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