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

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.

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