Wholesale Four-Family Ideal For Townhome Conversion

Built in 1896 and located in McKinley Heights within walking distance to Lafayette Park, Fox Park and Soulard. The building is a three story four family that is 5,310 sq ft with two 3 bed units and two 1 bed units. The building needs rehab and the highest and best use is to convert to two townhomes. The two townhomes would each be 2,655 SqFt with 4 beds and 2 baths.

Comparable Townhome sales:

1829 Allen Ave St. Louis, MO 63104
3 Bed 3 Bath 2,007 SqFt.
Price: $235,900 – $117 Per SqFt.

725 Shenandoah Ave. St. Louis MO 63104
3 Bed 3 Bath 2,144 SqFt.
Price: $236,000 – $110 Per Sq Ft.

2270 S. Jefferson St. Louis, MO 63104
3 bed 3 bath 2,200 SqFt.
Price: $244,900 – $114 Per SqFt.

2042 Geyer St. Louis, MO 63104
3 Bed 3 Bath 2,032 SqFt.
Price: $251,000 – $122 Per SqFt.

At $110 per SqFt (which is the lowest price per SqFt of any of the comparable townhome sales) the after repair value would be $292,050 for each townhome with a total after repair value of $584,100.

At $100 per SqFt which is considerably lower than any of the sales the after repair value is $265,000 for each townhome with a total after repair value of $530,000.

If kept as a 4 family after updating the 3 bed units would rent for approximately $1,100 and the 1 bed units for $625 for a total of $3,450 a month and $41,400 a year. With expenses estimated at $1,000 a month the building would net $29,400 a year after expenses.

Paying Buyers Agents: 2.7%