3537-3541 Morganford Road, St. Louis, Missouri 63116
$1,650,000 (Under Contract)

20-Unit Apartment Complex on Morganford

3537-3541 Morgan Ford close up of both apartment buildings exteriors from Morgan Ford *click image to start slideshow

Invest in St. Louis

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.

Supplemental Documents

Property Location

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Property Details:
Square Footage: 21608 County: St. Louis City Units: 20+ Condition: Turn Key Occupancy: Some Units Vacant Parking: Off Street Parking, On Street Parking, Parking Lot Heating: Baseboard Heat Cooling: Window Units Construction: Brick Basement: Poured Concrete
Home Amenities:
  • Some Dishwashers
  • Disposals
  • Microwaves
  • Fridge
  • Stove
  • Washer/Dryer
  • Washer/Dryer Hookup
  • Hardwood Floors
  • Laminate Floors
Agent Details:
Owner / Broker: Jordan Schoen Phone: (314) 255-5117 Fax: (314) 480-7053
Contact Agent: Please use the form below to contact agent Jordan Schoen about this listing.

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