Fantastic opportunity to purchase a turn-key four family located in the North Hampton neighborhood. This building was updated throughout featuring kitchens with updated cabinets, breakfast bar, dishwasher, microwave, stove, fridge, backsplash, tile flooring, USB charging ports. Bathrooms are updated throughout with new tile, new vanity, shower system. There is a bonus room off of the back bedroom that has electric that is ideal for a kids room or office. The units have central air conditioning, stained glass windows, there are original hardwood floors, new lighting and fans throughout. The building has off street parking, washer dryer hookups for the tenants in the basement. The electric has been updated, there is pvc plumbing and newer condensers. The building is currently fully rented at $3,387 a month which is $40,644 annually if fully rented with annual expenses at $8,247 creating a potential net income of $32,397 a year which is an 8.1% cap rate. Showing units only with an accepted contract.

Rents:

$800 (plus additional $12.00 washer rental for a total of $812) Lease through 3/3/2021

$850 Lease through 8/31/2020

$850 (plus additional $25 pet fee and $25 washer/dryer rental for a total of $900) Lease through 7/15/2020

$825 Month to month

Expenses:

Real Estate Taxes – $2,349.22

Insurance – $1,242.50

Sewer – $1,664.45

Water – $1,490.20

Maintenance – $1,500

Tenants pay Gas & Electric.

-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.

Four family featuring 2 bedroom units, new furnaces/ water heaters, and central AC. The units are fully occupied at $2150/month, this property is an easy addition to your portfolio as-is. With moderate updates, rent could be increased to enhance the already excellent 10% Cap Rate.

Paying buyers agents 2.50%

This apartment building is comprised of 8 one-bedroom units. The rents are $475 each. It is 8400 sq. ft. with an additional 2800 sq. ft. of basement. It was built in 1963. 100% occupied great cash-flowing investment property located in a convenient area for transportation. Coin-operated laundry for additional income. The tenants have access to storage units in the basement. The property is all electric and has updated thermal windows, forced heat and central air in 2 of the units, the other 6 units have hotel style heat and air, hardwood floors, circuit breakers, copper plumbing, and the leases are month to month.

Outstanding opportunity to purchase a well maintained 20 unit apartment complex located on a quiet street in the Princeton Heights neighborhood. Built in 1966 this building has many upgrades including a recently replaced TPO fully adhered roof, 2 recently updated units, updated vinyl windows, all units have central air with 8 newer condensers, some newer furnaces, exterior paint, etc. There is potential to raise rents and add value with additional cosmetic updates to the units. There are 12 one-bedroom units and 8 two-bedroom units. The updated 2 bedroom unit is currently being marketed at $735 and the 1 bedroom at $565. 2 bedrooms in the area rent from $600-$800 with 1 bedrooms renting from $500-$700 depending on updates and size. Building features off-street parking, storage units in the basement for tenants, there are washer and dryer hookups and potential to add additional income with laundry in the basement. The 2019 rental income was $121,113. Inquire for more detailed financial information.

Closest Sale Comparable
6265 Gravois St. Louis, Mo. 63116- Located .2 miles away.
16 units- 14 one bedrooms and 2 two bedrooms.
Sold 7/31/19 for $860,000 ($53,750 a unit)
Gross Rent $90,853
Expenses $47,818 (with taxes of $12,996 and insurance of $10,893 included)
Net income $43,035

One and two bedroom units renting in the area
4955 Eichelberger 63109, 1 bedroom units with recently updated kitchens, baths, appliances, rented at $650, $675
5617 S. Kingshighway 63109, 1 bedroom rented for $760, 2 bedroom for $780
5454 Rosa 63109, 1 bed rented for $795 and $625

Stunning six family built in 1929 located in the Moorlands located just a few blocks from downtown Clayton. Three of the six units were recently completely gutted in this 8,000 square foot building and reconfigured to have nice open floor plans with very large bedrooms and closets. These 2 bedroom 1,000 square foot units were fully dry-walled, all exterior walls are insulated for efficiency, there are new energy efficient windows, interior dividing walls insulated for sound, custom kitchen cabinets with soft close drawers and doors, quartz counter tops with seating at the peninsula bar, stainless steel appliances, gas stove, custom walk-in closet in the master bed room, in unit laundry, linen closet, large bathroom with custom vanity, quartz vanity top, walk in shower, frame-less shower glass, all new shaker style interior doors, new trim work throughout, hardwood floors, new copper wiring, new plumbing, recessed lighting, large outside patio. There is a garage with 5 parking spots.

The updated units are currently rented for $1,695 and $1,650. The units were rented during construction and there was a discount given for a 2 year lease which accounts for the lower rent amounts. There is currently nothing being charged for the garage parking spaces. There is a lot of upside and potential with these units as units could potentially rent for $1,695 if all updated as the first 3 are updated with a potential gross annual income of $115,938 with 5% vacancy. Completing very minor updates to the 3 units that are not updated could generate rents of $1,200 a month per unit.

7515 Cromwell 63105 which is located close by in the Moorlands sold for $250,000 a unit with rents at $1,600 with more basic units that are not as updated as 7537 Buckingham.

Market Value Of Units

1E $275,000

2E $275,000

3E $275,000

1W $175,000

2W $175,000

3W $175,000

Paying buyers agents 2%

Ranch style 4-family in Bevo Mill, 2 Bedrooms, 1 Bath each unit. These units are laid out for a simple investment. The building is on a cul de sac in a quiet corner of Bevo Mill. Total rents are $2,050 a month and $24,600 annually. Expenses are $6,803 for an annual net income of $17,797. Professionally managed by DECA Realty(8%). 2 of the 4 units are updated and rented out at $575, Rentometer suggests this may be a bit low, 2 bedrooms close by are renting for $650+. 2 of the 4 units are rented out at $450. Estimates for updating these units to the $575 price point is $8-10K, a 15-18% return on investment. Currently operating at a 10.6% Cap Rate. Showings with 1/4 units and basement, other units with contract.