725 Mary Street

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.

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Listing ID:

2020021348

Parish

Iberia

Area

I2

Subdivision

None

Financing

Cash, Conventional

Assessment

1500921059a

Legal Desc

Legal STEPHANIE ANDERSON 469-399-4123

Parking:

Open Parking Spaces: 50, Parking Lot

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Cooling

Central Air

Heating

Central

Lot Dimensions

232x478x382x400

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Construction

Hardiplank, Wood, Vinyl Siding, Brick, Frame

Lot Size Area

2.78 ac

Roof

Asbestos Shingle