Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1602 University Ave Lafayette, LA 70506-1020

    • Commercial real estate
    • 1,876 SF
    • 0.79 lot acres
    OFF-MARKET
    Last Sale
    Nov 03, 2021
    $1,375,000
    Value Estimations
    $1,360,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US36-0039638
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Terry Allen Salon / Hair Salon
    • Church's Texas Chicken / Restaurant
    • T N Nail & Spa / Nail Salon

    Property Details for 1602 University Ave

    Year built
    2012
    Lot size
    0.79 lot acres
    Property size
    1,876 SF
    Property type
    Commercial real estate
    APN
    6046202
    APU
    6046202

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,335,000
      ML approach
      $1,355,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lafayette
    County
    Lafayette
    State
    Louisiana
    Longitude
    -92.0346
    Latitude
    30.2499
    CBSA code
    29180
    CBSA name
    LAFAYETTE, LA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,111
    $9,382
    $39,396
    $48,778
    -
    $93,820
    $262,640
    $356,460

    Comparable in this City

    • Value Estimation by Request
      1.36 Acres

      and I-10 University Ave

      Land • 1.36 Acres
      and I-10 University Ave, Lafayette, LA 70506
      View Details
    • Value Estimation by Request
      11.34 Acres

      500 Ridge Rd

      Land • 11.34 Acres
      500 Ridge Rd, Lafayette, LA 70506
      View Details
    • Value Estimation by Request
      0.68 Acres

      106 Meaux Blvd

      Land • 1 SF
      106 Meaux Blvd, Lafayette, LA 70506
      View Details
    • Value Estimation by Request
      0.10 Acres

      103 Mesquite St

      COMMERCIAL (GENERAL) • 0.10 Acres
      103 Mesquite St, Lafayette, LA 70506-1992
      View Details
    • Value Estimation by Request
      0.14 Acres

      Delhomme Ave

      COMMERCIAL (GENERAL) • 0.14 Acres
      Delhomme Ave, Lafayette, LA 70506
      View Details
    • Value Estimation by Request

      1900 Dulles Dr

      COMMERCIAL (GENERAL)
      1900 Dulles Dr, Lafayette, LA 70506-2715
      View Details

    Similar Nearby for Sale

    • $2,591,820
      5.98 Acres

      Ambassador Caffery Prime Commercial Land

      5.98 Acres, High Visibility, Commercial Zoning
      921 Ambassador Caffery Pkwy, Lafayette, LA 70506
      View Details
    • $100,000

      Lafayette Industrial Land - $100K

      Prime .36-acre lot, ready for development.
      203 Oak Grove Ln, Lafayette, LA 70506
      View Details
    • $305,000
      1.06 Acres

      Prime Lafayette Commercial Land

      1.06-acre lot, ideal location, $305,000
      4600 Congress St, Lafayette, LA 70506
      View Details
    • $245,000

      Lafayette Industrial Land - $245K

      Prime Lafayette manufacturing lot. Build to suit options available.
      1012 Foreman Dr, Lafayette, LA 70506
      View Details
    • $140,000

      Lafayette Industrial Land - $140k

      Half-acre lot, ideal for office or multi-family.
      200 Oak Grove Ln, Lafayette, LA 70506
      View Details
    • $640,000
      0.92 Acres

      University Ave Commercial Land

      Prime Lafayette location, high visibility.
      1603 University Ave, Lafayette, LA 70506
      View Details

    Similar Nearby for Lease

    • $216 SF/Yr
      1,500 SF

      Ambassador Caffery Retail Space

      1,500 SF Retail Space, Lafayette, LA
      1529 Ambassador Caffery Pkwy, Lafayette, LA 70506
      View Details
    • $15 SF/Yr
      1,227 SF

      Lafayette Retail or Storage Space

      1227 SF space with bay door access on Ambassador.
      2310 Ambassador Caffery Pkwy, Lafayette, LA 70506
      View Details
    • $15 SF/Yr
      2,086 SF

      Retail Space on Ambassador Caffery

      Retail space available on Ambassador Caffery Parkway in Lafayette.
      3263 Ambassador Cafferey Pkwy, Lafayette, LA 70506
      View Details
    • $350 /Mo
      162 SF

      Lafayette Office Suite For Rent

      Single office suite in central Lafayette location with full service.
      105 Westmark Blvd, Lafayette, LA 70506
      View Details
    • $500 /Mo
      900 SF

      Lafayette Storage Unit For Lease

      15x60 storage unit available for lease in Lafayette, LA.
      1510 Westgate Rd, Lafayette, LA 70506
      View Details
    • $1,650 /Mo
      1,833 SF

      Lafayette Office Space For Rent

      Commercial office space in prime Lafayette location available for rent.
      601 Guilbeau Rd, Lafayette, LA 70506
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1602 University Ave
    Lafayette, LA 70506-1020
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.