Central West End Rehab Opportunity

This building was previously a hardware store and has unlimited potential- Multi family apartments, live/work, shop, warehouse, studio, office space, or retail. Located in the Central West End 1 block from Lindell, 2 blocks from St. Louis University, close to Washington University Medical School, The Cortex, St. Louis College Of Pharmacy, Forest Park. There are architectural plans to convert the building into 6 apartments along with commercial storage in the basement. Projected income for the 6 apartments and the storage once completed is $75,600 annually with a projected net income of $56,700. There is the potential for a second story to be added or it could also be a rooftop deck for the apartments. The building is 11,753 Square Feet on three levels- Main level and basement are 5,310 sq ft each with the top floor 1,133, needs full renovation. Features include three phase electric service, freight elevator & loading dock, steel & concrete construction, full span steel truss system that allows open floor plan and high ceilings. Building has two addresses 408 & 410 Sarah and could be split. There is currently street parking only but the architectural plans outline how parking spots could be added in the rear. Real estate taxes $2,605.

Price $239,000

Paying buyer’s agent 2.25%

[mappress mapid=”230″]

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Purchase Two Buildings on Morganford

3201 Morganford 63116– Unique opportunity to purchase two buildings on Morganford in Tower Grove South

Unique opportunity to purchase two buildings at the corner of Morganford and Wyoming in Tower Grove South just blocks from Tower Grove Park. The front building with frontage on Morganford is a 3 story 4,000 sq ft building built in 1902 that would be ideal for a restaurant or coffee shop, offices, multi family or a live/work space. There are high ceilings, 400 amp electric service, new water service, with large adjacent lot on Morganford. Needs rehab. The second building is a turn key 2,500 sq ft located on Wyoming and has been totally rehabbed featuring a large open live/work space with updated kitchen with dishwasher, garbage disposal, updated bathroom, walk in closet with washer/dryer hookup, new flooring, drywall, central air, lighting, updated water service, 200 amp electric, attached garage, additional off street parking. All appliances stay.

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Potential Lofts, Multi-Family, Live/Work, Office Space

SOLD – Prime redevelopment location in Downtown West. Located between Historic Union Station and new Metropolitan Police Headquarters, next to proposed future MLS stadium site, two blocks from the Union Station. Built as a 30 room hotel and last used as apartments on upper floors and commercial on first floor. 2200 sq ft per floor = 11,000 sq ft total including basement. Unlimited uses – lofts, multifamily, live/work, creative office space. Potential Federal/State Historic Tax Credits. Potential Low Income Housing Tax Credit (LIHTC). Vacant since 2015 and needs full rehab. Off street parking available behind building in fenced parking lot for $65 per month for 24/7/365 designated parking space. Taxes $5,496

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Central West End Redevelopment Opportunity

Back on market at no fault of seller. Central West End commercial redevelopment opportunity. Prime location next to St Louis University and Cortex. 15,132 SF Building (3 floors @5,044 each). Potential uses include multi-family student housing, office space, co-working, micro-apartments, mixed-use. Location, high rents for student housing make this an attractive conversion. Spec drawings and renderings available for 18 apartments with (15) one-bedroom and (3) two-bedroom apartments. Market rent for updated 1 beds close by renting for $890-$1,370 and 2 beds from $1,195 to $1,795 there is the potential for $16,935-$25,935 in gross monthly income and $203,220-$311,220 in annual gross income depending on finishes, amenities. With 40% expense/vacancy of the gross rent net income could range from $121,932-$186,732 annually. Located in an opportunity zone. Rear parking lot w/ 12 spaces. Also available for $295,000 is an adjacent parking lot at 3909-11 West Pine with approximately 33 parking spots.

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4 Family Overlooking Botanical Gardens

You can’t beat the location of this beautiful brick four family in Southwest Gardens, literally overlooking the Botanical Gardens and walking distance to Tower Grove Park. It would be perfect for an owner occupant looking to live for free, or an investor looking to maximize the cash flow of the property.
The property boasts spacious 1br/1b units, with separate living room, dining room, kitchen area, and master bedroom.  You’ll also find unique accents like original stained glass throughout.  Two of the units (2N and 2S) have been updated, and would need no work, with one renting at $695 currently, and the other vacant but would fetch $700 on the open market. The other two units would need some cosmetic updating to maximize their rent potential, but with no work each would rent at $600/month once rents were raised to market.

The building should not require any major work, as it had a layer added to the roof and the exterior brick sealed in fall of 2016.  The building also has newer pvc stacks and plumbing from building to main, and vinyl windows.  Systems are newer and in good working condition.

A four family on the same block at 2019 Alfred recently sold for $347,000 with rents at $840 a month. With some additional cosmetic updates and HVAC installed rents could be raised to $840 a month.
2016 Income:
1S – $550/month (15+ yr tenant, rents could be raised to $600 with no work)
1N – $450/month (25+ yr tenant, rents could be raised to $600 with no work)
2S – $695/month
2N – $625/month (currently vacant,  would rent at $700)
———————————————————–
Monthly Income: $2320
Annual Income: $27,840
Expenses:
Taxes:           $2403
Insurance:    $1218
Sewer:          $1326
Water:           $1282
Total Expenses:      $6,229
Net Income:             $21,611
Cap Rate: 7.2%
Pro Forma Based on NO WORK being done but rents raised to market rate
Assuming $695 rent in 2 updated units x2 and $600 rent in non-updated units:
Monthly Income: $2590
Annual Income: $31,080
Expenses: $6,229
Net Income: $24,851
Cap Rate: 8.3%
Pro Forma Based on $840 Rents
Assuming $840 rent x4
Monthly Income: $3,360
Annual Income: $40,320
Expenses: $6,229
Net Income: $34,091
Asking $299,900
Paying Buyer’s Agents 2.7%
Please direct all inquiries to:
William Springer
314-817-6620

