725 Mary Street, New Iberia, LA 70560 (MLS# 2020021348)

725 Mary Street, New Iberia, LA 70560

$1,615,000
Property Type: MultiFamily Square Footage: 30,544 Lot Size (sq. ft.): 121,097 Status: Pending
Current Price: $1,615,000 List Date: 3/10/2025 Last Modified: 7/01/2025

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: $674 16 units - 2 bed / 1 bath | Market Rent: $796 4 units - 3 bed / 2 bath | Market Rent: $913 8 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.

Supplements: ********

More Information MLS# 2020021348

Listing Info

Status: Pending Listing Date: 2025-03-10 Listing Price: 1615000 Current Price: $1,615,000 List Price/SqFt: 52.87 Type: Multi Family

Location Tax Legal Info

Street Number: 725 Street Name: Mary St Suffix: Street Parish: Iberia State: LA Zip Code: 70560 Subdivision: None Area: I2 Tax Assessment Number: 1500921059a Elementary School: Call School Board Middle School: Call School Board High School: Call School Board Directions: 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.

General Property Description

Approximate Age: 21 - 30 Years Number of Units: 32 Stories: 2 # Buildings: 9 SqFt - Living: 30544 SqFt - Source: Owner Apt. Name: Cherokee Apartments Total Parking Spaces: 50 # Heat Units: 32 # AC Units: 32 Individual Metered?: Yes Lot Dimensions: 232x478x382x400 Acres: 2.78 Mineral Rights: Conveyed Assn Fee: None

Status Change Info

Under Contract Date: 2025-07-01

Currently Not Used

Acreage Range: 1 - 2.99

Water Source

Water Company: LAWCO

Property Features

Siding: Brick; Hardiplank; Vinyl Siding; Wood Parking: Parking Lot Construction: Frame Foundation: Slab Roof: Asbestos Shingle Heating: Central Cooling: Central Air Appliances: Electric Range; Electric Range; Refrigerator Sewer: Public Sewer Water Source: Public Financing: Cash; Conventional Showing: 24 Hour Notice
Listing Office: BG Realty & Management, LLC
Last Updated: July - 01 - 2025
725 Mary Street, New Iberia, LA 70560- MLS# 2020021348
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