6-Unit Multifamily
8816-24 Spruce Street New Orleans, LA 70118
For Sale
$550,000
Six-unit multifamily with separately metered water and electricity; 100% occupied and current rents are at $950/month.
Property Size3,120 SF
Price / SF$176.28
Days on Market445
Property Features for 8816-24 Spruce Street
General Information
- Standard status
- Active
- Size
- 3,120 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1960
Listing Agency:
Bridgewater Realty Advisors, LLC
(504) 298-8631
Listed By:
Mason McCullough · License #995714063
(504) 298-8631
Source:
Compass
Added: May 5, 2025
Changed: Jul 23
Last Checked: Jul 23 at 9:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bridgewater Realty Advisors, LLC
Investment Insights
Based on property information with market context.
8816-24 Spruce Street is a six-unit multifamily property presented in excellent condition. The current rent roll is fully occupied, with rents reported at $950 per month, and each unit has its own separate meters for water and electricity. The property is described as a separate parcel, and the remarks indicate it may qualify for favorable 1–4 unit investment financing.
The remarks also note the property’s proximity to Carrollton Avenue and S. Claiborne Avenue, in the Leonidas/Carrollton neighborhood area. Tenants are responsible for utilities, which is intended to help control operating costs.
The current ownership is described as having favored maintaining long-term tenants, and the remarks characterize rent upside as a potential benefit based on rents cited for comparable 2 bed/1 bath units in similar condition and size. The stated potential rental income referenced in the remarks is $6,600 per month.
The remarks also note the property’s proximity to Carrollton Avenue and S. Claiborne Avenue, in the Leonidas/Carrollton neighborhood area. Tenants are responsible for utilities, which is intended to help control operating costs.
The current ownership is described as having favored maintaining long-term tenants, and the remarks characterize rent upside as a potential benefit based on rents cited for comparable 2 bed/1 bath units in similar condition and size. The stated potential rental income referenced in the remarks is $6,600 per month.
Key Highlights
- 6‑unit multifamily with 100% occupancy and current rents of $950/month
- Each unit has separate water and electricity metering, with tenants responsible for utilities
- 12 bedrooms and 6 full bathrooms across two stories; asphalt shingle roof
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $72.6k | $23.28 |
| − Vacancy | −$6.6k | −$2.12 |
| EGI | $66.0k | $21.16 |
| − OpEx | −$29.7k | −$9.52 |
| NOI | $36.3k | $11.64 |
3,120 SF · lease $23.28/SF/yr · vacancy 9.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$518.8K
$453.9K – $605.2K
NOI $36,313 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$793.0K
$693.9K – $925.2K
NOI $55,510 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Six-unit multifamily with separately metered water and electricity; 100% occupied and current rents are at $950/month.
Where is this apartment building located?
The property is located at 8816-24 Spruce Street New Orleans, LA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 6‑unit multifamily with 100% occupancy and current rents of $950/month; Each unit has separate water and electricity metering, with tenants responsible for utilities; 12 bedrooms and 6 full bathrooms across two stories; asphalt shingle roof