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2,808 SF 2-Family Ready for Finishing Touches

This Tower Grove South two family overlooks Tower Grove Park and is just waiting for your finishing touches. The 2,808 sq ft
building has 1,400 sq ft units which were opened up to have an open floor-plan. There is a 3 bedroom unit and a 2 bedroom unit.
The building has all of the original woodwork including pocket doors and fireplaces. Most all of the work has already been completed
including updated kitchens with cabinets, laundry in each unit, new flooring, newer windows, sewer lateral was replaced, new 200 amp

electrical service, pvc plumbing added, new electric furnace on the second floor unit, new condensers, new concrete patio and walkway
in the backyard. There is a large basement with high ceilings and a bathroom. This would be ideal for an owner occupant who could live in
one unit and rent the other or for an investor, once finished these units could rent for $1,250+ each. This also has the potential for a single
family conversion, a 2,094 sq ft home 2 doors down recently sold for $410,000. Property to be sold as is.

Paying buyers agents 2.7%

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5 Duplex Package in University City

(Sold) Tired of running all over town while managing your rental portfolio?  Here is an incredible opportunity to own FIVE cash flowing duplexes in University City all located right next to one another.  This package includes (8) 2 bed/1 bath units (avg rent $715) and (2) 3 bed/1.5 bath units (avg rent $775).  Total yearly gross income is over $84,000 with room to grow.   Fully rehabbed 2 and 3 BR units on the street are currently renting for $995.

 

Located less than a mile from Clayton, these 2 story all brick masonry buildings are low maintenance and have been actively maintained by the current owner.  Each duplex offers central air, hardwood floors, an underground 2 car garage, and updated amenities.   All buildings have clean and dry basements with W/D hookups.  Given their central location, these units are easy to rent and have many long term tenants.

 

Sale includes 7715, 7716, 7720, 7728, and 7734 Wild Plum Ave.    Please do not disturb tenants as they are unaware of the sale.

 

 

John Cotsworth | Agent
314.479.3355 | john@investstl.com

Invest St. Louis
Office: 314.479.3355 / Fax: 314.480.7053
6201 Arsenal St. Louis Mo 63139

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Large U City Two Family With 2 Bed Units

Tudor two family located on a quiet street in University City just 1 mile from both Washington University and The U City Loop. Building is 2,692 sq ft with 1,300+ sq ft two bedroom units with additional sun-room. The building has central air, hardwood floors, a back patio, separate living room and dining room, tuck under garage, newer replacement windows and has been tuck-pointed. The kitchen has stainless steel appliances, dishwasher. Both units are currently vacant. Market rent is $1,200+ a month per unit with some cosmetic updates. Ideal for an owner occupant who could live in one unit and have tenant pay most of the mortgage, or an investor who could potentially generate $24,000+ a year. Repairs in the garage area are needed and there is a recent engineering report which outlines the recommended repairs along with a bid for $14,000 to complete repairs which can be provided upon request, the property has been priced accordingly. Property sold as is and will make no repairs.
-Asking $245,000
Paying buyers agents 2.5%

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Well Maintained Four Family in Fox Park

 -Check out this well maintained four family just one house down from Fox Park.

-The units are in good condition with hardwood floors and some carpet, ample closet space, pocket doors and a front and back porch.

-Building features replacement vinyl windows, pvc plumbing, updated electric.

-There are two separate basements which are clean and dry and there is a fenced backyard.

-Great location near Tower Grove Park, Lafayette Square, Benton Park, Soulard.

-Three units are rented for $500, $475, $450, one unit has been left vacant for a potential owner occupant. Market rent is $525+. Two tenants have been there for 10+ years.

-A potential owner occupant could put as little as 3% down with FHA financing and could potentially have the other 3 units pay the mortgage.

Monthly Expenses-

Water/Trash     $111 a month
Sewer               $102 a month
Insurance          $85   a month
Taxes                 $82   a month
Total                  $380 a month
$4,560 annually

No electric or gas bill

Property sold as is.

Asking $169,000

Paying buyers agents 2.7%

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Non MLS Princeton Heights Four Family

You won’t find many buildings like this immaculately maintained Princeton Heights four family.  The large 4100 square foot building has spacious two bedroom units each at 1000+ sq. ft., and boasts many upgrades the current owner has made during their ownership.  From the triple pane windows recently installed, to the newer water heaters, furnaces, and roof, the building will likely be a headache-free investment for the foreseeable future.  Other features include a copper stack, tuck-under garage with 4 spaces, central air, hardwood floors throughout, and new washer/dryers.
Building is in the desirable Princeton Heights neighborhood with easy access to public transportation, dining, shopping, and other amenities.  Building would be a smart buy for an investor looking to cash flow, or an owner/occupant taking advantage of FHA financing and potentially living for free.
There is nothing that needs to be done upon purchase other than collect the income the property produces!  Current rents are at $750, $740, $740, $625 (18 year tenant), but area would potentially support $800/unit.  Fully rented at $800/unit the property would produce  just over $30,000 net income a year.
Income/Expenses:
Rents:                 $750
                            $740
                            $740
                            $625 (18 year tenant)
Gross Monthly: $2,855

Gross Annual:   $34,260

Annual Expenses:

Taxes              $3034.55
Insurance        $1854.05
Water              $793.08
Sewer              $1337.52
Trash               $480
Electric            $288
Misc                 $400
Total:               $8,186.2

Net Income     $26,073.8

Please allow 24 hrs notice to show.

PAYING BUYERS AGENT 2.7%

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