So many apartment buildings are so overpriced when for sale these days, but this building is priced to move. This beautiful 18-family building will be bringing in the cashflow from day one with a current cap rate of 11.7% (see figures in sidebar). On the exterior, the brick is in great shape, with tons of historic masonry work. The concrete sidewalks, 15 private garages, and gorgeous magnolia trees on the side lot show the love and attention this building has received.
On the interior, the twelve 1-bed units and six 2-bed units also have a ton of original features such as historic millwork and hardwood flooring. The units themselves are all very large and have a lot of closet space. Another perk is the fact that the original wood windows have been replaced with modern vinyl so no worry about drafts and leaking there. Electric service and meters have been upgraded. Baseboard electric heaters installed throughout the complex. Tenants provide their own window AC units, but proper electric has been run for functional usage. Large basement is currently not accessible by the tenants, but could be used for storage if so desired. You won’t find a better return on a large apartment building in South St. Louis.
There are twelve 1 bed, 1 bath units and six 2 bed, 1 bath units in the building. There are also 15 garages. The 1-beds are currently all full but are renting at $450 when they come vacant. Current 1-bed rents are $425, $375, $450, $450, $450, $425, $425, $400, $425, $425, $450, and $415. That is a total of $5,115. One of the five 2-beds is currently vacant, but is being leased at $600. Current rents on the occupied 2-beds are $550, $595, $525, $525, and $625. With all of those full, the 2-beds will be bringing in $3,420. Garage rents vary, but are approximately $25 each for $375 total (that is an estimate). So that brings the rent total to $8,910 a month. If rents were raised to $450 and $600 across the board, the building would be pulling in $9,375 a month.
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