8816-24 Spruce St, New Orleans, LA 70118

All rents to $950 per month now - 100% occupied. 9.1% in place cap rate. All of the units are separately metered for water AND electricity. Each property is on separate parcel and can qualify for favorable 1-4 unit investment financing. 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. The tenants are responsible for all utilities, which brings down overall costs and greatly enhances the value of the asset.