24 unit building built in 1928 for sale located within walking distance to Forest Park, The Loop, 1 block from the $100M Delmar Divine renovation project at the old St. Lukes Hospital that is currently under construction. The building will be transformed into apartments, offices, a cafe and non-profit collaboration with tenants like Washington University and Mid America Transplant Foundation.
-There are 18 one bedroom units, 3 two bedroom units, 3 studio apartments and one potential studio apartment in the basement that the city said can be an apartment (which would be a total of 25 apartments) or management office.
-This 26,000+ square foot building was built in 1928 and was recently renovated.
-Renovation included updates to all units with new kitchens with countertops, new cabinets, stainless steel appliances. Units feature exposed brick walls and new flooring.
-There are newer vinyl windows, the roof was replaced approximately 3 years ago, the boiler was recently replaced.
-There is a laundry room that was just added with 4 washers and 4 dryers.
-There is an additional large area in the basement of the building where storage lockers could be built and rented out to the tenants for additional income.
-Coded exterior access with gate around the building.
-There is a 2500 +/- square foot secure covered garage area with exterior access could be rented to a construction company or any business that needs a large storage or work area. This could be potentally rented somewhere around $1,500 a month.
-In the last 12 months the building had a gross rent of $142,227 with expenses of $36,460 for a NOI of $105,766.
-The building was recently stabilized with higher than usual vacancy while the building was being renovated with laundry recently added. The income will be higher in the next 12 months with the building being stablized with additional laundry income and the potential for the garage storage area to be rented out.
-There is the potential to raise rents in the future in this up and coming neighborhood. The pro-forma rents noted are with future additional updates to the building and rent increases as rents go up in the neighborhood.
-Nearby aparments for rent-
5622 Delmar 63112 (2 blocks away) 1 bed 1 bath 732 sq ft $975; 2 bed 1 bath 900 sq ft $1,250
5548 Delmar 63112 (2 blocks away) 1 bed 1 bath 630 sq ft $835
5345 Enright 63112 (3 blocks away) bed 1 bath 1050 sq ft sq ft $1025
Additional information about the Delmar Divine project:
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