Opportunity to purchase 24 units in University City located 1 mile from Clayton and 2 miles from Washington University and the U City Loop. It is very rare for this large an amount of apartments to be available for sale in U City. These large brick buildings all have pitched roofs, central air with newer condensers, newer vinyl windows, off street parking and fencing around the perimeter of the property. The apartments have all been updated and are currently fully occupied.

Complex includes 24 units on 1.6 acres comprising 6 separate buildings each with 4 townhome-style apartments that are approximately 1,250 sq. ft. each. Includes 20 three bedroom, 1 1/2 baths and 4 two bedroom, 1 1/2 bath apartments. All include a master bedroom with 1/2 bath. The 4 two bedroom apartments were originally 3 bedroom 1 1/2 bath apartments that were modified to have a more open layout with larger kitchen but could easily be converted back. All brick buildings with attractive exteriors and plenty of off street parking for the tenants. These units have granite countertops and washer dryer hookups in the units. The roofs are 7 years old, the gas and electric are updated and on individual meters. Tenants pay for gas and electricity. Very low operating expenses and all of the most expensive updates have already been taken care of. The apartment complex is fenced and has plenty of parking with 30 parking spots and additional street parking. The seller spent $150,000 in capital expenditure that went into roofs, windows, plumbing and electricity since 2019. 19 of the units were turned over since 2019. The seller changed flooring, lighting, painting, appliances, and bathrooms. It was $12,500 on average for a total of $237,500 on top of the $150,000 in capital improvements for a total of $387,500.

This property is consistently fully leased. The last 4 units were leased as high as $1,064 per month, which is now the standard rent in each unit turnover. Total income from 7/1/20 to 6/31/21 is $281,780 with expenses of $76,899. The expectation is to bring the monthly rent roll to $25,536 per month, $306,432 annually. The current rents for these apartments is under market rent in University City based on the size of the apartments and the location and could be raised over time. Market rent for similar size updated units this size in U City have rented for $1,100-$1,350 a month depending on size, updates, amenities. By raising rents the net income can be raised substantially. There is potential to sell the 4 families individually in the future or to convert these units to condos and sell them individually for significant profit in the future.  Seller is open to the buildings being purchased individually for residential loan purposes as long as the buildings all close at the same time. Please contact the listing agent Jordan Schoen for additional financial information and offering memorandum.

Comparable apartments for rent in University City:

$1,100/mo – 3 bd/1 ba – 1,200 sq. ft.
7028 Vernon Ave, Saint Louis, MO 63130

$1,245/mo – 2 bd/1 ba – 1,200 sq. ft.
7034 Dartmouth Ave, Saint Louis, MO 63130

$1,195+/mo – 2 bd/1 ba – 1,000 sq. ft.
701 Limit Ave, Saint Louis, MO 63130

$1,350/mo – 3 bd/1 ba – 1,275 sq. ft.
7274 Dartmouth Ave Unit B, Saint Louis, MO 63130

There is potential to sell the 4 families individually in the future or to convert these units to condos and sell them individually for significant profit in the future.

Comparable 4 Family Sales:

6265 Cates Ave – $405,000 2 bed/1 bath units – rents are $1010, $1000, $1375, 1 vacant – 4,080 sq. ft.

6424 Cates Ave – $545,000 2 bed/1 bath units – rent $1295 each – 4,356 sq. ft.

7333 Amherst Ave – $625,000 3 bed/1 bath units – rents $1095, $1095, $1105, 1 vacant – 5,690 sq. ft.

7505 Pershing Ave – $700,000 2 bed/1 bath units – rents $900 each – 3988 sq. ft.

*there are no 3 bed/1.5 bath comparable sales, the majority of apartments included in this sale
are 3 bed/1.5 bath

Condo sales nearby:

754 Leland Ave # 1N – University City – $170,000 2 bed/2 ba – 1,230 sq. ft.

8100 Delmar # 1W – University City – $170,000
2 bed/1 ba – 1,000 sq. ft.

8100 Delmar #2E – University City – $172,500
2 bed/1 ba – 1,000 sq. ft.

* these are all smaller two-bedroom sales, there have been no 3 bed/1.5 bath sales

This 3-unit building is 2240 sq ft. and built-in 1968. This is an excellent turnkey investment property. In a quiet rural area. There are two 2-bedroom units and one 3-bedroom unit. The property is 100% occupied. The monthly rent is $1900 (should be raised to $2450 a month). The building has a new roof, new HVAC, the kitchens, baths, and flooring have all been updated, ceiling fans, updated electrical breakers, thermal windows, in-unit laundry, skylights, and much more.

This is a 6-unit apartment building in the Mehlville school district. The 7800 sq. ft. all brick building was built in 1961. It is in a great high traffic location. The building has 6 large two bedroom and 1 bath units. Each unit rents for an average of $620 a month, market rents for this area are $750. There are 6 parking spaces located in front of the property. There is forced heat and central air. The building has ceramic and hardwood flooring and thermal windows.

This all brick building was built in 1962. It is 5476 sq. ft. There are 8 one bedroom units, the bedrooms are large, all tenants pay one time, individual forced heat, double closets, the roof is 3 years old, large eat-in kitchen, private storage areas in lower level( each rented at $20 a month), Hoppy’s manages the laundry ($200 a month income). Much curb appeal with 8 car parking lot off street. Excellent cash flow!

Princeton Heights 4 family located on a quiet tree lined street just a short walk from Willmore Park. This building features 2-two bed and 2-one bed units with a brick 4 car garage. The building is vacant and rent ready- When rented rents were $900, $900, $700, $700 plus $100/month in garage income for a monthly total of $3,300 which annualized is $39,600. Features include central air, hardwood floors, updated kitchens and baths. There are walk-in closets, stain glass windows, newer vinyl windows, enclosed sun porches. There are newer furnaces, PVC stacks with pex plumbing, updated electric, there are washer dryer hookups for all of the tenants.

Value add opportunity in a great rental neighborhood only a few blocks from Cherokee street! The 2nd floor unit needs work, first floor unit has a long term tenant in place. True 2 bedroom units!

Paying Buyers Agents 2.7%

Well maintained 4,400 sq ft four-family located in Tower Grove South a couple of blocks from the restaurants on Grand and a short walk to Tower Grove Park. This updated building features 1,000+ square foot units with large rooms, these are 1 bed units with a smaller 2nd room that could be used for a kids bedroom or office. Features include updated kitchen cabinets, decorative fireplaces, claw foot tubs in the bathroom. Building has updated HVAC, updated electric panels, PVC stacks, separate storage lockers in the basement for the tenants and a privacy fence in the backyard. The apartments are rented for $720, $675, $550 and there is one vacant that was previously rented for $675. If you include what the previous tenant was paying in rent the total monthly rental income would be $2,620 a month and $31,440 over an annual basis. If you raised all rents to $720 the monthly income would be $2,880 and $34,560 annually. Great for either an owner occupant or investor. Showings to start Friday October 9th.

Paying buyer’s agents 2.5%