There aren’t many 3-families in South St. Louis that have 1,870 sq ft units with 3 beds and 2 baths each, but rarer still is that such a building would be fully renovated. Yet that’s just the gem of an opportunity available for sale at 3211-15 Arsenal in the Tower Grove East neighborhood of St. Louis.
All three units were comprehensively renovated between 2015 and 2016. This includes updates to wood flooring (mix of refinishing and new), electrical wiring and lighting, plumbing including fixtures and separating sewer laterals for each unit (townhoming is a possibility), washer and dryers (in two units), new bathrooms, and significantly upgraded kitchens included stainless steel appliances. On the exterior, updates since 2015 include three new two-level decks in the rear, new 4-car parking pad, new windows in the rear of the property, roofing has been serviced, the old paint on the facade was stripped and the original brick was tuckpointed and given a new life, the decorative cornice on the front of the building has been replaced, and the front entry doors to all three units have been replaced.
These updates have to lead to getting great tenants at the excellent rates of $1495, $1595, and $1595. All of whom collectively pay for the entire water, sewer and trash bill. With outside management and all expenses accounted for, the cap rate is currently 6.58% and would be raised to 6.74% if all rents were at $1595 on this turn key investment. For owner-occupants, even if you vacated one of the tenants, the rents are high enough that it’s feasible they would entirely pay for your mortgage, taxes, and insurance.
Pictures are of the 3215 unit, but finishes are very similar in all three. For reference on the layout, check out the attached floorplan. This is a unique turn-key opportunity for any owner-occupant or investor.
3211 Arsenal - Floorplan Layout
3211 Arsenal - Property Analysis