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    8816 Spruce St New Orleans, LA 70118

    Sponsored
    For Sale
    $599,000

    High-yield multifamily property with upside.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 6-unit multifamily property, located at 8816 Spruce St, New Orleans, LA 70118, presents a compelling investment opportunity. The property consists of two buildings – a four-plex and a duplex – each with its own tax parcel, facilitating favorable residential 1-4 financing. Currently boasting 100% occupancy and a strong NOI of $55,822, this Class B apartment building offers a 9.32% cap rate. All six units are separately metered for water and electricity, minimizing operational costs and maximizing tenant responsibility. Situated in the rapidly developing Leonidas/Carrollton neighborhood, close to Carrollton and Claiborne Avenues, the property benefits from its prime location. Significant rental upside potential exists

    Property Features for 8816 Spruce St

    General Information

    Property type
    Multifamily properties
    Class
    B

    Building Details

    Stories
    2
    Units
    6

    HighLights

    • Exceptional 6‑unit multifamily investment opportunity in New Orleans' Leonidas/Carrollton neighborhood.
    • Property comprises a four‑plex and a duplex on separate tax parcels, qualifying for favorable residential financing.
    • Currently 100% occupied with a strong NOI of $55,822 and a 9.32% cap rate.
    • All six units feature individual water and electric meters, minimizing operating expenses.
    • Prime location near Carrollton and Claiborne Avenues with significant rental upside potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans Parish
    State
    Louisiana
    Longitude
    -90.129924181725
    Latitude
    29.958007219018

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    FAQs

    What type of property is this?
    Multifamily property - High-yield multifamily property with upside.
    Where is this multifamily property located?
    The property is located at 8816 Spruce St New Orleans, LA.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Exceptional 6-unit multifamily investment opportunity in New Orleans' Leonidas/Carrollton neighborhood.; Property comprises a four-plex and a duplex on separate tax parcels, qualifying for favorable residential financing.; Currently 100% occupied with a strong NOI of $55,822 and a 9.32% cap rate.
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    New Orleans, LA 70118
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    8816 Spruce St New Orleans, LA 70118
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