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Adaptive Reuse / Value-Add Hotel 2915 Highway 14 163 Unit Apartment Building $3,908,576 CAD ($23,979 CAD/Unit) New Iberia, LA 70560
INVESTMENT HIGHLIGHTS
- Prime Visibility: Signalized corner location with over ±50,000 VPD. Owner financing available for a qualified Purchaser
- Underperforming Asset: offering significant room for revenue improvement for new management. The property is located right off Exit 128A Hwy 90
- Located within a 3-mile radius of Walmart Supercenter, T.J. Maxx, restaurants, and 14,000+ daytime workers
- Investor asset with flexible closing and value pricing at $17,500 per key. Strategic Access: 20 minutes from Lafayette Regional Airport (LFT)
- Submarket Growth: Southern Louisiana hospitality submarket has experienced 2.1% ADR and 2.8% RevPAR growth year-over-year
- Priced well-below replacement. New Iberia has shown interest in converting comparable properties to apartments
EXECUTIVE SUMMARY
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 or 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 160-room hotel as an economy brand or independent.
2. Dual brand the property at different price points with 80 rooms each as an economy brand or independent.
3. Reduce the available rooms to 80 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.
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 or 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 160-room hotel as an economy brand or independent.
2. Dual brand the property at different price points with 80 rooms each as an economy brand or independent.
3. Reduce the available rooms to 80 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.
PROPERTY FACTS
| Price | $3,908,576 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $23,979 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 6.49 AC |
| Sale Condition | Redevelopment Project | Building Size | 160,000 SF |
| No. Units | 163 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1977/2015 |
| Property Subtype | Apartment | Parking Ratio | 1.5/1,000 SF |
| Zoning | C-4 - Heavy Commercial Zoning District | ||
| Price | $3,908,576 CAD |
| Price Per Unit | $23,979 CAD |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 163 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 6.49 AC |
| Building Size | 160,000 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1977/2015 |
| Parking Ratio | 1.5/1,000 SF |
| Zoning | C-4 - Heavy Commercial Zoning District |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
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PROPERTY TAXES
| Parcel Number | 0502750646 | Improvements Assessment | $156,316 CAD |
| Land Assessment | $136,965 CAD | Total Assessment | $293,281 CAD |
PROPERTY TAXES
Parcel Number
0502750646
Land Assessment
$136,965 CAD
Improvements Assessment
$156,316 CAD
Total Assessment
$293,281 CAD
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Adaptive Reuse / Value-Add Hotel | 2915 Highway 14
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