1000-1022 Wild Cherry Ln and 1001-1031 North & South Rd

$3,349,000 (Inactive)

Opportunity to Purchase 28 Units in University City

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Invest in St. Louis

-28 apartments for sale located in University City less than a mile from Downtown Clayton, the central business district for St. Louis County where 3 fortune 500 companies are headquartered.

-Washington University is located approximately 2 miles from the apartments. Washington University’s undergraduate program was ranked 14th in the nation in the U.S News and World Report in 2022 and ranked 22nd in the world in 2019 by the Academic Ranking of World Universities.

-Also in close proximity to the famous University City Loop which is known as the cultural center of University City with many restaurants and shops. The Loop was named one of the 10 Great Streets in America by the American Planning Association. The property is also located near a newly built Costco.

-A short drive to Forest Park which is one of the largest city parks in the U.S. encompassing 1,326 acres which has hosted the World’s Fair and the Summer Olympics. The park includes the St. Louis Zoo, St. Louis Art Museum, the St. Louis Science Center and Missouri History Museum.

-All of the apartments are three bedroom, 1 1/2 baths on 1.2 acres. All include a master bedroom with 1/2 bath.

-All brick buildings with attractive exteriors and parking for 40+ cars.

-There are 7 separate buildings each with apartments which are approximately 1,225 sq ft each.

-All of the units have HVAC and washer dryer hookups.

-There are 3 roofs were replaced 3 years ago, 2 roofs were replaced 5 years ago and there were 2 roofs replaced 7 years ago. Most apartments also have updated individual electric meters.

-The apartments have electric furnaces and gas stoves.

-Rents range from $964-$1,274 which provides the ability to raise rents and add value.

-The complex generated $379,794 in total income in 2022 with expenses of $118,587 creating a NOI of $261,207 which is a 7.8% cap rate.

-If all of the units were rented at $1,274 the complex would generate an additional $70,000+ annually.

-There are 7 individual parcels which creates the potential to purchase with separate residential loans.

-There is potential to sell the buildings off individually in the future.

-25 of 28 units are either updated or in excellent condition.

-The seller is open to selling the buildings in smaller packages or individually if desired.

-1001 North and South is available to be sold individually for $599,000.

-The 2022 rental income for 1001 North and South was $56,592 with expenses of $12,766 creating a NOI of $43,826 which is a 7.3% cap rate.

-1001 North and South would be great for an owner occupant or investor.

-One of the 4 family buildings is located in a flood zone.

Supplemental Documents

Wild Cherry Apartments Offering Memorandum View Document

Property Location

3349000 | 1000-1022 Wild Cherry Ln and 1001-1031 North & South Rd

Anafi 1.7.3

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Property Details:

Square Footage: 34300 County: St. Louis County Units: 20+ Condition: Rehabbed Occupancy: Fully Occupied Parking: Off Street Parking, Parking Lot Heating: Electric Heat Cooling: Central Air, Central Electric Construction: Brick Basement: Poured Concrete

Home Amenities:

Vinyl Windows
Fridge
Stove
Washer/Dryer Hookup
Hardwood Floors
Tile Floors

Agent Details:

Owner / Broker: Jordan Schoen Phone: (314) 255-5117 Fax: (314) 480-7053

Contact Agent: Please use the form below to contact agent Jordan Schoen about this listing.

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