84 Fully Renovated Apartments For Sale In South St. Louis

INVESTMENT SUMMARY

The newly renovated complex is in the historic South Side of St. Louis City, adjacent to the beautiful 27-acre campus of St. Mary’s High School.
∙ This property is in the final stages of an extensive, years-long renovation. It’s a like-new apartment complex with significant value-add potential.
∙ This property is conveniently located just 1-mile from Carondelet Park and a 10-minute drive from downtown St. Louis.
∙ The complex comprises of 84 fully updated apartments with 168 bedrooms total. There are (52) 2-bed/1,5 bath units and (32) 2-bed/1.5 ba units with private patios.
∙ 2-bed/1.5 bath units now rent for $1,100 plus $36 utility fee.
∙ 2-bed/1.5 bath units with private patios now rent for $1,200 plus $36 utility fee.
∙ Construction on the complex is approximately 99% complete. The units are finished. The landscaping and playground being installed will be completed prior to closing.
∙ The complex is currently 92.9% occupied with additional pending applications, as the complex is being filled after rehab.
∙ There is potential to increase the value of the property significantly by raising rents to current market rates at renewal, also adding fees for
parking, pets and tenant storage.
∙ The property offers ample off-street parking in a secure gated lot.
∙ This complex can be purchased with One Loop Apartments located at 1131-1147 Hodiamont Ave, St. Louis, MO 63112. One Loop features 59 completely renovated apartments near Washington University and The Loop. Both properties total 143 units with 314 bedrooms.
∙ The property is located in an opportunity zone. Investment in an Opportunity Zone allows for a temporary deferral of taxes on previously
earned capital gains. It permanently excludes taxable income on new investments held in Opportunity Zones for at least 10 years, along with other additional tax incentives.
∙ By increasing the rents that are currently below market rent to market rent the property would generate an additional $44,100 annually.
∙ The seller is beginning to charge a one time $200 pet fee, and monthly pet rent fee of $20. Storage units are going to be built for tenants at a rate of $40 per month if requested by tenants. There will also be additional an of $25 a month for reserved parking. Pro forma income for pet, storage, and parking fees are $30,720 annually.
∙ Missouri law requires a re-evaluation of property values each odd year to better reflect the value and market conditions as of the assessment date. The sale of any property triggers the risk of assessment in the following odd year with consideration of the sales price, which could increase the assessment and tax amount. The reassessment for this property after the sale will be in 2025.

EXTERIOR IMPROVEMENTS:
∙ New retention walls, soffits, a camera security system, and an exterior fence with automatic gates have all been added to the property. There was extensive concrete work done throughout the property, improving pathways, and creating new modern outdoor common spaces for tenant use.
∙ Roofs, stairs, and railings were repaired and replaced.
∙ New wood fencing was installed for all private patios.
∙ New facades were added to the buildings
∙ The parking area was resurfaced.
∙ New windows and sliding doors.

INTERIOR IMPROVEMENTS:
∙ All units have been updated with modern kitchens and bathrooms, featuring new stainless steel appliances, central heat, air conditioning,
and in-unit laundry.
∙ Every apartment has new flooring, lighting, doors and hardware. They also have new plumbing, new drywall, and updated electric.
∙ Link to virtual tour and floorplan: https://bit.ly/3mXxqUD