314 Deare St New Iberia, LA 70560

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.