$7,409 Closing Credit¹
#24007964, Tesha R Duhon, Listing Office: Strada Realty
$2,100,000 List price
725 Mary St New Iberia, LA 70560
$10,000
Closing credit¹
30,544 sqft
2.8 acres
$69 / sqft
Multi-Family
Property details
About 725 Mary St
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: $674 16 units - 2 bed / 1 bath | Market Rent: $796 4 units - 3 bed / 2 bath | Market Rent: $913 8 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.
Highlights
Home typeMulti Family
HeatingCentral
StatusActive
CoolingCentral Air
Size30,544 sqft
Lot size2.78 Acres
ParkingParking Lot
MLS #2020021348
Summary
- MLS Number: 2020021348
- MLS Name: REALTOR® Association of Acadiana
- Office Name: BG Realty & Management, LLC
- Listing Agent: Buddy Glass
The data relating to real estate for sale on this web site comes in part from the IDX Program of the REALTORS® Association of Acadiana’s MLS. Real Estate listings held by other brokerage firms are marked with the MLS approved icon for IDX. The materials contained within this page may not be reproduced without the express written consent of The Realtor® Association of Acadiana. The information contained within this page is for personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but is not guaranteed and should be verified by personal inspection or with the appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. The materials contained within this page may not be reproduced without the express written consent of this broker. Some real estate firms do not participate in Internet Data Exchange® and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Some or all of the listings displayed may not belong to the firm whose web site is being visited.
Copyright 2025 the REALTORS® Association of Acadiana. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/12/2025, 12:20:56 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$2,100,000
725 Mary St
$10,000
closing credit¹
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0.5% sale price²
Price information
Property sales
We're sorry, we currently don't have property sales data for this listing.
Tax history
| Year | Assessment | Property Tax |
|---|---|---|
| 2023 | $67,360 | $6,123 |
| 2022 | $67,360 | $6,041 |
| 2021 | $67,360 | $4,494 |
| 2018 | $94,446 | $6,038 |
| 2017 | $94,446 | $4,497 |
History based on county public records data.
Nearby schools
6
Pesson Elementary School
Public District PK-6
0.6 mi
•619 Broussard St
8
North Lewis Elementary School
Public District PK-6
1.3 mi
•604 N Lewis St
7
Center Street Elementary School
Public District PK-6
1.6 mi
•1520 Center St
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $19,574. The majority of New Iberia, LA residents have income less than $<35k annually. Residents typically live in single, no kids family. The most common level of education of people living in this area is high school diploma.
How much money do the neighbors make?
65%
<35k
34%
35k-100k
2%
100k-200k
0%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
Masters Degree
What types of families live nearby?
46%
Single, No Kids
32%
Single, with Kids
11%
Married, No Kids
11%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
21%
<11 yrs old
11%
12-17 yrs old
24%
18-34 yrs old
34%
35-64 yrs old
10%
65+ yrs old
What do the neighbors do for fun?
NHRA Drag Racing
Mexican League Soccer
Pro Boxing
Where do the neighbors shop?
Big Lots
Burlington
Family Dollar
Where do the neighbors go to eat?
Golden Corral
Church's Chicken
White Castle
What do the neighbors drive?
Kia
Chevrolet
Buick
What do the neighbors listen to?
Adult Standards
Urban Adult Contemporary
Rock
All data provided by Home Junction and Claritas
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Frequently asked questions
Living in New Iberia, LA
About 725 Mary St
This home is located at 725 Mary St in New Iberia, LA and zip code 70560. This 30,544 square foot home sits on a 2.78 acre lot. Features: 0 bathroom. It has been listed on Rocket Homes since March 10, 2025 and is currently priced at $2,100,000.
In February 2025 in New Iberia, LA there were 15.8% more homes for sale than in January. The median list price of listings available in February 2025 was $179,000, while the average time on the real estate market was 143 days.
From Rocket Homes Real Estate and based on county public records data.