1. Louisiana
  2. New Iberia
  3. 725 Mary Street
$1,615,000

725 Mary Street, New Iberia, LA 70560

  • 30,544 sqft
  • Property Icon Multi-Family Home
  • Property Year Built Icon Built in ——
  • Property Lot Size Icon2.78acre lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $53/sqft
  • Property List Date Icon Listed 2 months ago

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.

Listing Status:
Active
Listing Office:
BG Realty & Management, LLC : 337-281-4391
Listing Agent:
Buddy Glass : 337-281-4391
MLS ID:
2020021348
  • Appliances: Electric RangeRefrigerator
  • A/C: Central AirAC Unit(s)
  • Heating: CentralHeat Unit(s)

This listing courtesy of Buddy Glass, BG Realty & Management, LLC

Location

Schools Nearby

P

Pesson Elementary School

619 Broussard St, New Iberia, LA, 70560

Grades PK-6

0.67 miles away

A

Anderson Middle School

1059 Anderson St, New Iberia, LA, 70560

Grades 7-8

1.93 miles away

N

New Iberia High School

1301 E Admiral Doyle Dr, New Iberia, LA, 70560

Grades 9-12

1.00 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.