314 Deare St, New Iberia, LA 70560
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 314 Deare St
- Year built
- 1980
- Property type
- Commercial real estate
Description
This exceptional 12-unit apartment building at 314 Deare St, New Iberia, LA 70560 presents a compelling investment opportunity. Located in a designated Opportunity Zone, this property boasts a strong 8.19% capitalization rate and a current net operating income (NOI) of $65,500. The single-story, 1980-built building underwent a complete renovation in 2024, resulting in 12 updated one-bedroom units. Each unit is currently generating rental income between $600 and $625 per month, supplemented by a $40 monthly water fee paid by tenants. The property sits on a sizable 19,500 square foot lot and offers a price per unit of $66,666.67, with an asking price of $800,000. The current occupancy rate is 40%, presenting significant potential for increased revenue through lease-up. This property is an ideal addition to any investor's portfolio seeking strong returns in a revitalized area. The building's recent renovation minimizes immediate capital expenditure needs, allowing for a swift return on investment. The strategic location within an Opportunity Zone provides additional tax advantages. This is a rare opportunity to acquire a well-maintained, high-potential multifamily property in a desirable Louisiana market.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- New Iberia
- County
- Iberia Parish
- State
- Louisiana
- Longitude
- -91.7960516
- Latitude
- 29.9900373
