510 Madison St Lafayette, LA 70501
Mills NeighborhoodEstimated payment $1,693/month
Total Views
2,498
5
Beds
3
Baths
2,890
Sq Ft
$102
Price per Sq Ft
Highlights
- Wood Flooring
- Window Unit Cooling System
- Wood Siding
- Lafayette High School Rated A-
- Central Heating and Cooling System
About This Home
Discover exceptional value-add investment potential in downtown Lafayette with this spacious 4 Plex property offering: Two 2 bedroom/1 bathroom units & Two 1 bedroom/1 bathroom units across 2,890 square feet. Currently generating $30,360 in annual rental income--well below market rates--this property presents an opportunity to increase returns to approximately $35,580 yearly with appropriate adjustments.Nestled in the vibrant heart of Lafayette, residents enjoy the perfect blend of urban convenience and cultural richness. The property sits within walking distance of beloved community treasures including Parc Sans Souci, Parc International, and the Lafayette Public Library Main Branch.Culture enthusiasts will appreciate proximity to the renowned Acadiana Center for the Arts and the internationally celebrated Festival International, which transforms downtown into a global cultural showcase each spring. Food lovers will delight in the array of nearby restaurants offering authentic Cajun cuisine and diverse dining options.This well-positioned multi-family home offers the perfect combination of steady income potential and quality living space in one of Lafayette's most desirable neighborhoods. Whether you're looking to expand your investment portfolio or seeking a property with reliable returns, this downtown gem delivers both character and practical value in Louisiana's cultural capital.Each unit has been rewired (2007) and the plumbing has been upgraded over the years. Each unit has washer and dryer connections.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $765
Lot Details
- 9,240 Sq Ft Lot
- Lot Dimensions are 66 x 140
Parking
- 8 Parking Spaces
Home Design
- Pillar, Post or Pier Foundation
- Frame Construction
- Wood Siding
Interior Spaces
- 2,890 Sq Ft Home
- 2-Story Property
- Wood Flooring
Bedrooms and Bathrooms
- 5 Bedrooms
- 3 Full Bathrooms
Schools
- Truman Elementary School
- Acadian Middle School
- Lafayette High School
Utilities
- Window Unit Cooling System
- Central Heating and Cooling System
- Multiple Heating Units
Listing and Financial Details
- Tax Lot 197
Community Details
Overview
- 4 Units
- Mills Addition Subdivision
Building Details
- 4 Leased Units
- Gross Income $30,360
Map
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Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $765 | $7,269 | $879 | $6,390 |
| 2023 | $765 | $6,689 | $879 | $5,810 |
| 2022 | $700 | $6,689 | $879 | $5,810 |
| 2021 | $702 | $6,689 | $879 | $5,810 |
| 2020 | $700 | $6,689 | $879 | $5,810 |
| 2019 | $551 | $6,689 | $879 | $5,810 |
| 2018 | $683 | $6,690 | $740 | $5,950 |
| 2017 | $682 | $6,690 | $740 | $5,950 |
| 2015 | $681 | $6,690 | $740 | $5,950 |
| 2013 | -- | $6,690 | $740 | $5,950 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 06/12/2025 06/12/25 | For Sale | $295,000 | 0.0% | $102 / Sq Ft |
| 06/12/2025 06/12/25 | Off Market | -- | -- | -- |
| 06/09/2025 06/09/25 | For Sale | $295,000 | -- | $102 / Sq Ft |
Source: REALTOR® Association of Acadiana
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Cash Sale Deed | $25,000 | None Available | |
| Cash Sale Deed | $1,000 | None Available |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $164,811 | New Conventional | |
| Closed | $144,347 | New Conventional |
Source: Public Records
Similar Home in Lafayette, LA
Source: REALTOR® Association of Acadiana
MLS Number: 2500000133
APN: 6048587
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The data relating to real estate for sale on this web site comes in part from the IDX Program of the REALTOR® Association of Acadiana’ MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable, but not guaranteed accurate.
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