Details for Listing #24019919

$4,730,000
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Listing ID: 24019919
Status: Active
Type: Commercial Sale
Square Foot:  
Lot Size/Acres: 1.71
County: St Louis
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Property Details

Fully renovated 38 unit apartment building in Webster Groves, 100% occupied with 20 units already leased at proforma rents. Currently the property is bringing in $41,618/month. The 1beds are leasing for $1075/month to $1210/month. The 2beds are leasing for $1350/month to $1425/month. EVERY APARTMENT has IN UNIT LAUNDRY, stainless steel appliances, white shaker cabinets, granite counters, tiled bathrooms and are a great size- extremely easy to lease. 36 GARAGE PARKING spaces + over a dozen off street parking spaces. The property has a pool in the center of the gated courtyard. If you annualize the current rent roll, factor in 5% vacancy and use the 2023 expenses- you arrive at a CAP RATE OF 7.83%. Once you bring all the units to proforma rents, you will be over a 9% cap rate. An in-place cap rate of a building this nice in Webster Groves is truly unheard of. This is extremely popular for Webster University students as they can walk to class. Ask for T12, rent roll and appraisal.


Year Built / Age: 1960
Listing Status: Active
Subdivision: John D Finney

Listed by: The Agency - phone: 314-677-1477

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