200 S Lewis St, New Iberia, LA 70560 - office property

Detailed information about office property which situated in New Iberia (70560) city, Louisiana state on 200 S Lewis St.
Neighborhood boundaries:North by Saint Martin Parish/South by US Hwy 90/East by John Darnall Rd/West by LA Hwy 88. Neighborhood has mixed uses:banks, restaurants, offices, churches, schools, utility companies, hospitals, fast foods, chain stores, agricultural & residential properties. Commercial utility comprise the largest elements of improvements within the neighborhood. Size, condition, & class of these structures & dwellings vary greatly. Level of employment potential is above average. The neighborhood has an above average location providing convenient access to neighboring communities & other areas of Louisiana. The neighborhood's employment stability & attractiveness to business & development is rated average. US Hwy 90 was recently accepted for inclusion into the federal interstate Hwy system. US Hwy 90 upon completion of upgrade will become an extension of I-49, which presently ends in the northern portion of Lafayette. A new 5-lane bridge has been constructed over the Bayou Teche at Lewis St. The Bayou Teche separates eastern & western New Iberia & is accessible by several bridges. The downtown area of New Iberia has seen many renovations over the last 10 years. Oil is a major component of the local economy. Numerous petroleum-related businesses operate out of Iberia Parish; not only because of its oil deposits, but also because its proximity to the Gulf of Mexico & offshore drilling platforms. The inland PORT OF IBERIA services the oil industry, both locally & worldwide. Many of the world’s offshore drilling rigs & platforms are fabricated in this massive port facility. Today Iberia Parish thrives as a center of sugar, oil, & salt production, & draws over 100,000 visitors annually. ACADIANA REGIONAL AIRPORT,the region's primary General Aviation Transport airport capable of serving all classes of aircraft. The large volume of high-performance aircraft & numerous regional users of the airport facility fuels the continuing corporate & general aviation development. A variety of aviation-related businesses are located at the airport. Numerous helicopters & seaplanes operate in & out of the airport in support of the offshore petroleum industry. Commercial passenger service is provided by a number of charter operators at the airport. Significant growth has occurred in the Airport Industrial Park in service, construction & light-to-medium manufacturing. Since 1987 Louisiana's economy has grown with few economic declines. Prices & values increased & economic activity existed in oilfield, medical, construction, farming, seafood & related industries. 2005 Hurricanes Katrina & Rita did much damage in south Louisiana. With this came increased gasoline & fuel prices; also came much construction & building. In late 2008 came the national economic decline. In April of 2010 the Deepwater Horizon Oil Spill occurred in the Gulf of Mexico. This event forced many fishermen out of work; however the immediate neighborhood experienced little decline from this tragedy. In May 2010 the federal government issued a 6-month moratorium on deep water offshore drilling. This caused an economic slow-down. Since the drilling moratorium was lifted economic growth has been moderate. With the current national recession real estate property values have declined in some instances or were stable. It appears that the national economy continues to be in a recessionary economic period. Future property value is expected to be stable with little to no increase. In general the oilfield & agricultural business of south Louisiana is active & generally overall productive. This is helping our local economy of the coastal parishes sustain economic well being. The real estate economy is down from 2007-08 but near the activity of years before that period. Reason for residential decline is current difficulty to qualify for mortgage financing without a good credit score. The commercial market is doing average to good.

Additional Information: If HIGH VISIBILITY is a requirement for your business, this is 100% commercial location for you. A suitable space for a broker, insurance agency, medical practice, retail, etc. The building was totally renovated in 2009, steel roof, new walls, new floors, new a/c unit, alarm system, etc. On the premises is a year old) 12' x 24' digital LED single-sided billboard; free advertising for your business. See photos attached. The tenant can be relocated if you require owner occupancy.