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$475,000

For Sale - Active
8216 Spruce St, New Orleans, LA 70118
2 Beds
2 Baths
1,829 Square Feet
0.00 Acres Lot
Built in 1921
For Sale - Active
Units n/a
Checked: 17 hours ago
Updated: Sep 28, 2025 at 10:07AM

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$316
Cap Rate
4.9%
Cash-on-Cash Return
-3.5%
Debt Coverage Ratio
0.86
Internal Rate of Return (5 years)
0.6%

Property Description


0.00 Acres Lot
Built in 1921
For Sale - Active
Units n/a

MOTIVATED SELLER - Classic Side-Hall cottage in highly sought after Riverbend area just 1.5 blocks from the streetcar. The home sits on a rare, oversized L-shaped lot with lots of potential and plenty of room for a pool or secondary structure. Loaded with historic charm this traditional New Orleans home has beautiful architectural features including 12ft ceilings, original heart of pine floors, millwork, and transoms. With over $70K,000 in spent on improvements by the current owners in 2022 including: a NEW ROOF, gutter guards, electrical updates, renovations to sunroom, structural, kitchen, and two baths. Around the corner from Marsalis Park, famous for its fabulous Arts Markets, and just a short walk to the iconic restaurants and nightlight along Oak Street!

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Location


Property Details


Parking

  • Description: None
  • Details: None
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Partial): 1
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 6
  • # of Stories: 1

Exterior Features

  • Foundation: Raised
  • Roof Material: Shingle

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 716302203
  • Lot Size: 0 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Cottage
  • Year Built: 1921

Tax Information

  • Annual Tax: $0

Utilities

  • Water & Sewer: Public
  • Heating: Central
  • Cooling: Ceiling Fan(s), Central Air

Location

  • County: Orleans Parish

Listing Details


Listed by:
Sissy Blewster
REVE, REALTORS
(504) 339-9740

Source:
Gulf South Real Estate Information Network
MLS#: 2500020
Gulf South Real Estate Information Network

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$316
Cap Rate
4.9%
Cash-on-Cash Return
-3.5%
Debt Coverage Ratio
0.86
Internal Rate of Return (5 years)
0.6%

Purchase Details

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Purchase price:
$475,000
Amount financed:
-$380,000
Down payment:
$95,000
Closing costs:
$14,250
Rehab costs:
$0
Initial cash invested:
$109,250
Square feet:
1,829
Cost per square foot:
$260
Monthly rent per square foot:
$1.53

Financing Details

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Loan amount:
$380,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$2,248
Property tax:
$0
Insurance:
$196
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,444

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,800 $33,600
Vacancy loss: (6%)
6% -$168 -$2,016
Operating income:
$2,632 $31,584

Operating Expenses


% Rent Monthly Yearly
Property taxes: (n/a)
n/an/an/a
Insurance: (7%)
7%-$196-$2,352
Property management: (8%)
8%-$224-$2,688
Repairs & maintenance: (5%)
5%-$140-$1,680
Capital expenditures: (5%)
5%-$140-$1,680
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (25%)
25%-$700-$8,400

Cash Flow


Monthly Yearly
Net operating income:
$1,932 $23,184
Mortgage payments:
-$2,248 -$26,976
Cash flow:
-$316 -$3,792