Renovated Apartment
For Sale
$380,000
8840 Spruce Street, New Orleans, LA 70118
Updated systems include gas appliances, window units, and electric wall heaters.
Property Size1,875 SF
Price / SF$202.67
Days on Market254
Property Features for 8840 Spruce Street
General Information
Standard status
Active
Size
1,875 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Additional Details
Gross Income
$211,260
Multifamily Units
10
Amenities
security cameras
shed
Window Unit(s)
Other Heat
1
4
Security System
Asphalt
Slab: Traditional
Block
Building Details
Year Built
1973
Buildings
2
Listing Agency:
Bridgewater Realty Advisors, LLC
(504) 301-5583
Listed By:
Bryce Danna-Marullo · License #995705186
(504) 301-5583
Source:
Compass
Added: Dec 20, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:28AM
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.
This apartment property at 8840 Spruce Street was built in 1973 and has renovated unit interiors. Recent improvements include roof work completed 2 years ago and sprayed attic insulation. The building is equipped with security cameras and includes a shed.
Gas service supports the stoves and water heaters, while refrigerators are included. Heating and cooling are provided through window units and electric wall heaters. The property is in an X Flood Zone and is offered as part of a portfolio with 2009 Conti St and 1921 General Ogden St in New Orleans.
Gas service supports the stoves and water heaters, while refrigerators are included. Heating and cooling are provided through window units and electric wall heaters. The property is in an X Flood Zone and is offered as part of a portfolio with 2009 Conti St and 1921 General Ogden St in New Orleans.
Key Highlights
- Unit interiors renovated throughout
- Roof work completed 2 years ago
- Sprayed insulation in the attic
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
$23,742
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
6.25%
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%
$474,840
$474.8K
Cap Rate 7%
$339,171
$339.2K
Cap Rate 9%
$263,800
$263.8K
Market Conditions
NOI Build-Up for 1,875 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
$37.1K $19.80/SF
− Vacancy
−$3.2K −$1.71/SF
EGI
$33.9K $18.09/SF
− OpEx
−$10.2K −$5.43/SF
NOI
$23.7K $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%
$474,840
Cap Rate 7%
$339,171
Cap Rate 9%
$263,800
Alternative Uses
Best Use
Multifamily LT 5
$339.2K
$296.8K – $395.7K
NOI $23,742 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$311.8K
$272.8K – $363.7K
NOI $21,823 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$476.6K
$417.0K – $556.0K
NOI $33,359 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
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?
Apartment building - Updated systems include gas appliances, window units, and electric wall heaters.
Where is this apartment building located?
The property is located at 8840 Spruce Street New Orleans, LA.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Unit interiors renovated throughout; Roof work completed 2 years ago; Sprayed insulation in the attic
