2810 Evangeline ThruwayLafayette, LA 70507

Property Details for 2810 Evangeline Thruway

Year built

1985

Lot size

1.51 AC

Property size (Sq ft)

29,172 SF

Property type

Hospitality properties

Property subtype

Other hospitality properties

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.

Location Insight

City

Lafayette

County

Lafayette Parish

State

Louisiana

Latitude

30.2758

Longitude

-92.0186

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