Homes for sale - 725 Mary ST, New Iberia, LA 70560

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Lindsey Reed

listwlindsey@gmail.com +1(337) 303-3987

$ 1,615,000

Est. payment | -/mo

2.78 Acres Lot

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$ 1,615,000

Est. payment | -/mo

Save

2.78 Acres Lot

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Pending

Purchase Type For Sale

MLS Listing ID 2020021348

Lot Size 2.780 Acres

Property Sub-Type Multi Family

Property Description

Exceptional investment opportunity in affordable housing! This 32-unit complex operates under a Land Use Restriction Agreement (LURA) with the Louisiana Housing Corporation (LHC) and maintains a 96.9% occupancy rate. The compliance period ended on December 31, 2021, and the property is now in its extended use period until December 31, 2036. Affordability restrictions remain in place, and the owner has waived the right to request an early termination of these restrictions until after the 35th year. Following the extended use period, tenants cannot be evicted or face rent increases beyond affordability limits for three years unless for good cause.Property Highlights:✅ Unit Breakdown:4 units - 1 bed / 1 bath | Market Rent: $67416 units - 2 bed / 1 bath | Market Rent: $7964 units - 3 bed / 2 bath | Market Rent: $9138 units - 4 bed / 2 bath | Market Rent: $1,009✅ Current Occupied Rent Roll: $24,484/month✅ 14 units currently leased to Section 8 voucher tenants✅ Pest control included in rent✅ All utilities are individually metered✅ Well-Maintained: Professionally managed since purchase in April 2023✅ Management & Staffing: Currently shares maintenance staff and a manager with another complex. The manager will not remain post-sale if third-party management changes, but maintenance staff may continue if hired directly.This property offers a strong cash-flowing asset with stable occupancy, professional oversight, and long-term affordability compliance. Perfect for investors seeking consistent rental income and the benefits of an affordable housing investment.

Location

State LA

County Iberia

Direction From Lafayette, take US-90 E toward New Iberia. Exit 128A for LA-14 E (Center St). Turn right on Jefferson Terrace, then left on Mary St. Cherokee Apartments (725 Mary St) will be on your right.

Interior

Heating Central, Heat Unit(s)

Cooling Central Air, AC Unit(s)

Appliance Electric Range, Refrigerator

Exterior

Roof Type Asbestos Shingle

Garage false

Building

Story 2

Foundation Slab

Sewer Public Sewer

Schools

Elementary Schools Call School Board

Middle Schools Call School Board

High Schools Call School Board

Listed by BG Realty & Management, LLC

GET MORE INFORMATION

Lindsey Reed

REALTOR® | Lic# 0912123604

listwlindsey@gmail.com

+1(337) 303-3987

300 Rue Beauregard bldg I Lafayette, LA, 70508

725 Mary ST New Iberia, LA 70560

Lindsey Reed

Key Details

Location

Interior

Exterior

Building

Schools

725 Mary ST