8816 SPRUCE ST Active Save Request In-Person Tour Request Virtual Tour
New Orleans,LA 70118
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 4,547 sqft
Price per Sqft $120
MLS Listing ID 2474068
Style Traditional
Bedrooms 12
Full Baths 6
Year Built 1992
Property Sub-Type Apartment
Property Description
NEW PRICE & NEW RENTS! All rents to $900 per month now - 100% occupied. 8816-26 Spruce Street is a 6-unit multifamily property located in the rapidly-growing Leonidas/Carrollton neighborhood, just blocks away from the Carrollton Avenue and S. Claiborne Avenue. The property is in excellent condition and has major upside potential in rents as the current owner favored maintaining relationships with long term tenants. Rents for 2 bed/1 bath units in this area in similar condition and size can obtain a rental amount of $1,100 per month conservatively. This would bring the potential rental income to $6,600 per month.
There are two (2) buildings included in the overall property that each have their own individual tax parcel, a four-plex and a duplex. This allows for a buyer to obtain residential 1-4 investment financing which is favorable compared to commercial 5+ financing.
All of the units are separately metered for water AND electricity. The tenants are responsible for all utilities, which brings down overall costs and greatly enhances the value of the asset.
Location
State LA
County Orleans
Interior
Heating Central
Cooling Central Air
Exterior
Parking Features Off Street,Three or more Spaces
Roof Type Asphalt,Shingle
Building
Lot Description City Lot,Oversized Lot
Foundation Slab
Sewer Public Sewer
Water Public
Others
Special Listing Condition None