Historic Value-Add Home in the Grove

Opportunity to purchase a value-add historic brick home in The Grove, located 1 block from Forest Park, within walking distance to Barnes Jewish Hospital, Washington University Medical Center, St. Louis Children’s Hospital, and the Siteman Cancer Center.

  • This home built in 1907 is 2,048 sq ft, configured for 3 bedrooms and 2 bathrooms.
  • A foundation was poured outside of the back of the house for an addition, creating the potential for additional square footage.
  • A lot of work has been completed, including demolition, a roof was added, windows were replaced, framing work was done, some plumbing work was done, and electric service was added.
  • There is an off-street parking area in the rear, which could have a carport or garage.
  • The home is located in a federal historic district so it is possible to get tax credits for the renovation of the home, a chance to create your vision and equity at the same time.
  • This home needs renovation and is being sold as-is.

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Completely Renovated 6-Family Near Forest Park and The Loop

Investment Summary

Located within walking distance to Forest Park, Washington University North Campus, and The Loop, the building sits on a street with newer construction multi-family and single-family homes. One block from the recently renovated $100M Delmar Divine project, which includes apartments, national and local not-for-profits, and a café. Located two blocks from a recent $50M Delmar Trolley line that runs from The Loop to Forest Park and $1M+ homes on Washington Terrace.

  • The building comprises 7,500 square feet with 3-bedroom, 1-bath units, each 1,200 square feet.
  • The property was completely renovated from 2016-2018.
  • Features include 100% keyless entry. There are security cameras and LED lighting on all sides of the building, with additional exterior solar lighting on all walkways.
  • Four units were recently turned over and made rent-ready, including fully painting the units. Also, repairs to the exterior stairs were made and painted.
  • In August 2023, a granulated modified bitumen rubber roof was installed with a 3-year workmanship warranty and a 12-year manufacturer warranty.
  • In late 2023, new tenants started paying $999 base rent with an $85 utility fee, for a total of $1,084. Rents have gone up steadily since the renovation of the property.
  • Fair market value for a 3-bedroom section 8 apartment in St. Louis is $1,294 a month. If all tenants were section 8 tenants the potential gross monthly rent could be $7,764 a month which is $93,168 annualized.
  • New tenants pay for renters insurance through The Guarantors, which provides rental reimbursement to owners for tenants that default on rent and additional deposit coverage. Two tenants have renters insurance through The Guarantors; the two vacant units will have tenants with coverage, and the seller will credit the buyer for the two longer-term tenants who do not have coverage so that all 6 tenants are covered.
  • There are washer/dryer hookups for each individual unit in the basement at no additional cost.
  • There is potential to increase rents in the future both as-is and with future minor upgrades like adding in-unit washer and dryer or charging for providing washer and dryers in the basement for each tenant. There are numerous apartments rented nearby for substantially more than the highest rents in the building.
  • The average rent for six 3-bed, 1-bath units within a mile in the last year is $1,434.
  • The seller is a licensee in the state of Missouri.
  • Virtual tours are available for 4 of the building’s units using the links below:

2016 – 2018 Renovations Include:

  • All brand new kitchens including granite countertops, cabinets, appliances, dishwashers, microwaves, and garbage disposals. 
  • Bathrooms featuring vanities with granite countertops, a new shower surround, and new flooring. 
  • Completely keyless building. Apartment interior, exterior entrances, basement entrances, and the main common door have code access with different codes for owners, tenants and vendors. 
  • 109 double pane windows were replaced.
  • The flooring was replaced throughout the entire building.
  • All interior and exterior doors were replaced.
  • Electric was upgraded to 200 amp service in all units with new exterior electric service added.
  • HVAC was replaced throughout with condensers installed on the roof. Furnaces are electric.
  • Stacks are PVC and new plumbing was added in the kitchens and bathrooms.
  • All water heaters were replaced. 
  • Sewer lateral was replaced on one side of the building. 
  • New roof was recently added.   
  • The exterior staircases wrought iron were rebuilt on both sides of the building with roofs extended over the staircases. 
  • Security cameras are installed on every side of the building. 
  • There is LED exterior dawn to dusk lighting installed on every side of the building. 
  • The building was landscaped. 
  • The building was spot tuckpointed.
  • Gutters and downspouts were replaced. 
  • 2-inch blinds were installed throughout.

