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Tower Grove South rehab at 3155 Gustine

The infamously neglected 4-family at 3155 Gustine is rapidly transforming each day. This 4,394 square foot property in the Tower Grove South Neighborhood of St. Louis, located just across form Gustine Market,  was vacant for years and had been on the demo-list in the City of St. Louis. The property was bought and sold (and over-leveraged) so times in recent years, that it began to look like nothing good was ever going to happen to the place. Meanwhile, the property was being stripped of all it’s copper and useful materials. This trend continued to the point that neighbors began calling for the building to be torn down. Thankfully they did not get their wish.

Under new ownership,  construction is now fully underway on a gut rehab of the building. The layouts are original layouts are being largely retained, with spacious two-bedroom, one-bath layouts for each of the four apartments. The building has already been tuckpointed and repainted; all new plumbing, electric and HVAC are in place; all 42 windows have been replaced; and the interiors have been laid out and are now being prepped for drywall. Two of the four units are expected to be complete by mid-October with rents targeted at $750 to $775 per unit (contact Chad at 314-723-1097).

This is one of the very last truly derelict properties in the Tower Grove South north of Utah (4200 Arsenal was bad too, but it is being rehabbed too). With this rehab, the Tower Grove South Neighborhood will continue along it’s course to being one of the most fully developed neighborhoods in St. Louis. With fewer and fewer properties in the area needing work near Tower Grove Park, expect development to continue spreading southward in the neighborhood and eastward into the Tower Grove East Neighborhood.

Check out the photo gallery below for pictures of the progress at the project.

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Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn't representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

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3 thoughts on “Tower Grove South rehab at 3155 Gustine”

  • Brian S.

    July 7, 2010 at 6:33 pm

    Wow, this building really has some great features, and the brick looks very nice without that awful paint.

    Reply
  • samizdat

    September 28, 2010 at 9:05 am

    Ok, I get that the group doing the work didn’t have a budget for the exterior (stripping paint, cleaning and repointing the brick) beyond simply repainting it, but…gray? Did they really need to repaint it the hideous, battleship gray? And the windows? I really don’t understand why the interior muntins are included in so many “rehabs”. Especially eight-over-eight. People don’t understand that glass technology had advanced to the point this building was erected that multi-pane sashes, as simulated here, were considered old-fashioned. So much ignorance in that one decision. Oh, well, at least it’s not a decaying hulk.

    Reply
    • Matt Kastner

      September 28, 2010 at 10:30 am

      Removing all that paint would have cost a small fortune for sure. But as for your other criticisms, what you call ignorance could simply be a difference in taste. A lot of people like munitions in their windows and everybody has a difference opinion on color.

      Reply

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