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    Residential Lot in Oak Place Title is generated by Realmo AI

    4 Westwood Drive lot 31, New Iberia, LA 70563

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    Claim this Listing
    For Sale
    $60,000

    LAND - New Iberia, LA

    Lot size:
    0.58 Acres
    Added:
    Feb 26, 2026
    Days on Market:
    86
    Last Refresh:
    May 23 at 10:06 am

    Property Features for 4 Westwood Drive lot 31

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    0403320995
    Lot size
    0.58 Acres

    Taxes and HOA fees

    Tax Description
    1-119 X 196/198 LOT 32, LOT 30, WESTWOOD ST, PART LOTS 26 & 27 BEING LOT 31, OAK PLACE SUB. PHASE II. LOCATED IN SEC 22, T 12 S,R 7 E.

    Utilities

    Utilities
    Water Available
    Water source
    Public

    We can help!

    Listing Contact
    Molli Rodriguez

    Listing agent Molli Rodriguez License #0995687819

    Listing office EXP Realty, LLC 1318 Camellia Blvd. Suite 222, Lafayette, LA

    Listing date Feb 26, 2026

    MLS# 2600001449 Listing URL

    Copyright © 2026 Realtor Association of Acadiana. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Desirable Oak Place subdivision location known for curb appeal and convenience.
    • Flood Zone X designation means flood insurance is not required.
    • Convenient access to shopping, restaurants, banking, medical facilities, and major roadways.
    • .58 acre residential lot offers generous space for building.
    • Low annual HOA dues of $150 cover landscaping, lighting, and security cameras.
    • Adjacent lot also available; purchase both for nearly 1.3 acres and expanded possibilities.

    Overview

    Located at 4 Westwood Drive in New Iberia, this 0.58-acre residential lot is situated in the desirable Oak Place subdivision. The established and well-maintained neighborhood is known for its curb appeal and convenient location. The property is located just off Old Jeanerette Road, providing easy access to shopping, restaurants, banking, and medical facilities, as well as major roadways. The property is located in Flood Zone X, so flood insurance is not required. The annual HOA dues are $150 per year, which include subdivision island landscaping, lighting, and security cameras. The adjacent lot at 2 Westwood Drive is also available, and both lots may be purchased together for a discounted combined price. Securing both parcels provides nearly 1.3 acres within Oak Place, offering the opportunity to create a larger estate-style homesite or preserve additional green space in an established subdivision.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Iberia
    County
    Iberia
    State
    Louisiana
    Longitude
    -91.788654
    Latitude
    29.994743

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    FAQs

    What type of property is this?
    Residential land & home lot - 0.58 acre residential lot in a desirable subdivision.
    Where is this residential land & home lot located?
    The property is located at 4 Westwood Drive lot 31 New Iberia, LA.
    What is the asking price?
    The asking price for this property is $60,000.
    What are key features of this property?
    This property features: Desirable Oak Place subdivision location known for curb appeal and convenience.; Flood Zone X designation means flood insurance is not required.; Convenient access to shopping, restaurants, banking, medical facilities, and major roadways.
    (337) 578-0034
    We can help!
    Listing Contact
    Molli Rodriguez
    Real Estate License ID: 0995687819
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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