New Iberia Multifamily for Sale
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.
