You can’t beat the location of this beautiful brick four family in Southwest Gardens, literally overlooking the Botanical Gardens and walking distance to Tower Grove Park. It would be perfect for an owner occupant looking to live for free, or an investor looking to maximize the cash flow of the property.
The property boasts spacious 1br/1b units, with separate living room, dining room, kitchen area, and master bedroom. You’ll also find unique accents like original stained glass throughout. Two of the units (2N and 2S) have been updated, and would need no work, with one renting at $695 currently, and the other vacant but would fetch $700 on the open market. The other two units would need some cosmetic updating to maximize their rent potential, but with no work each would rent at $600/month once rents were raised to market.
The building should not require any major work, as it had a layer added to the roof and the exterior brick sealed in fall of 2016. The building also has newer pvc stacks and plumbing from building to main, and vinyl windows. Systems are newer and in good working condition.
A four family on the same block at 2019 Alfred recently sold for $347,000 with rents at $840 a month. With some additional cosmetic updates and HVAC installed rents could be raised to $840 a month.
1S – $550/month (15+ yr tenant, rents could be raised to $600 with no work)
1N – $450/month (25+ yr tenant, rents could be raised to $600 with no work)
2S – $695/month
2N – $625/month (currently vacant, would rent at $700)
Monthly Income: $2320
Annual Income: $27,840
Total Expenses: $6,229
Net Income: $21,611
Cap Rate: 7.2%
Pro Forma Based on NO WORK being done but rents raised to market rate
Assuming $695 rent in 2 updated units x2 and $600 rent in non-updated units:
Monthly Income: $2590
Annual Income: $31,080
Net Income: $24,851
Cap Rate: 8.3%
Pro Forma Based on $840 Rents
Assuming $840 rent x4
Monthly Income: $3,360
Annual Income: $40,320
Net Income: $34,091
Paying Buyer’s Agents 2.7%
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