Quadplex Property with Separate
For Sale
$515,000
8824 Spruce St, New Orleans, LA 70118
Two-building residential income property with separate water and electric metering for every unit.
Property Size3,120 SF
Price / SF$165.06
Days on Market677
Property Features for 8824 Spruce St
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Multifamily
Zoning
HU-RD2
Building Details
Year Built
1930
Listing Agency:
Bridgewater Realty Advisors
(504) 298-5547
Listed By:
Mason McCullough · License #LA9705
(504) 298-5547
Source:
Lacdb.resimplifi
Added: Oct 25, 2024
Changed: Aug 31
Last Checked: Aug 31 at 1:19PM
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.
This residential income property includes two buildings with six total units: one fourplex and one duplex. Built in 1930, the property is fully occupied, and each unit has separate water and electricity meters. Tenants are responsible for their own utilities, supporting a straightforward operating structure.
The property is located at 8824 Spruce St in New Orleans, within the Leonidas/Carrollton area and near Carrollton Avenue and S. Claiborne Avenue. The two buildings are held on individual tax parcels, creating a distinct ownership configuration for the overall asset. Zoning is HU-RD2, and the in-place cap rate is 9.1%.
The property is located at 8824 Spruce St in New Orleans, within the Leonidas/Carrollton area and near Carrollton Avenue and S. Claiborne Avenue. The two buildings are held on individual tax parcels, creating a distinct ownership configuration for the overall asset. Zoning is HU-RD2, and the in-place cap rate is 9.1%.
Key Highlights
- Six‑unit property comprising one fourplex and one duplex
- 100% occupied with a 9.1% in place cap rate
- Separate water and electricity meters for all units
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
$39,507
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
7.67%
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%
$790,140
$790.1K
Cap Rate 7%
$564,386
$564.4K
Cap Rate 9%
$438,967
$439.0K
Market Conditions
NOI Build-Up for 3,120 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
$61.8K $19.80/SF
− Vacancy
−$5.3K −$1.71/SF
EGI
$56.4K $18.09/SF
− OpEx
−$16.9K −$5.43/SF
NOI
$39.5K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$790,140
Cap Rate 7%
$564,386
Cap Rate 9%
$438,967
Alternative Uses
Best Use
Multifamily LT 5
$564.4K
$493.8K – $658.5K
NOI $39,507 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$518.8K
$453.9K – $605.2K
NOI $36,313 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$793.0K
$693.9K – $925.2K
NOI $55,510 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
708
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 - Two-building residential income property with separate water and electric metering for every unit.
Where is this quadplex located?
The property is located at 8824 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: Six‑unit property comprising one fourplex and one duplex; 100% occupied with a 9.1% in place cap rate; Separate water and electricity meters for all units
