20-Unit Apartment Complex on Morganford

Prime investment opportunity with strong rental demand and potential for increased income.

• Meticulously maintained property situated in the vibrant Tower Grove South neighborhood.
• The property is located within walking distance to Tower Grove Park, Botanical Gardens, numerous restaurants, shops, and nightlife on Morganford.

Property Overview:

• This property is made up of three tax parcels consisting of each building and the parking lot.
• Two side-by-side 10-unit brick buildings, built in 1965.
• The total above grade square footage is 10,852 with a total leasable area of 11,136 sq ft.
• 1-bedroom apartments, all above grade units are 543 sq ft and all below grade units are 612 sq ft.
• The buildings are configured with four units per floor with eight above grade units in each building.
• Easy-to-rent and maintain units with low turnover.

Building Features:

• Each building has 3 levels.
• On-site laundry facilities in both buildings (coin-operated washers and dryers).
• Private storage for tenants and a large storage room for supplies.
• Maintenance shop in the basement with slop sink and shelving.
• Copper and PVC stacks for plumbing.
• Baseboard heating and hotel-style cooling units which keep costs and maintenance low.
• Pitched roofs, with exterior doors featuring key code access.
• Security cameras installed for enhanced safety.
• Ample tenant parking at the rear of the property.

Unit Upgrades:

All units have received significant updates:

• Appliances: Stove, fridge, and garbage disposals were replaced.
• New interior and exterior doors were installed.
• Refinished hardwood and laminate floors.
• New vanities, countertops, and medicine cabinets in all units were added.
• Six units feature new cabinets and bathtubs.
• Units 3537-09 and 3541-10 now have private washer and dryer laundry hook-ups added.

Full Renovations (Units 3537-09, 3537-10, and 3541-09):

• Renovations included new front doors.
• Updated plumbing and electrical.
• Renovations also included new windows, floors, and walk-in closets.
• Brand-new kitchen and bathroom in Unit 3541-10.

Building Improvements:

• New front entry doors with secure coded access.
• Public halls and stairs carpeted (May 2021).
• Federal Pacific electrical panels replaced with Murray panels in 2015.
• Asphalt resealed and restriped (2013, 2021, and July 2023).
• Quarter-turn shut-offs at all sinks and toilets.
• Icemaker hookups added for refrigerators.

Plumbing & Safety Features:

• Roofs replaced in September 2011 (25-year architectural shingles).
• Water shut-offs updated in 2023 (main and basement access for each unit).
• Sixteen new security cameras installed in 2023 (long-distance viewing, 2+ week backup).
• Fire extinguishers, exit lighting, and railings installed for safety and insurance compliance.

Potential Rent Increases:

• Current rents are below market rent for nearby apartments, current average rent is $725.
• Average market rent for similar sized 1-bedroom apartments in the area range from $895 – $1,050.
• There is an additional opportunity for rent increases with minor cosmetic updates.

Additional Features:

• Smart lock key system on all deadbolts for enhanced security.
• New larger satin nickel mailboxes, including office mailboxes in hallways.
• 2024 improvements include new stair railings, updated flooring in 2 units, and new AC units.

Virtual Tours Available:

• 3541 Morganford – Unit 2: https://bit.ly/3541_Unit_2
• 3541 Morganford – Building Laundry Facilities and Storage: https://bit.ly/3541_Basement

The seller will be reviewing offers at 2 p.m. Friday, October 25th.