acre lot in Lafayette, Louisiana. The property, boasting 29,172 square feet, is listed at $2,775,000, translating to $111.40 per square foot and $31,534 per key. Built in 1985 and recently renovated (2023-2024), the exterior, including the roofs, is in excellent condition. The property features a standalone office building with a closed restaurant and meeting room, presenting significant upside potential. Currently, the hotel enjoys a 7.93% cap rate and a net operating income (NOI) of $220,000. Approximately 45% of the rooms are occupied by weekly guests. Amenities include ample free onsite parking, wheelchair access to common areas, and some rooms offer balconies/terraces, coffeemakers, refrigerators, and cable/satellite TV. The land value alone is $42 per square foot. Strategic upgrades to the office, lobby, meeting room, and restaurant, converting them to self-serve options, along with guest room updates, are projected to substantially increase occupancy and revenue. The property's location on Interstate 49, 1.2 miles north of I-10, provides excellent visibility and accessibility. This is a prime opportunity for an investor seeking a strong return on investment with significant value-add potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lafayette
- County
- Lafayette Parish
- State
- Louisiana
- Longitude
- -92.0186
- Latitude
- 30.2758
