Rare Wholesale Rehab Apartment Complex In Richmond Heights

-Rare wholesale rehab apartment complex in Richmond Heights for sale a few blocks from Clayton, Forest Park, St. Marys Hospital.
-1930’s vintage building is approximately 33,600 square feet with a 21,344 square foot lot.
-This 36 unit apartment complex is comprised of 24 one bedrooms and 12 two bedroom units. This is a great Value Add opportunity for an experienced developer.
-The building is being offered for $450,000 which is $12,500 a unit. -The building can be purchased with a house with a 1/4 acre lot located directly behind it at 1327 Sunset 63117 for $200,000 which can be turned into a parking lot. Seller has applied for approval to construct a 36 unit parking lot.
-This building has substantial structural and framing work that needs to be completed with the rehab. 6 units will require significantly more work than the other units and those 6 units have been vacant for 15 years.
-The building has a tuck under garage that has 4 concrete columns that have settled. The garage is attached to the apartment building and foundation and would need to be saw cut and demolished. If the garage is demolished a surface parking lot could be used in the courtyard.
-Boiler heat- 10 year old boiler in working condition.
-There is a 160 gallon water heater for the building with a circulation pump.
-There is a 2″” copper main water line that comes into the parking garage.
-Electric- Each unit has 60 amp panel in apartment, main meter & fuse panel in the basement.
-The building is vacant, 30 of 36 units were recently occupied and it was officially fully vacant in November 2019.
-Development has the potential to qualify for historic tax credits. The building is not currently on the register and would take approximately 6 months to be added to the historic registry.
-There is the potential to complete a mid grade renovation that would not involve a full gut rehab to all of the units, the building had 30 units occupied last year. With a mid grade update these units could potentially rent for $800 for the 1 beds and $1,000 for the two beds depending on updates.
-A complete gut rehab and update of the building is also an option with market rate rents for 1 bedrooms in Richmond Heights in the $950+ range depending on size and updates. Two bedrooms in Richmond Heights rent from $900-$1,700 depending on size and updates.
-There is the potential to convert to condos, condos in Richmond Heights have sold from $309,000-$330,000 in the last year.
– Also possible to consolidate the amount of units and create townhouse apartments or create large 2 and 3 bed 2 bath apartments by opening up the walls in side by side apartments.

Property sold as is.
Paying buyers agents 2.7%
Inquire by email for additional information.
Proof of funds or bank letter will be required prior to viewing.