1704 Lewis StNew Iberia, LA 70560

Property Details for 1704 Lewis St

Lot size

1.40 AC

Property size (Sq ft)

11,188 SF

Property type

Retail properties

Property subtype

Industrial properties

Description

This exceptional investment opportunity presents a Net Leased Gerber Collision auto shop in New Iberia, Louisiana. The property, encompassing 11,188 square feet across three buildings on a 1.4-acre lot, boasts a strong 7.92% cap rate and a current NOI of $51,478. Secured by a corporate guarantee from Gerber Collision, a major national player in the automotive repair industry, the lease features 1.5% annual rent bumps and three five-year renewal options, ensuring long-term stability. The current lease commenced July 20, 2023, and has a remaining term of approximately 3.7 years. The property is strategically located near major retailers like T.J. Maxx, Hobby Lobby, and Walmart, offering high visibility and convenient access. Recent capital improvements include new HVAC units, roof, and external metal siding. While currently operating at 80% occupancy, there's significant upside potential through leasing an additional 1,700 square feet of available office space. The asking price is $650,000, representing a price per square foot of $58.10, which is notably below market value according to CoStar data. This presents a compelling opportunity for investors seeking a stable, high-performing asset with significant long-term growth potential in a prime retail location.

Location Insight

City

New Iberia

County

Iberia Parish

State

Louisiana

Latitude

29.9827

Longitude

-91.8249

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