Acadian Crossing — Pre-Trailing 12-Month Budget (T-12) & Net Operating Income (NOI) Diagnostic
Prepared for Servio Capital & Servio Property Management (Ryan Enk & Preston Dellinger) • 217 Multifamily Units on 14.783 Deed Acres (163,800 Square Feet)
Following the adaptive-reuse conversion of the former Holiday Inn Holidome at
2032 N.E. Evangeline Thruway
into
217 multifamily apartments
, Lafayette Parish Assessor records value Parcel
6043932
at
$9,202,530 Total Market Value
(
$920,253 Assessed Value at 10% Ratio
). Between 2023 and 2025, combined City and Parish property taxes rose from
$20,499 in 2023
to
$95,729 in 2025
(
+$75,230 / +367.0%
), while master-metered utility inclusions across active listings expose an estimated
$18,889.76/yr
water/wastewater submetering conservation opportunity.
• 8 published AppFolio listing cards (7 numbered units + 1 unnumbered studio card) advertising studio rents at
$750/mo
(315 sq ft) and 1-bedroom rents at
$999–$1,105/mo
(600 sq ft) with electric, water/sewer, and trash included.
• 3 numbered cards have remained posted for over 365 days (up to 1,226 days on Unit #2212).
1. Verify Tax Roll & Income Capitalization:
Each $100,000 reduction in fair market value saves
$1,040.25/yr
($4,161.00 over the 4-year cycle).
2. Audit Master-Metered LUS Tariffs:
Benchmark commercial Schedule W-2/S-2 ($10.94/1,000 gal) against submetering conservation ($18,889.76/yr).
3. Scrub Stale Syndication Feed:
Reconcile the 3 stale AppFolio cards ((337) 288-0089 vs. (337) 347-1538).
| Financial Line Item & Primary Source | Verified Baseline Calculation | Annual Dollar Impact |
|---|---|---|
| 2025 Combined Tax Bill (Parcel 6043932) | Lafayette City Tax ($17,061) + Lafayette Parish Tax ($78,668) at 104.025 mills on $920,253 assessed value | $95,729.00 |
| 10% Residential vs. 15% Commercial Ratio Shield | Assessed at 10% residential ratio ($920,253) instead of 15% commercial ratio ($1,299,886.50) | Saves $39,491.37/yr |
| Per-$100,000 Market Value Reduction Sensitivity | Each $100,000 reduction in fair market value reduces assessed value by $10,000 at 104.025 mills | -$1,040.25/yr |
| Lafayette Utilities System Water & Sewer Benchmark | 1,726.669 thousand gallons/yr saved (21.8 gal/day/unit across 217 units) at $10.94/1,000 gal | $18,889.76/yr |
| Physical / Operational System | Observed Primary-Source Record | Discovery & Verification Action |
|---|---|---|
| 1. Roof & Commercial Envelope (163,800 sq ft) | Adaptive-reuse low-slope commercial roof assembly across 14.783 deed acres (CAMA stated area: 14.776 acres). | Perform non-destructive moisture and roof warranty review under a Comprehensive Insurance Policy & Master Program Review (Free claim review standard). |
| 2. Studio Floorplan Cohort (315 sq ft) | 5 numbered studio listings at $750/mo ($300 deposit) with electric, water/sewer, trash, and pest control included. | Audit master-meter electric and water/sewer cost per studio against net effective rent after utility drag. |
| 3. One-Bedroom Cohort (600 sq ft) | 2 numbered 1-bedroom listings at $999–$1,105/mo ($600 deposit; Unit #1304 posted 2026-05-19). | Reconcile 522 cumulative pre-posting lag days ($14,190.08 implied vacancy drag) across 2026 turns. |
| Citation & Governing Authority | Statutory Rule Applied to Acadian Crossing | Verified Impact |
|---|---|---|
| Louisiana Constitution Article VII, Section 18(B) & (F) | Residential improvements are assessed at 10% of fair market value (vs. 15% for commercial property) and reappraised at intervals of not more than four years. | Confirms $920,253 assessed value on $9,202,530 market value (saving $39,491.37/yr vs. 15% ratio). |
| Lafayette Utilities System Schedules W-2, S-2, W-1 & S-1 | Commercial water ($2.53/1,000 gal) + wastewater ($8.41/1,000 gal) totals $10.94/1,000 gal vs. residential Tier 1 total of $9.56/1,000 gal. | 12.6% volumetric spread ($1.38/1,000 gal) between commercial and residential Tier 1 rates. |
| United States Environmental Protection Agency (70 FR 1892) | Benchmark study documenting 15.3% water reduction (21.8 gal/day/unit) when converting master-metered apartments to submetering. | Models 1,726.669 thousand gallons/yr saved ($18,889.76/yr at commercial tariff). |
Acadian Crossing (Parcel 6043932) — Tax, Utility & Listing Variance Studio
$20,499 → $95,729
$920,253 Assessed
Admitted Pre-T-12 Uplift Gate: Prior to receiving the owner's Trailing 12-Month Budget (T-12) and Lafayette Utilities System bills, admitted operating uplift is held at $0.00 .
