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USALANew Iberia725 Mary St
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$1,615,000

725 Mary St, New Iberia, LA

Real Estate

For Sale

$--,---,---
0050
  • Key Facts
  • Description
  • Map

Key Facts

Type Multi Family
Levels Residential Income
Size -
Garage No
Taxes 
Days Active 95
Lot Size 
Approx. Age 
MLS® Number 2020021348

Property Address: 

Average square foot calculated using Size range provided by listing agent.

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.Show Description
MLS® Number2020021348
Laundry Level
Central VacNo
FireplaceNo
Acreage2.78
Exterior
GarageNo
Approx. Age
Basement
DrivewayParking Lot
Garage Spaces
HeatCentral, Heat Unit(s)
A/CCentral Air, AC Unit(s)
Heating Fuel

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