Pre MLS Renovation Opportunity in The Grove

Rare opportunity to purchase a 15,300 sq ft mixed use building in The Grove. A single family home directly behind it located at 4307 Hunt is also available to be purchased as a package. The building on Tower Grove can be purchased without the home on Hunt for $495,000. The home on Hunt can be included for $100,000. The home on Hunt is a 2 bedroom which is approximately 1,040 sq ft and is in move in condition but could also be torn down for an addition to the Tower Grove building and/or a parking lot or sold as a retail 2 bedroom 1 bath home.

Building is comprised of 10,200 sq ft of above ground space with a 5,100 sq ft basement, the top floor is currently five 1,000 sq ft two bedroom apartments with original architectural skylights. The first floor is 5,100 sq ft of commercial space with high ceilings, exposed brick walls and hardwood floors. The building is in need of a full and complete renovation.

There is redevelopment on all four sides of the property with the new Woodword Lofts directly to the south, new construction to the south east, new construction proposed across the street by the Missouri Foundation For Health. Directly to the north there is a new development proposed called Vista Place with a condominium collection of 4 single family homes with 2 lofts. There are new single family homes being built directly to the west.

Building could be potentially nominated to be a historic building which would allow federal and state tax credits, its across the street from a historic district. The property is located in an Opportunity Zone and is one of the last potential renovation projects connecting The Grove neighborhood to the Shaw neighborhood. The Tower Grove building can remain mixed use or has the potential to be converted to five 2,000 sq ft town-homes with private basements, or could be ten 1,000 sq ft 2 bedroom apartments. With rents for new updated 1,000 sq ft 2 bedroom apartments at $1,500 each the building has the potential for $15,000 a month and $180,000 in annual income.

Paying buyers agents 2.50%