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218 St Peter St
New Iberia, LA 70560

$700,000 USD

Apartments Condo For Sale  •  10,544 SF

Property Details

  • Property Type Apartments
  • Total Building Size 10,544 SF
  • Lot Size 0.49 AC
  • Building Class C
  • Year Built 1950
  • Zoning C2
0 Transit Score
64 Walk Score

1 Unit Available

Name Condo Use Size Price Details
3rd Floor - Unit 22 Flex 10,544 SF $700,000 USD
  • Unit Size: 10,544 SF
  • Condo Use: Flex
  • Price: $700,000 USD
  • Sale Type: Investment
  • Price/SF: $66.39 USD
Description
•	Positioned along LA-182 just past Jefferson Street, in a high-traffic corridor
•	The asset benefits from nearby access to Highway 674 (13,700 VPD), Highway 90 (34,300 VPD), and Highway 14 (17,100 VPD), making this an ideal, centralized location with easy commutes
•	Zoned C-2, providing flexibility for continued multifamily use or future redevelopment
•	Located in Iberia Parish within the I-2 submarket, with established multifamily demand

Sale Notes
•	Unique value-add opportunity with a mix of fully furnished units through rental adjustments by bringing the tenants up to market rates
•	Significant recent capital expenditures, including a $50,000 generator was recently installed, adding to the property’s operational resilience
•	Community laundry and tenant-ready features such as ceiling fans and cable-ready access
•	Unit interiors vary, providing potential for cosmetic upgrades and rental upside

Description 

•	Landlord is responsible for electric and gas
•	Landlord currently pays for water, sewer and trash
•	Utility expenses are not passed through to tenants, limiting RUBS or cost recovery opportunities

Highlights

22-Units | Recent Capital Expenditures | Well Below Market Rent
Located in New Iberia, LA | Zoned C-2 | Centralized Location
Landlord Paid Utilities | Full Service Utility Structure
Asset with Solid Construction | Long Term Hold Potential

Amenities

  • 24 Hour Access
  • Air Conditioning
  • Dishwasher
  • Disposal
  • Security System
  • Tenant Controlled HVAC
  • Heating
  • Kitchen
  • Walk-Up
  • Smoke Detector

Public Transportation

Commuter RailDriveWalkDistance
New Iberia Amtrak (Sunset Limited - Amtrak) 1 min 4 min 0.2 mi
AirportDriveWalkDistance
Lafayette Regional/Paul Fournet Field 28 min - 19.1 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 20
Type: Surface
Included in Rent: Yes
Jack Cornell 570-762-6075 SRS Real Estate Partners
Jack Cornell 570-762-6075 SRS Real Estate Partners