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:
  • Unit 1E – https://bit.ly/1EClemens
  • Unit 2W – https://bit.ly/2WClemens
  • Unit 3E – https://bit.ly/3EClemens
  • Unit 3W – https://bit.ly/3WClemens

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.

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.

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