Investment Overview:
The Cabanne Castle is a striking Tudor style three-story brick apartment building built in 1925, totaling approximately 31,898 sq. ft.
The building has distinct unique turrets and architectural features, and a large courtyard.
42 Units: (24) 1-bed / 1-bath units and (18) 2-bed / 1-bath units. There is a lower level with 24 underground parking spaces, and space for private storage for tenants.
The building is located in the West End neighborhood:
Strong rental demand in the area supported by nearby institutions and entertainment hubs.
Ideal for developers or investors seeking a large-scale multi-family rehab project with key infrastructure already in place.
There is an adjacent lot to the west of the building included in the sale which can be used for additional parking.
Project Status & Improvements:
The building needs to be completed, but many plans and permits are already city-approved (some will need renewal).
Some of the completed improvements include: Demolition, a new roof, new windows on rear and sides, tuckpointing, framing, floors have been leveled, etc.
Ready for mechanical, electrical, and plumbing installation.
Value-Add Potential:
Historic tax credits are available for the project.
Opportunity to convert the underground lower level into 6 additional units which could possibly be added with additional egress added for the units. There is also potential to add a lounge and gym in the lower level.
Approximate after repair value is $5,200,000 ($123,809 per unit).
Approximate cost to complete the project is $2,800,000 ($66,666 per unit).
Approximate purchase plus renovation costs are $3,899,000 ($92,833 per unit).
Potential 25% equity after completion of the project with a 10.7% cap rate.
With projected renovation costs of $2,800,000 with combined state and federal tax credits at 45% of qualified expenses there is the potential for tax credits in excess of $1,000,000.
There is also potential for property tax abatement through the city of St. Louis.
Potential Financing Once Stabilized:
$3,750,000 30 year loan at 5.5% .
Debt service coverage ratio 1.2.
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Extensive Renovations & Capital Investment: These buildings are in the final stages of complete gut renovations (2023-2025) with $2.2 million in capital expenditures invested. A breakdown of the capital expenditures can be provided upon request.
Unit Mix & Construction: 1960s construction featuring 12 two-bedroom units and 32 one-bedroom units.
Prime Location: A short drive to Lambert International Airport and close to major employers, including Boeing and Amazon.
Updated Systems & Features: Buildings feature central air, updated electrical, and modernized systems.
Lease-Up Status & Completion Timeline: Currently in lease-up, with 22 of 44 units occupied. Buildings at 5 and 16 Bruce Dr. are approximately 90% complete and available for lease-up in April.
Seller’s Delivery Options: The seller will deliver the complex fully renovated and leased but is open to allowing the buyer to complete the renovations and lease-up if preferred.
Efficient Property Layout: Side-by-side buildings provide ease of maintenance and leasing.
Flood Zone & Nearby Development: Buildings are located in a flood zone. Five buildings closest to Coldwater Creek have been purchased by the City of Florissant for future park development.
Value-Add Opportunity: Units are currently leased under market rent, allowing a buyer to increase rents upon lease expiration. Market rents are validated through leases in Buildings 1 and 2 Bruce Dr.
Market Rent Comparisons:
Additional Property Features: Buildings have pitched roofs, large open common areas, and ample tenant parking. Washer/dryer hookups are available, with potential to add laundry facilities for additional income.
Attractive Pricing & Offer Flexibility: Priced at $75,000 per unit and open to offers, including pre-completion and lease-up negotiations.
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This portfolio features seven diligently maintained condos across 6 buildings located close to each other in Hazelwood on Sieloff Drive. All 7 units are currently occupied. These condos are all two-bedroom, one-bathroom units with the exception of one 3-bedroom, 1-bathroom unit. Many of these units have had the same tenants for several years and are in good condition.
The current monthly rental income is $5,325, totaling $63,900 annually, while the current annual expenses stand at $21,666, resulting in a net annual income of $42,234. At the current list price, assuming 80% LTV 30yr amortization and 7% rate this condo portfolio is lender friendly, exceeding a 1.5 DSCR. Additionally, there is potential for even higher net income as the units are currently rented below market rates.
Property maintenance is hassle-free with the condo association handling all exterior repairs, landscaping, and parking areas. Amenities include dedicated off-street parking, in-unit or on-site laundry, and cost-effective all-electric utilities, covering water, trash, and gas expenses. Major employers like Amazon and Boeing are located within close proximity to the condos.
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High-Value Add Potential
Located in the heart of South St. Louis City, this property presents a rare investment opportunity.
Major Renovations Completed
Most of the heavy lifting is done—investors can add the finishing touches to maximize value.
Rare & Spacious Units
Large 3-bed, 2-bath townhome-style units are in high demand, commanding top market rents.
Built-In Equity & Strong Cash Flow
Priced competitively, offering investors the potential for immediate equity and significant monthly returns.
Strong Sales Comps
Similar townhome units are pending sale at $379,000, while smaller 2-bed, 1-bath duplexes have sold for up to $320,000.
Prime Location
Centrally located near major roads, public transit, shopping, dining, and just 10 minutes from downtown St. Louis—making tenant demand high.
High Rental Potential
Rental projections of up to $1,600/month per unit ensure a low-maintenance, high-yield investment for years to come.
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Property Highlights
The Building & Systems
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This mixed-use building presents a prime opportunity for an investor or developer to transform a blank slate into a high-performing asset in the heart of South City. Priced at $365,000, the property has undergone significant improvements, including a large new deck and a three-car garage, but still requires plumbing, electrical updates, drywall, and finishing touches to reach its full potential. Notably, six units are already gutted and framed, making it well on its way to becoming a fully functional six-unit apartment building.
The building currently features three apartments on the upper level and three commercial spaces on the main level, which are ideal for conversion into additional apartments. Additionally, a large, open, unfinished attic offers even more potential for creative development. Located in a vibrant and rapidly redeveloping area, the property is surrounded by sought-after neighborhoods like Tower Grove East, Fox Park, and Benton Park West, all experiencing substantial revitalization. Its prime South City location provides easy access to public transportation, major thoroughfares, highways, and downtown St. Louis. Residents will enjoy proximity to a wealth of neighborhood shops, restaurants, and bars, adding to the area’s appeal.
With strong rental demand, 1-bedroom, 1-bath apartments in the area rent for over $1,000 per month. Comparable multi-family properties sell for over $100,000 per unit, underscoring the value and income-generating potential of this property. Whether you are an experienced developer or a savvy investor, 2648 Gravois offers a rare chance to create a high-demand residential asset in one of St. Louis’ most promising areas. Don’t miss this opportunity to capitalize on the growth and vibrancy of South City!
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Location & Neighborhood Highlights:
Property & Investment Highlights:
Features:
Rental Potential:
Virtual Unit Tours:
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Property Features:
Prime Location in The Grove:
Rental Income Potential:
Tenant Appeal:
Virtual Tours:
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This well-maintained apartment complex, built in 1989, features 10 buildings, including six four-family buildings, one triplex, and three duplexes. The property offers a total of 33 units, consisting of three 4-bedroom units, 24 3-bedroom units, and six 2-bedroom units. Each unit is all-electric with central air, thermal windows, and newer roofs.
Conveniently located near Highway 44 in a quiet cul-de-sac, the complex provides a peaceful living environment. Tenants are responsible for their own electric, water, and sewer utilities.
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14-unit building featuring 10 two-bedroom units and 4 one-bedroom units.
This property is an excellent income-generating investment opportunity. Located within the Festus city limits, it is conveniently within walking distance of a school and a daycare next door.
The building includes coin-operated washers and dryers, private storage units for each tenant in the basement, and an office with a bathroom for added functionality.
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