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Turn-Key, Fully Renovated 2-Family

Welcome to this turn-key investment opportunity! This fully-renovated, two-unit property is 100% occupied and cash flowing on day 1. The property is fully stabilized with two long-term tenants (5+ years and 3+ years) at rents of $805/month and $865/month with tenants paying utilities directly (units are individually metered). With lease roll-overs in January and August 2024, and market rents for similar units at $1,039/month for similar units, this property has significant upside potential via near-term rent increases (or owner-occupancy if you prefer – live in one unit, collect rent on the other). Additional upside potential is available via the lease-up of the on-site two-car garage.

Each 2BR/1BA unit is approximately 1,150 sq ft for a total of 2,300 sq ft of living area. Unit amenities include full kitchens (oven/stovetop, dishwasher, garbage disposal, and refrigerator), central HVAC, ceiling fans, hardwood floors, and private decks. Building amenities include a +/-1,150 sq ft basement, washer/dryer hookups, lockable storage closets available to tenants and/or the landlord, a fenced yard with locking gates, and a two-car garage.

The property was fully renovated in 2015 with new building systems and unit renovations. New building systems include: 200-amp electric panels, PVC stacks, lateral piping under the basement slab, water heaters, HVAC systems, separate utility meters, gas furnaces (2017), and roof (2018). Interior renovations include: reconfigured open-concept floor plans along with new fully equipped kitchens (appliances, sink/countertop, and cabinetry), bathrooms, windows, drywall/paint, and other interior finishes.

Located in the Gravois Park neighborhood, the property is within walking distance to area amenities including: shops and restaurants on S Grand Ave, the Cherokee St entertainment district, Schnucks grocery store, schools, parks, the St Louis Public Library, Gravois Park, and a variety of public transportation options.

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Renovated Eight-Family in St. Louis County

Renovated 8 family for sale located in St. Louis County approximately a 15 minute drive to the airport and 20 minutes to downtown St. Louis and Clayton. The property has 2 four-family ranch style buildings consisting of 4 two bed units, and 4 one bed units.

  • The two bedroom units rent from $800-$850 a month and the one bedrooms rent for $700.
  • Fully rented this building would generate over $6,000 a month. 7 of the 8 units are rented with the last unit being left vacant to show.
  • Renovation of the buildings included updates to the units including kitchens with appliances, updated baths, flooring, water heaters, furnaces, condensers, windows, interior and exterior electric service, etc.
  • Priced to sell at $50,000 per unit, there are numerous nearby comparable multi-family buildings that have sold in the last year for $60,000 per unit or more.
  • Average rent for 15 one bedroom apartments within 2 miles in the last year is $869.
  • Average rent for 15 two bedroom apartments within 2 miles in the last year is $944.

View the virtual tour here: https://my.matterport.com/show/?m=ojGcoxKa3F1

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Well Appointed Four-Family in Southwest Gardens

Check out this beautiful and large four-family property with 3 successful medium-term rentals (with five-star reviews). The furnished apartments rent for $2,000, $1,800, and $1,800 for a total of $5,600 a month for the 3 apartments.

Located in the tree-lined and quiet neighborhood of Southwest Gardens, which is a short walk to the Botanical Gardens, Tower Grove Park, The Hill, and a short drive to Barnes or SLU Hospitals (making it very convenient for travel nurses and other medical professionals). Each unit has 2 bedrooms and one bathroom. The three furnished units are professionally updated throughout with high-end furnishings and offer tenants absolutely everything a tenant would need for their stay including Casper mattresses, blackout curtains, Internet TVs, fully stocked kitchens, etc. Each tenant also has their own dedicated laundry. All furnishings are included in the sale.

The tenants love having a second bedroom so they can travel in pairs or have visitors while they are away. There is also a fenced backyard in case they travel with a dog. The two upstairs units each have a porch. Off-street parking is also available behind the building. One unit is not furnished and will be made available for an owner-occupant. An investor could also make the last unit a medium-term rental or fill it with a long-term tenant.

There is a lot of demand for these apartments, they rent quickly when available and are easy to manage. If the non-furnished apartment was also rented as a furnished apartment at $1,800 the monthly income for the building would be $7,400 a month, which is $88,800 annualized. The average rent for an unfinished 2-bedroom apartment within a mile in the last 12 months is $1,439.

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Updated Four-Family in North Hampton

A rare chance to own an updated four-family in the North Hampton neighborhood, located near The Hill, Tower Grove Park, and the Botanical Gardens.

