Opportunity to purchase a 2,500 square foot commercial building located in University City that is walking distance to The Loop. This building has two storefronts each with their own basements. There is a large parking lot attached to the building that has 20+ parking spots. The roof is approximately 2-3 years old, the building features solar panels which were installed at the same time as the roof which powers the electric to the building, the electric bill is only $25 a month. One tenant pays $1,100 a month and is month to month and the other tenant is paying $850 and is on a 3 year lease. Annual income for the building is $23,400 a year, owner paid monthly expenses total $5,676 a year for a net income of $17,724 which is a 10.1 % cap rate.
Paying buyers agents 2.7%
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Back on market at no fault of seller. Central West End commercial redevelopment opportunity. Prime location next to St Louis University and Cortex. 15,132 SF Building (3 floors @5,044 each). Potential uses include multi-family student housing, office space, co-working, micro-apartments, mixed-use. Location, high rents for student housing make this an attractive conversion. Spec drawings and renderings available for 18 apartments with (15) one-bedroom and (3) two-bedroom apartments. Market rent for updated 1 beds close by renting for $890-$1,370 and 2 beds from $1,195 to $1,795 there is the potential for $16,935-$25,935 in gross monthly income and $203,220-$311,220 in annual gross income depending on finishes, amenities. With 40% expense/vacancy of the gross rent net income could range from $121,932-$186,732 annually. Located in an opportunity zone. Rear parking lot w/ 12 spaces. Also available for $295,000 is an adjacent parking lot at 3909-11 West Pine with approximately 33 parking spots.
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