| Cost Category & Schedule | Current Billed / Master-Meter Rate vs. Benchmark | Annual Variance / Sensitivity |
|---|---|---|
| Lafayette Utilities System Water + Wastewater |
Commercial Schedule W-2/S-2 (
$10.94/1,000 gal
) vs. Residential Tier 1 W-1/S-1 (
$9.56/1,000 gal
)
|
$18,889.76/yr Submeter Savings |
| 2025 City & Parish Millage Levy (104.025 Mills) | Parish (85.485 mills = $78,668) + City (18.540 mills = $17,061) on $920,253 assessed value | $95,729.00/yr Total Tax |
| Scheduled 2026–2028 Millage Expirations | 16.96 combined City/Parish mills expiring across 2026 ($2,871.19), 2027 ($8,493.94), and 2028 ($4,242.37) | -$15,607.50/yr Relief |
| 2026–2029 Reappraisal Valuation Sensitivity | Tax reduction per $100,000 of fair market value reduction under Article VII, Section 18 | -$1,040.25/yr ($4,161.00 / 4 yrs) |
| Cohort / Building System | Captured Public-Record Detail | Financial / Operational Metric |
|---|---|---|
| Active 2026 Numbered Listings (4 Units) | Studios (#1202, #2220, #2419) at $750/mo + 1-Bedroom (#1304) at $1,105/mo | $3,355/mo ($40,260/yr) |
| Stale Pre-2025 Numbered Listings (3 Units) | Units #2212 (1,226 days), #2307 (661 days), and #1522 (375 days) | $2,499/mo Stale Feed |
| 2021 Foreclosure & Adaptive-Reuse Acquisition | Sheriff sale (2/10/2021) followed by March 2021 transfer (3/25/2021, Doc #202100013584) and 163,800 sq ft conversion | $9,202,530 Current Assessor FMV |
ACADIAN CROSSING — ARCHITECTURAL & STATUTORY LEDGER (PARCEL 6043932)
Lafayette Parish Assessor Parcel 6043932 • 2032 N.E. Evangeline Thruway
Lafayette Utilities System & AppFolio Sync
1. Master-Metered Utility Drag:
All 8 advertised listings include electricity, water, sewer, and trash inside base rent ($750/mo studios; $999–$1,105/mo one-bedrooms). Submetering water and wastewater saves an estimated
$18,889.76/yr
(1,726.669 thousand gallons/yr at $10.94/1,000 gal).
2. Stale Listing Feed Hygiene:
3 of 7 numbered vacancy cards have been posted for more than 365 days (routing prospects to legacy number
(337) 288-0089
instead of primary leasing line
(337) 347-1538
).
Cent-Exact Millage & Volumetric Ledger
| Tax / Utility Component | Verified Rate & Statutory Basis | Annual Amount |
|---|---|---|
| 2025 Lafayette Parish Tax | 85.485 parish mills applied to $920,253 assessed valuation | $78,668.00 |
| 2025 Lafayette City Tax | 18.540 city mills applied to $920,253 assessed valuation | $17,061.00 |
| Expiring Millages (2026–2028) | 16.96 mills (9.09 parish + 7.87 city) expiring 2026–2028 | -$15,607.50/yr |
| EPA Water Submetering Savings | 15.3% reduction (21.8 gal/day/unit) valued at LUS Schedule W-2 + S-2 ($10.94/1,000 gal) | $18,889.76/yr |
163,800 sq ft Adaptive-Reuse Structure
| System / Unit Cohort | Physical & Operational Specification | Verified Metric |
|---|---|---|
| Primary Structure & Land | 163,800 sq ft commercial adaptive-reuse structure on 14.783 deed acres (2032 N.E. Evangeline Thruway) | 217 Apartments |
| Studio Units (315 sq ft) | 5 numbered studio cards ($750/mo; $300 deposit; utilities included) | $2.38 / sq ft |
| One-Bedroom Units (600 sq ft) | 2 numbered 1BR cards ($999–$1,105/mo; $600 deposit; utilities included) | $1.67–$1.84 / sq ft |
Constitutional & Tariff Citations
Establishes the 10% residential assessment ratio (versus 15% for other property) and mandates that all property subject to taxation be reappraised and valued at intervals of not more than four years.
Outside Florida public-adjusting jurisdiction, property review is strictly limited to a Free claim review and master insurance program audit. Admitted operating uplift remains $0.00 until the owner's Trailing 12-Month Budget (T-12), rent roll, and Lafayette Utilities System bills are verified.