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.
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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.
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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.
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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.
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Looking for a great investment property?? This mobile home park sits right off of St. Joe Dr, one of the busiest roads in Park Hills and is less than a mile from Park Hills-Central Middle School. With easy access to the main road, this property has unlimited potential to become a popular spot for anyone looking to reside in a mobile home that is centrally located. There are currently 7 mobile homes on the lot (4 owned by current owner which are included in sale price) and 2-3 available pads depending on the size of the mobile home. Out of the 7 homes, 4 currenty have tenants who recently renewed leases and 3 are vacant. The vacant homes need a light rehab to bring the interior up to date but nothing major. This is a great opportunity for someone who wants to start a real estate investment portfolio or add to an already existing portfolio. Call listing agent for appointments.
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Located in the Central West End near Forest Park, St. Louis University, The Cortex and Barnes Hospital. Built in 1897 as a residence for a hardware store owner. Stone and brick construction with stunning architectural detail. 3 stories above ground with a partially finished basement for a total of 4 levels of usable space. Above ground sq ft is 4,788, the footprint of the building is 1,596 sq ft. Building is a total of 6,384 square feet including the basement. Property is zoned commercial. A 4-year tenant occupies the second-floor month to month at a rate of $2,350 a month, they would like to stay if possible. Potential uses for the building include a conversion to mixed-use, a live-work space, residential or multi-family. Priced at $130 per sq ft (not including finished basement). There are 9 parking spots in the rear of the building. Costar estimates the rental rate for the property is $18-$21 per square foot.
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-Well-maintained apartment complex located in the South Hampton neighborhood, across the street from Christy Park and a half mile from a $72M development that has broken ground covering 12 acres on Kingshighway.
-Built in 1928 this building has beautiful architectural detail with interior features like common areas with terrazzo floors.
-There is a value add component to the property with a strong rental market in the area. The owner has raised rents considerably for some of the original units to $850 a month.
-The seller has updated 4 units with 4 in the process of being renovated with a completion timeline of 2-3 months. The asking rent after completion will be $995. The updated units currently rent from $895 to $920. Similar-sized updated one-bedroom apartments nearby are renting for as much as $995 a month.
-If all apartment rents were raised to the top rents in the building it would generate an additional $34,974 annually.
-Building has updated electric panels and exterior service, storage units for tenants, some pvc plumbing.
-The building has common area laundry. Additional laundry machines were added in the basement. There is a closet in the apartments that would work well for in-unit laundry.
-Seller currently provides heat through a boiler system. Electric heating units in renovated apartments were added in order to reduce use of the boiler and reduce gas costs.
-There is also the potential to add additional storage in the basement and charge for storage.
– Roofing above the exterior stairwells is being replaced with new plywood, foam board, and TPO Roofing. The remainder of roof is in great shape according to Lifetime Roofing.
-There are 3 commercial spaces rented on the first floor. These commercial spaces could also be converted to apartments to have an all-apartment complex in the future.
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Building Location
Building History
Street Level Tenant: 1st & 2nd Floors – 7,260 SF:
• Turn-key, two-story restaurant ideal for BBQ, Brunch, Burger and
Pizza concepts. Most recently utilized as an Axe Throwing Bar, the
space can also be utilized as an event and/or creative space.
• 1st floor includes 400 sq ft. Separable Storefront with various potential
uses: Coffee, Donuts, Cupcakes, Souvenirs; Ice-cream; Funnel
Cakes, etc.
• 1st floor is fully furnished with 18 tables (72 seats), a bar (10 seats), a
stage, a men’s bathroom (1 toilet and 2 urinals) and a woman’s
bathroom (3 toilets).
• 1st floor has a front patio section that can accommodate an additional
48 seats.
• 2nd floor is fully furnished with 15 tables (60 seats), a bar (6 seats), 4
pool tables (usable as dining/brunch with tabletops: 24 seats), a
men’s bathroom (1 toilet) and a woman’s bathroom (1 toilet).
• Total seating capacity is 220 and maximum capacity is 236.
• Turn-key kitchen with a $30,000 hood.
• The 1s floor front patio/sidewalk is ideal for several large BBQ
smokers.
Lower Level Tenant: 2 Lower Levels – 6,188 SF:
• Beautiful stone-wall space featuring a mezzanine overlooking a lower
level. Most recently used as a music/dance venue, the space is also
ideal for bierhall, wine cellar, event space and performing arts concepts.
• The space has separate entrances from the front and back of the
building.
• Mezzanine level is partial, overlooking the stage and the 1st level,
with 10 booths (40 seats) a bar (10 seats) and 5 tables (20 seats).
• Lower level includes an elevated stage, a bar (12 seats) and an open
floor usable for dancing or or tables (additional 40 seats), a men’s
bathroom (2 toilets and 2 urinals) and a woman’s bathroom (4 toilets).
• Lower level also includes two 100 sq ft. walk-in coolers.
• Total seating capacity is 122 and maximum capacity is 136.
3rd Floor Tenant – 3,630 SF:
• Huge top floor, loft-style apartment overlooking the Arch Grounds, the
Mississippi River, and the Eads Bridge.
• The space features two full bathrooms, an open-floor plan kitchen &
common area and two huge bedrooms with seven beds.
Links:
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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.
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Rare opportunity to own a turn-key, cash-flowing 4 family in the heart of Wentzville.
Tenants love these spacious 1,020 sqft town-homes.
The first floor consists of a living room, spacious eat-in kitchen, powder room and a private deck overlooking Holt High School.
The second floor features 3 bedrooms and 1 full bath.
Each unit has a private, walk-out basement with w/d hookup.
Monthly rents are $5,590 ($67,080 annualized).
All utilities paid by tenants. Newer 50 year roof.
Each town-home is individually parceled and the buyer could potentially sell the units individually to owner-occupants in the future.
Great location minutes from shopping and dining on Wentzville Pkwy and downtown Wentzville.
Don’t miss out, these types of properties do not come on the market often!
100% occupied.
Please do not disturb tenants.
Open House Sunday 2/19 12:00pm – 2:00pm.
Requesting offers by Tuesday 2/21 12:00pm; Review by Tuesday 2/21 6:00pm
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