The building features updated vinyl windows, an updated kitchen with newer cabinets and an island, walk-in closets, and a 2 story deck on the back of the building. The building was recently tuck-pointed, there is off-street parking, updated PVC plumbing stacks, updated electric panels, and storage units for tenants.

Three units are rented at $950, $950, and $875 with the vacant apartment on the market for $975. There are numerous 1 bedroom apartments of similar size in the neighborhood that rent from $1,095 to $1,150. This would make a great investment property for an investor or ideal for an owner-occupant.

Property to be sold as-is.

Take the virtual tour today: https://my.matterport.com/show/?m=VLARjnYP8zW

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19 Unit Complex in the South Hampton Neighborhood Available Now

Well-maintained apartment complex located in the South Hampton neighborhood, across the street from Christy Park and a half mile from a $72M apartment development that has broken ground.

  • Built in 1928, this building has beautiful architectural detail including terrazzo floors in the common areas.
  • There is a value-add component to the property with many rents below market.
  • Owner has raised rents of some original units to $885 a month. 8 apartments have been already updated with 2 units currently in the renovation process which will be completed prior to closing. Updated units now rent for $935. Non-updated units rent from $850-$885. Nearby 1-bedroom apartments are renting for as much as $995.
  • The owner is now charging $40 to any new tenant or renewal for internet. There are some units that have not been charged for internet yet.
  • Building has updated electric panels and exterior service. Electric heating units in renovated apartments were added in order to reduce use of the boiler and reduce gas costs. Seller currently provides heat through a boiler system.
  • Storage units are available for tenants, there is some pvc plumbing, pex plumbing is being added to renovated units.
  • There are 3 commercial spaces rented on the first floor.

 

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Promising Four-Family with Steady Income

Explore the potential of this promising 4-family property, featuring 1-bedroom, 1-bathroom units. Here’s what makes this property a compelling investment opportunity:

  1. Steady Rental Income: Currently, three out of four units are occupied with dependable month-to-month leases, each generating $565 in rental income. This consistent cash flow provides a solid foundation for your investment.
  2. Rent Growth / Market Insights: There is room to increase rents in the future, boosting your rental income as you make improvements to the property. According to Rentometer, nearby 1-bedroom apartments are currently commanding rents between $775 and $1,100, depending on the extent of updates.
  3. Package Deal Opportunity: This property can be purchased individually or as part of a larger portfolio of other four-family properties in South City. Inquire for additional information on portfolio options.
  4. Sold As-Is: The property will be sold as-is, allowing you to make renovation decisions that align with your investment strategy.

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Updated South City Townhomes

Great opportunity for an owner occupant or investor to purchase this newly renovated two story townhouse with 3 bedrooms and 2 full baths.

  1. Fully Renovated: Enjoy a brand new kitchen with granite countertops, stainless steel appliances and an abundance of cabinet space. There is one full bath on the first floor and one on the second floor along with a 2nd living space.
  2. Major System Updates: All major systems were upgraded in 2023 including HVAC, hot water tank, windows, electric, and plumbing.
  3. Yard Space: There is a huge backyard with new privacy fence, and new deck that is shared with the neighboring townhouse.
  4. Comparables: Similar apartments nearby rent for as much as $1,735 to $2,200 depending on size, updates and location.
  5. Purchasing Options: The townhouse on the other side can also be purchased for a total price of $498,000 for both.

Take the virtual tour: https://my.matterport.com/show/?m=ZVRAQNUntA9

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Fully Upgraded Duplex in South City

Welcome to this newly renovated duplex, where each unit offers a spacious and modern 3-bedroom, 2-bathroom layout. Here’s why this property stands out:

  1. Fully Renovated: These well-appointed units have been thoughtfully upgraded with stainless steel appliances in the kitchens and renovated bathrooms, ensuring a comfortable living space. Including fresh paint, new flooring, and updated fixtures throughout make this duplex truly move-in ready, saving you the hassle of renovations.
  2. Major System Upgrades: The real gem of this property lies in the major system upgrades made in 2023, including HVAC, hot water tank, windows, electric, and plumbing – ensuring worry-free living for years to come.
  3. Rental Income Potential: Similar apartments nearby rent for as much as $1,735 to $2,200 depending on size, updates and location.
  4. Buying Options: This property can be purchased as a duplex making it an ideal choice for owner-occupants looking to live in one unit and rent out the other, or for savvy investors seeking a turnkey property with excellent rental income potential. Each townhome may also be purchased individually at $249,000.

Take the virtual tour: https://my.matterport.com/show/?m=ZVRAQNUntA9

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