Fully Occupied Retail Building In Midtown West Of Future MLS Stadium

Well maintained retail property located in Midtown just a few blocks west of the future MLS complex, Union Station, Aquarium, Ferris Wheel, Enterprise Center and two blocks east of Chaifetz Arena, St. Louis University. Harris Stowe University is across the street and Wells Fargo campus is located caddy corner to the building with approximately 5,100 employees at that location. Building is 100% occupied, currently setup with five businesses. Two tenants have had leases since 1986 and three tenants that have at least 3 years left on their lease. The dry cleaning business has been in the location since 1986 and is owned by the building owner and can stay and sign a lease.  The cleaners are currently taking up 2 bays so there is the potential for 6 bays in the future. The building has a recently replaced roof, recently replaced HVAC and duct work. There are 38 parking spots and the potential to charge for parking for events at Chaifetz Arena, SLU events, future MLS soccer games and Enterprise Center. The 2019 gross rent was $73,369 which does not include any rent from the dry cleaners. With the dry cleaners paying $2,400 a month, the warehouse being rented at a market rate of $1,500 a month and charging $416 a month for parking the gross income would be $114,886 with a net income of $92,435.20 which would be a 10.3% cap rate. There is a recent appraisal of $1,100,000 for the building. All of the tenants survived the Covid shutdown and are paying rent

Paying buyers agents 2.0%