Outstanding opportunity to purchase a well maintained 20 unit apartment complex located on a quiet street in the Princeton Heights neighborhood. Built in 1966 this building has many upgrades including a recently replaced TPO fully adhered roof, 2 recently updated units, updated vinyl windows, all units have central air with 8 newer condensers, some newer furnaces, exterior paint, etc. There is potential to raise rents and add value with additional cosmetic updates to the units. There are 12 one-bedroom units and 8 two-bedroom units. The updated 2 bedroom unit is currently being marketed at $735 and the 1 bedroom at $565. 2 bedrooms in the area rent from $600-$800 with 1 bedrooms renting from $500-$700 depending on updates and size. Building features off-street parking, storage units in the basement for tenants, there are washer and dryer hookups and potential to add additional income with laundry in the basement. The 2019 rental income was $121,113. Inquire for more detailed financial information.
Closest Sale Comparable
6265 Gravois St. Louis, Mo. 63116- Located .2 miles away.
16 units- 14 one bedrooms and 2 two bedrooms.
Sold 7/31/19 for $860,000 ($53,750 a unit)
Gross Rent $90,853
Expenses $47,818 (with taxes of $12,996 and insurance of $10,893 included)
Net income $43,035
One and two bedroom units renting in the area
4955 Eichelberger 63109, 1 bedroom units with recently updated kitchens, baths, appliances, rented at $650, $675
5617 S. Kingshighway 63109, 1 bedroom rented for $760, 2 bedroom for $780
5454 Rosa 63109, 1 bed rented for $795 and $625
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