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$1,700,000
Est. payment /mo
2.78 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 2020021348
Lot Size 2.780 Acres
Property Sub-Type Multi Family
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.
Location
State LA
County Iberia
Direction 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.
Interior
Heating Central, Heat Unit(s)
Cooling Central Air, AC Unit(s)
Appliance Electric Range, Refrigerator
Exterior
Roof Type Asbestos Shingle
Garage false
Building
Story 2
Foundation Slab
Sewer Public Sewer
Water Public
Schools
Elementary Schools Call School Board
Middle Schools Call School Board
High Schools Call School Board
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Listed by BG Realty & Management, LLC
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