Four-Unit Multifamily
For Sale
$365,000
8816 Spruce Street, New Orleans, LA 70118
Four-unit multifamily asset with separate water and electricity meters per unit, with tenants responsible for utilities.
Property Size2,852 SF
Price / SF$127.98
Days on Market760
Property Features for 8816 Spruce Street
General Information
Standard status
Active
Size
2,852 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Additional Details
Multifamily Units
4
Amenities
Central Air
Central
2
4
8
Asphalt
Slab: Traditional
Frame, Stucco
Building Details
Year Built
1980
Listing Agency:
Bridgewater Realty Advisors, LLC
(504) 298-8631
Listed By:
Mason McCullough · License #995714063
(504) 298-8631
Source:
Compass
Added: Jul 11, 2024
Changed: Aug 8
Last Checked: Jul 22 at 6:56PM
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 Spruce Street is a 4-unit multifamily property offered in excellent condition. The listing includes two buildings with separate tax parcels: a four-plex and a duplex, each metered separately for water and electricity. Tenants are responsible for all utilities.
The property is located in the Leonidas/Carrollton area, just blocks from Carrollton Avenue and S. Claiborne Avenue. This purchase must be completed together with 8824 Spruce St next door, which is a duplex (MLS #2499767).
This configuration supports residential 1–4 investment financing, which is described as favorable compared to commercial 5+ financing, and the listing also notes the option to obtain an FHA loan on one building and a conventional loan on the other.
The property is located in the Leonidas/Carrollton area, just blocks from Carrollton Avenue and S. Claiborne Avenue. This purchase must be completed together with 8824 Spruce St next door, which is a duplex (MLS #2499767).
This configuration supports residential 1–4 investment financing, which is described as favorable compared to commercial 5+ financing, and the listing also notes the option to obtain an FHA loan on one building and a conventional loan on the other.
Key Highlights
- 4‑unit multifamily with 8 bedrooms and 4 full bathrooms
- All units are separately metered for water and electricity, with tenants responsible for utilities
- Central air and central heating
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,194
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$663,880
$663.9K
Cap Rate 7%
$474,200
$474.2K
Cap Rate 9%
$368,822
$368.8K
Market Conditions
NOI Build-Up for 2,852 SF
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.
Gross rent
$66.4K $23.28/SF
− Vacancy
−$6.0K −$2.12/SF
EGI
$60.4K $21.16/SF
− OpEx
−$27.2K −$9.52/SF
NOI
$33.2K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$663,880
Cap Rate 7%
$474,200
Cap Rate 9%
$368,822
Alternative Uses
Best Use
Multifamily LT 5
$515.9K
$451.4K – $601.9K
NOI $36,113 @ 7.0% cap · market cap 9.89%
Second Best
Apartment 5plus
$474.2K
$414.9K – $553.2K
NOI $33,194 @ 7.0% cap · market cap 9.09%
Theoretical Best
Office A
$724.9K
$634.3K – $845.7K
NOI $50,742 @ 7.0% cap · market cap 13.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
732
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily asset with separate water and electricity meters per unit, with tenants responsible for utilities.
Where is this quadplex located?
The property is located at 8816 Spruce Street New Orleans, LA.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 4‑unit multifamily with 8 bedrooms and 4 full bathrooms; All units are separately metered for water and electricity, with tenants responsible for utilities; Central air and central heating
