The Lambskin Lofts, a unique property on the state and national historic register, was originally built in 1927 as the Masonic home for the Lambskin Lodge.

In 1987 the building was converted to apartments, in 2013 the apartments underwent renovation and are now available for sale.

Located in a prime location overlooking Forest Park, Barnes-Jewish Hospital, Washington University Medical School, St. Louis Children’s Hospital, and the St. Louis College Of Pharmacy. There is a walkable overpass just steps from the apartments to the hospital complex with access to Forest Park.

The building features underground parking for tenants without having to leave the building, a workout room, a steam room, side and back patios. Access to the common areas is secure with key code access.

The apartments have a mix of (5) 2 bed, 2 bath, (3) 2 bed, 1 bath, (2) 1 bed, 1.5 bath, and (6) 1 bed, 1 bath apartments. Apartments range from 700 square feet to 1,320 square feet.

The apartments have spacious open floor plans with some loft-style apartments that provide a lots of sunlight.

Updates to the apartments include updated kitchens with granite countertops, stainless steel appliances, dishwashers, in-unit laundry, and central air. Some apartments have stained glass windows.

These apartments are rented well below market rent with the potential to raise rents considerably.

Updated apartments with 2 beds and 1.5 or more baths rent from $1,875 to $3,700 within a mile. The average rent of twenty-five 2 bedrooms with at least 1.5 baths within a mile in the last 12 months is $2,719.

Updated 2 bed 1 bath apartments rent from $1,475 to $2,250 within a mile. The average rent of thirty-five 2 bed 1.5 bath apartments within 1.5 miles in the last 12 months is $1,521.

Updated 1 bed apartments with 1.5 or more baths rent from $1,470 to $2,500 within 1.5 miles. The average rent of five 1 bed apartments with at least 1.5 baths within 1.5 miles in the last 12 months is $2,089.

Updated 1 bed 1 bath apartments rent from $1,200 to as much as $2,421 within a mile. The average rent of forty-five 1 bedroom 1 bath apartments within a mile in the last 12 months is $1,693.

Rent comparable information is provided by rentometer.com. 

Opportunity to purchase a renovated 4 family in The Grove, one of the most vibrant and desirable neighborhoods in St. Louis. Located within walking distance of Forest Park, Barnes-Jewish Hospital, Washington University Medical School, The Cortex, The Botanical Gardens, and restaurants and bars on Manchester. Building underwent renovation including kitchens with granite countertops, updated cabinets, and appliances. Two units have in-unit laundry. Each apartment has two-bedroom units. One unit will be available for a potential owner-occupant. All systems were updated during the renovation including HVAC, electricity, PVC plumbing stacks. There is off-street parking and a fenced backyard with a deck in the back. Apartments are rented under market rent. Two-bedroom apartments rent from $1,350-$1,900 nearby with average rent of $1,521 within a mile in the last 12 months. Can be purchased with 4 family at 4337 Swan next door.

Opportunity to purchase a renovated 4 family in The Grove, one of the most vibrant and desirable neighborhoods in St. Louis. Located within walking distance of Forest Park, Barnes-Jewish Hospital, Washington University Medical School, The Cortex, The Botanical Gardens, and restaurants and bars on Manchester. Building underwent renovation including kitchens with granite countertops, updated cabinets, and appliances. One unit has in-unit laundry. Each apartment has two-bedroom units. One unit will be available for a potential owner-occupant. All systems were updated during the renovation including HVAC, electricity, PVC plumbing stacks. There is off-street parking and fenced backyard with a deck in the back. Apartments are rented under market rent. Two-bedroom apartments rent from $1,350-$1,900 nearby with average rent of $1,521 within a mile in the last 12 months. Can be purchased with 4 family at 4341 Swan next door.

Fully occupied four-family in Tower Grove South. Large units with 1,106sf each for a total of 4,424 with fenced backyard. Current rents are below market. Units are in approximately a “B” condition/finish & could likely fetch near $900/month as is, & much more with updates to an “A” finish. Large 1-bed units with a smaller 2nd room that could be used for an office. First-floor units are shotgun/walkthrough. Features include updated kitchen cabinets, decorative fireplaces, claw foot tubs in the bathroom, updated HVAC, updated electric panels, PVC stacks, & separate storage lockers in the basement. All units have central air & heat, some units have washer & dryer hookups inside the unit(s), & some in the basement. Professional inspection completed & is available, it shows some lateral repair is needed. Also available are; rental verification, seller’s disclosure, & occupancy permits. No showings will occur without an accepted contract. Seller will not perform any repairs.

INVESTMENT SUMMARY

The newly renovated complex is in the historic South Side of St. Louis City, adjacent to the beautiful 27-acre campus of St. Mary’s High School.

This property is in the final stages of an extensive, years-long renovation. It’s a like-new apartment complex with significant value-add potential.

This property is conveniently located just 1-mile from Carondelet Park and a 10-minute drive from downtown St. Louis.

The complex comprises 84 fully updated apartments with 168 bedrooms total. There are (52) 2-bed/1,5 bath units and (32) 2-bed/1.5 ba units with private patios.

2-bed/1.5 bath units now rent for $1,100 plus $36 utility fee.

2-bed/1.5 bath units with private patios now rent for $1,200 plus $36 utility fee.

Construction on the complex is approximately 97% complete. The units are finished, the leasing office, landscaping, and a final cleaning will be completed prior to closing.

The complex is currently 75% full with 4 applications. The property will be delivered at a minimum of 90% occupancy prior to closing.

There is potential to increase the value of the property significantly by raising rents to current market rates at renewal, also adding fees for parking, pets and tenant storage.

The property offers ample off-street parking in a secure gated lot.

This complex can be purchased with One Loop Apartments located at 1131-1147 Hodiamont Ave, St. Louis, MO 63112. One Loop features 59 completely renovated apartments near Washington University and The Loop. Both properties total 143 units with 314 bedrooms.

The property is located in an opportunity zone. Investment in an Opportunity Zone allows for a temporary deferral of taxes on previously earned capital gains. It permanently excludes taxable income on new investments held in Opportunity Zones for at least 10 years, along with other additional tax incentives.

EXTERIOR IMPROVEMENTS:

New retention walls, soffits, a camera security system, and an exterior fence with automatic gates have all been added to the property. There was extensive concrete work done throughout the property, improving pathways, and creating new modern outdoor common spaces for tenant use.

Roofs, stairs, and railings were repaired and replaced.

New wood fencing was installed for all private patios.

New facades were added to the buildings

The parking area was resurfaced.

New windows and sliding doors.

INTERIOR IMPROVEMENTS:

All units have been updated with modern kitchens and bathrooms, featuring new stainless steel appliances, central heat, air conditioning, and in-unit laundry.

Every apartment has new flooring, lighting, doors, and hardware. They also have new plumbing, new drywall, and updated electric.