2915 Louisiana 14
- Prime Visibility: Signalized corner location with over ±50,000 VPD
- Owner financing available for a qualified Purchaser
- Investor asset with flexible closing and value pricing at $17,500 per key
- Underperforming Asset: offering significant room for revenue improvement for new management
- Strategic Access: 20 minutes from Lafayette Regional Airport (LFT)
- The property is located right off Exit 128A Hwy 90
- Submarket Growth: Southern Louisiana hospitality submarket has experienced 2.1% ADR and 2.8% RevPAR growth year-over-year
- Commercial Demand Drivers: Ideal proximity to major corporations and demand drivers within a flourishing submarket seeing annual increases in occupancies, ADR, and RevPAR
- Located within a 3-mile radius of Walmart Supercenter, T.J. Maxx, restaurants, and 14,000+ daytime workers
- Priced well-below replacement
- New Iberia has shown interest in converting comparable properties to apartments
- Extra parking that can be converted into a standalone retail pad
Property Description
Bull Realty is pleased to offer the fee simple acquisition of a former 163-key Ramada Inn in New Iberia, LA. Located off LA Hwy 14, the property is surrounded by major demand generators such as the Port of Iberia (5,000+ workers), Double Eagle Marine, Halliburton, Iberia Medical Center, New Iberia Research Center, Aviation Exteriors, and McIlhenny Company (Tabasco ) on Avery Island. Zoned C4 (heavy commercial), the site allows for a wide range of uses, including hotel, multifamily, or mixed-use redevelopment. Hotel franchise options are available, each with their own PIP requirements. A multifamily conversion is viable for senior living and workforce housing. The property is offered unencumbered by management or debt, and seller financing is available with terms dependent on Purchasers financial strength and credit history. The site includes ample indoor public space, 240 parking spaces (including truck parking), and a ±5,300 SF former meeting space. The front building can operate as a stand-alone restaurant, and the rear parking area offers potential for a ±0.5-acre retail pad. New Iberia’s construction labor costs are favorable—7% below the Louisiana average and 19% below the national average, per 2024 BLS data. With flexible zoning, strong demand drivers, an improving economic outlook, Opportunity Zone designation, and available seller financing, this underperforming asset presents a compelling value-add opportunity through renovation or one of five redevelopment scenarios. 1. Renovate the asset and operate as a 163-room hotel as an economy brand or independent. 2. Dual brand the property at different price points with 67 or 96 rooms each as an economy brand or independent. 3. Reduce the available rooms to 67 or 96 and convert the remaining rooms to multifamily/long-term rentals or senior living. 4. Convert the entire building into multifamily/long-term rentals or senior living. 5. Clear the site and build a new mixed-used retail building.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,800,000 |
| No. of Units: | 163 |
| Year Built: | 1977 |
| Lot Size: | 6.49 Acres |
| Opportunity Zone: | No |
| Price per unit: | $17,178 |
| Property Website | Click Here |
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