7723 Wild Plum Lane, St. Louis, MO 63130
$6,500,000 (Inactive)

Rare Opportunity To Purchase 52 Units in University City

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Invest in St. Louis

Opportunity to purchase 52 units in University City located 1 mile from Clayton and 2 miles from Washington University and the U City Loop.

There are 13 four family buildings located in a quiet neighborhood on a total of 3.5 acres on Wild Plum, Warder, Wild Cherry and North and South. It is very rare for this large an amount of apartments to be available for sale in U City. These large brick buildings all have pitched roofs, central air with newer condensers, many have newer vinyl windows and some of the parking is gated. The apartments are currently fully occupied.

Wild Cherry & North and South – Includes 28 three bedroom, 1 1/2 baths on 1.9 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 4 townhome style apartments which are approximately 1,250 sq ft each. There are 5 new roofs that were replaced in the last 6 months and the other roofs are 3 and 4 years old. Most electric was updated with individual meters with the exception of a few on Wild Cherry. One of the 4 family buildings is in a flood zone.

Wild Plum & Warder- Includes 24 units on 1.6 acres around the corner. 6 separate buildings each with 4 townhome style apartments which are approximately 1,250 sq ft each. Includes 20 (3) bedroom 1 1/2 bath and 20 (2) bedroom 1 1/2 baths apartments. All include a master bedroom with 1/2 bath. All brick buildings with attractive exteriors and parking for 40+ cars. These units have granite countertops and washer dryer hookups in the units. The roofs are 7 years old, electric is updated with individual meters.

The current rents for these apartments is under market rent based on the size of the apartments and the location and could be raised considerably. Market rent for updated units this size in U City can rent for $1,100-$1,350 a month. By raising rents the net income can be raised substantially. The expectation is that expenses will be lower as the building has been in transition and is continuing to be updated.

Comparable apartments for rent in University City:
$1,100/mo – 3 bd/1 ba – 1,200 sq. ft.  – 7028 Vernon Ave, Saint Louis, MO 63130
$1,245/mo – 2 bd/1 ba – 1,200 sq. ft. – 7034 Dartmouth Ave, Saint Louis, MO 63130
$1,195+/mo – 2 bd/1 ba – 1,000 sq. ft. – 701 Limit Ave, 701 Limit Ave
$1,350/mo – 3 bd/1 ba – 1,275 sq. ft. – 7274 Dartmouth Ave Unit B, Saint Louis, MO 63130

There is potential to sell the 4 families individually in the future or to convert these units to condos and sell them individually for significant profit in the future.

Comparable 4 Family Sales:

6265 Cates Ave – $405,000 2 bed/1 bath units – rents are $1010, $1000, $1375, 1 vacant – 4,080 sq. ft.

6424 Cates Ave – $545,000 2 bed/1 bath units – rent $1295 each – 4,356 sq. ft.

7333 Amherst Ave – $625,000 3 bed/1 bath units – rents $1095, $1095, $1105, 1 vacant – 5,690 sq. ft.

7505 Pershing Ave – $700,000 2 bed/1 bath units – rents $900 each – 3988 sq. ft.

*there are no 3 bed/1.5 bath comparable sales, the majority of apartments included in this sale
are 3 bed/1.5 bath

 

Condo sales nearby:

754 Leland Ave # 1N – University City – $170,000 2 bed/2 ba – 1,230 sq. ft.

8100 Delmar # 1W – University City – $170,000 2 bed/1 ba – 1,000 sq. ft.

8100 Delmar #2E – University City – $172,500 2 bed/1 ba – 1,000 sq. ft.

* these are all smaller two bedroom sales, there have been no 3 bed/1.5 bath sales

Supplemental Documents

Property Location

Property Details:
Square Footage: N/A County: St. Louis City Units: 40+ Condition: Turn Key Occupancy: Fully Occupied Parking: Off Street Parking, Parking Lot Heating: Electric Heat Cooling: Central Air Construction: Brick Basement: N/A
Home Amenities:
  • Some Dishwashers
  • Microwaves
  • Fridge
  • Stove
  • Washer/Dryer Hookup
  • Laminate Floors
  • Carpet
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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