810 College Rd Lafayette, LA 70503

Property Details for 810 College Rd

Year built

1960

Property type

Commercial real estate

Description

This exceptional 95-unit apartment complex presents a compelling value-add opportunity in Lafayette, Louisiana. The property, known as Eagle Run Apartments, comprises seven, two-story buildings totaling 73,972 square feet of net rentable space. Constructed in 1960, this Class C multifamily asset offers significant upside potential through interior unit upgrades, capitalizing on a meaningful rent delta compared to market leaders. Its prime location in Lafayette provides easy access to the University of Louisiana at Lafayette (approximately 17,000 students), downtown Lafayette, and numerous local amenities. The strong local market boasts impressive demographics, with average household incomes of $138,672 within a one-mile radius and $89,924 within a three-mile radius. Furthermore, the property benefits from favorable market fundamentals, including limited new supply – only one new construction project is currently underway in Lafayette, with completion anticipated in Q1 2025. This scarcity minimizes concessionary pressure and supports future net growth, enhanced by Lafayette's consistent population growth of approximately 2% annually since 2020. The substantial 15.4 million square feet of commercial space within a five-mile radius further underscores the property's strategic location and market strength. This is a rare opportunity to acquire a well-positioned multifamily asset with considerable potential for value creation. The property is located at 810 S College Rd, Lafayette, LA 70503.