Current Use by Public Records
- Gerber Collision & Glass / Auto Repair Shop
- Vic-Lok Captivated Shackles / Industrial Manufacturer / Production Facility
Property Details for 1704 Lewis St
- Lot size
- 1.40 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Industrial properties
Description
This exceptional investment opportunity presents a Net Leased Gerber Collision auto shop in New Iberia, Louisiana. The property, encompassing 11,188 square feet across three buildings on a 1.4-acre lot, boasts a strong 7.92% cap rate and a current NOI of $51,478. Secured by a corporate guarantee from Gerber Collision, a major national player in the automotive repair industry, the lease features 1.5% annual rent bumps and three five-year renewal options, ensuring long-term stability. The current lease commenced July 20, 2023, and has a remaining term of approximately 3.7 years. The property is strategically located near major retailers like T.J. Maxx, Hobby Lobby, and Walmart, offering high visibility and convenient access. Recent capital improvements include new HVAC units, roof, and external metal siding. While currently operating at 80% occupancy, there's significant upside potential through leasing an additional 1,700 square feet of available office space. The asking price is $650,000, representing a price per square foot of $58.10, which is notably below market value according to CoStar data. This presents a compelling opportunity for investors seeking a stable, high-performing asset with significant long-term growth potential in a prime retail location.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New Iberia
- County
- Iberia Parish
- State
- Louisiana
- Longitude
- -91.8249
- Latitude
- 29.9827
