You don’t find development opportunities like this very often in this crazy market: 6-units side-by-side in a great area (this building along with the 4-family at 4347 Lafayette). This 2-family building needs work, but is currently fully occupied. The existing rents offer solid returns, but with all the development along Tower Grove Avenue, the potential is there to raise the rents significantly with the right updates. There are general updates to cosmetics and systems needed in the building to bring out the full potential, but there are currently no major issues to deal with on this one.
If you look at the pictures and video walkthrough, you can get a better idea on the layout and conditions. Don’t miss out on this great opportunity!
*NOTE 1 – This building is part of a $199,900 6-unit package with 4347 Lafayette. The Seller does not wish to split the package at this time.
*NOTE 2 – The Seller is a non-profit institution in the area and is requesting a brief letter covering any buyers plans for the buildings as well as a review of the experience developing buildings by said Buyer.
Both units are currently rented at $650 and $625 on month to month leases. Great potential for higher rents with additional repairs. UIC has renovated many units on McRee just behind this building and they are fetching great numbers.
- Parking Type
- Off Street
- Sq Ft
- Lot Size (Acres)
- Property Tax
- Video Tour