This three-family located in Richmond Heights is one block from Oak Knoll Park and has been very well maintained. The building features a large first floor two-bedroom unit with central air and hardwood floors, separate living room and dining room, large kitchen and private deck off the rear of the building. There are two true one bed apartments on the second floor with hardwood floors and a porch in back. Every tenant has their own parking spot in the three-car garage. The building has a two-year-old roof, almost all of the windows were replaced with vinyl windows, updated exterior meter box and electric panels, PVC plumbing, newer copper water lines, cedar storage units for the tenants in the basement. There are original wood doors and trim in good condition throughout the building. The first floor is currently rented for $900 with the rent being raised to $1,050 on 9/1/18 and $1,200 on 1/1/19. The second-floor units are rented under market rent at $700 and $640 (tenant paying $640 works on the property and cuts grass). Similar size one bed apartments in Richmond Heights rent for $700-$895. In January 2019 building will gross $2,540 a month and $30,480 annually with the ability to raise rents. This building would also be ideal for an owner occupant who could live in one unit and have the tenants pay the mortgage.
Paying buyers agents 2.5%
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This is two, eight unit buildings, with a total of 16 two bedroom and 1 bath units. This is a rare find in the Pattonville School District. The building is located in a quiet residential neighborhood. The property has updated kitchen and bathes, ceramic flooring, central air, new electrical breaker boxes, nice floor plan, new windows and individual washer and dryer hook ups. Buildings have been well-maintained. Off-street parking lot. Centrally located with convenient access to shopping & dining, plus just a few minutes drive to I-270, I-70, and I-364 (Page extension).
Annualized Financial Summary…
CURRENT | MARKET | ||
RENTS | $ 116,940 | $ 139,200 | |
-5% vacancy | $ 5,847 | $ 6,960 | |
REVENUE | $ 111,093 | $ 132,240 | |
EXPENSES | |||
taxes | $ 11,256 | $ 11,256 | |
insurance | $ 10,492 | $ 10,492 | |
sewer | $ 3,642 | $ 3,642 | |
water | $ 3,068 | $ 3,068 | |
electric | $ 946 | $ 946 | |
maintenance | $ 3,543 | $ 3,543 | |
trash/lawn | $ 2,014 | $ 2,014 | |
TOTAL | $ 34,961 | $ 34,961 | |
NET INCOME | $ 76,132 | $ 97,279 |
Please inquire for more detailed financial information.
2.7% buyer’s agent commission.
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Opportunity to rehab “The Martanna” an architecturally unique 6 family in the West End neighborhood. Located just a few blocks from the Washington University North Campus, The U City Loop and new Loop Trolley, approximately a mile from Forest Park, and a short distance to the Central West End.
The building is currently set up as six 1,100 sq ft units, it is possible to add two additional units in the basement as the 1st floor apartments are raised above ground and there are windows in the basement. There is plenty of space in the backyard to add off street parking.
Rent Comparables After Renovation in the Neighborhood:
Recent As-Is Six Family Sales Needing Renovation In 63112:
Building needs full rehab, being sold as-is.
Paying buyers agents 2.7%
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This two family is located one block from Forest Park and walking distance to Barnes-Jewish Hospital, Washington University Medical School, the Central West End and of the restaurants and nightlife on Manchester. The building built in 1898 has been completely restored and features two bedroom units with updated kitchens with granite counter-tops, dishwashers, central air, in unit laundry for each unit and off street parking. The electric, PVC plumbing, HVAC were updated when restored. Each unit is rented for $1,150 a month for a total of $2,300 a month. 2017 income was $23,728 with expenses at $4,698 with a net income of $19,029. One lease is through May of 2018 and the other lease is through June of 2018. This property is ideal for an owner occupant who can live in one unit and have the tenant pay the mortgage.
Buyers Agent Commission 2.7%
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Built in 1907 this beautiful three bedroom two and a half bath 2,208 square foot single family home has been completely restored. Located one block from Forest Park and walking distance to Barnes-Jewish Hospital, Washington University Medical School, the Central West End and of the restaurants and nightlife on Manchester. Features include updated kitchen with stainless steel appliances, central air, built in bookcases, hardwood floors, with a two story deck on the back of the home. The electric, PVC plumbing, HVAC were updated when restored. This home is leased through July of 2018 for $2,100 a month and would be ideal for an owner occupant.
Buyers Agent Commission: 2.7%
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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%
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This West End home is located just two blocks from the new Loop trolley line, 4 blocks from the Loop and 6 blocks from Forest Park on a quiet street with cul de sac and new construction single family homes on the block, there is a new currently a new home being built. Home is 3 beds and 2 baths with over 1200 sq ft and was recently occupied, would be ideal for a cosmetic rehab and would also not take much to make it rent-able. Washington University is offering employees a $7,500 credit for purchasing a home in the neighborhood. Features include hardwood floors, a skylight in the bathroom, updated electric panel, PVC plumbing, newer furnace, a large open poured concrete basement that could easily be finished, a fenced front and backyard. Walk-able to the MetroLink. Property sold as-is.
Paying 2.7% to Buyer’s Agents
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This two family located in Southwest Gardens overlooks the Botanical Gardens and is a short walk to Tower Grove Park. This building has been updated and meticulously maintained featuring a newly renovated kitchen with new cabinets, granite counter-tops and stainless steel appliances. Building features two bedroom units with updated bathrooms, central air, refinished hardwood floors, stain glass windows, a sun room in the rear of the building for each unit and a front porch for the first and second floor unit where you can hear the concerts at the Botanical Gardens in the summer time. Other features include a patio in the backyard, a 2 car garage, all new interior plumbing including PVC sewer lateral, 3 year old roof, 13 seer A/C units, many new thermopane windows, the building has been tuck-pointed, there is new siding on the rear porch. The first floor was recently rented for $1,040 before kitchen updates and is now vacant and would be perfect for an owner occupant. The second floor is leased for two years at $1,020 a month for 2018 and $1,045 for 2019.
Paying buyer’s agents 2.7%
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Located in the St. Louis Bevo neighborhood, this brick multi-family consists of 9 one-bedroom units, hardwood and ceramic flooring, thermal windows, ceiling fans, forced heat, and wall unit air conditioning. Rents are each $475, and the building is fully occupied. There are 6 attached garage spaces. Fuse and roof are 15+ years old. Common laundry area, and a storage unit for each tenant.
Income | $50,700 |
Taxes | $4,006 |
Insurance | $4,140 |
Sewer | $1,879 |
Water | $1,028 |
Gas | $562 |
Electric | $437 |
Repairs | $3,000 |
Trash | $936 |
Vacancy | $4,056 |
Total | $20,044 |
Net | $30,656 |
2.7% buyer’s agent commission
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Attractive 12 unit building with unique architectural finishes built in 1928 was recently renovated featuring 8 studios and 4 one bed units. Renovations included new soft close cabinets, quartz counter tops, new refrigerators, stoves. Renovated bathrooms, new exterior entry doors, refinished interior doors. High-efficiency LED lighting, modern ceiling fans in all living rooms and bedrooms, exterior safety and accent lighting. Custom-cut 2″ wood blinds, new shelving in all closets, refinished hardwood floors. Custom built storage space for tenant storage in basement, new double-hung, vinyl insulated windows. 2 ” copper main water service connection has been replaced. New commercial exterior meter bases, weather-head, and service drop. New 100 amp service panels, new light fixtures and electrical finishes. Previous owner installed torch down rubber roof.
Paying buyers’ agents 2.25%
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