Multifamily Property in
For Sale
Contact for pricing
8816 Spruce St, New Orleans, LA 70118
Six-unit property with rental upside in growing neighborhood.
Property SizeContact for details
Days on Market671
Property Features for 8816 Spruce St
General Information
Standard status
Active
Class
B
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$55,822
Building Details
Stories
2
Units
6
Listing Agency:
Bridgewater Realty Advisors
Listed By:
Mason Mccullough · License #LA9705
(504) 274-2701
Source:
Crexi
Added: Nov 1, 2024
Changed: Aug 31
Last Checked: Sep 1 at 3:39AM
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
Investment Insights
Based on property information with market context.
Located in the rapidly-growing Leonidas/Carrollton neighborhood, this multifamily property at 8816-26 Spruce Street features six units. The property is comprised of two buildings, a four-plex and a duplex, each with its own individual tax parcel. All units are currently 100% occupied, with rents at $950 per month. The property is in excellent condition and offers potential for increased rental income. Similar 2-bed/1-bath units in the area can conservatively obtain rents of $1,100 per month, potentially bringing the total monthly rental income to $6,600. All of the units are separately metered for water and electricity, with tenants responsible for all utilities.
Key Highlights
- 100% Occupied, providing immediate rental income.
- Significant rental upside potential up to $1,100/unit.
- Favorable residential 1‑4 investment financing is available.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
708
Businesses Nearby
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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?
Apartment building - Six-unit property with rental upside in growing neighborhood.
Where is this apartment building located?
The property is located at 8816 Spruce St New Orleans, LA.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 100% Occupied, providing immediate rental income.; Significant rental upside potential up to $1,100/unit.; Favorable residential 1‑4 investment financing is available.
