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 duplex at 4343 Lafayette). This 4-family building needs work, but with all the development along Tower Grove Avenue, the rents when completed will be well worth it. The building will need tuckpointing on the rear of the building, repairs to the rear wall in all units (water was allowed in through the rear wall at one point), and general updates to cosmetics and systems in all units. But the with a private bedroom in the rear, along with a spacious living area, the units layout very well.
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 4343 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.
The second floor units are both currently vacant. The first floor units are currently rented at $494 and $411 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.