7024-28 Pennsylvania – Turn-Key 8-Family

What a gorgeous building! Even better, it’s a solid turn-key investment property for your rental portfolio. The building is currently pulling a total rent roll of $8,038 a month, with a project 8.04% cap rate with current expesnes. It is priced so that even in a market with high interest rates, it’s still cash flowing.

There are EIGHT units total, FIVE 2/1, TWO 1/1 and ONE huge 3/2 Penthouse-style unit on the upper floor plus 2 large attached garages with electric openers rented for an additional $350/mo. The property was gut-renovated approximately. 13 years ago with updates to roof, plumbing, electrical, HVAC, kitchen, baths, etc. The building’s original elements were incorporated into renovations, adding uniqueness & charm that tenants love: extra large windows, exposed brick, high ceilings, etc. Due to their condition and amenities (in-unit w/d & all electric service) these units rent easily with low turnover dropping the vacancy rate and lowering expenses.

Located in Historic Carondelet, within walking distance to YMCA Rec-Plex, Carondelet Park, Great Rivers Greenway, locally-owned restaurants, public transportation.

Looking for more units? Owner willing to consider a package deal for 225-229 Steins (6 Units), 7024-7028 Pennsylvania (8 Units), and 7413-7415 S Broadway (5 Units). Check out this potential 19-Unit Carondelet Package.