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
The data relating to real estate for sale or lease on this website comes in part from the IDX program of the REALTOR® Association of Acadiana MLS. The IDX information is provided exclusively for consumers’ personal, non-commericial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS.