7723 WIld Plum, University City, MO 63130
$2,950,000 (Listed Sold)

Renovated 24 Unit Complex in University City

*click image to start slideshow

Invest in St. Louis

Opportunity to purchase 24 units in University City located 1 mile from Clayton and 2 miles from Washington University and the U City Loop. 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, newer vinyl windows, off street parking and fencing around the perimeter of the property. The apartments have all been updated and are currently fully occupied.

Complex includes 24 units on 1.6 acres comprising 6 separate buildings each with 4 townhome-style apartments that are approximately 1,250 sq. ft. each. Includes 20 three bedroom, 1 1/2 baths and 4 two bedroom, 1 1/2 bath apartments. All include a master bedroom with 1/2 bath. The 4 two bedroom apartments were originally 3 bedroom 1 1/2 bath apartments that were modified to have a more open layout with larger kitchen but could easily be converted back. All brick buildings with attractive exteriors and plenty of off street parking for the tenants. These units have granite countertops and washer dryer hookups in the units. The roofs are 7 years old, the gas and electric are updated and on individual meters. Tenants pay for gas and electricity. Very low operating expenses and all of the most expensive updates have already been taken care of. The apartment complex is fenced and has plenty of parking with 30 parking spots and additional street parking. The seller spent $150,000 in capital expenditure that went into roofs, windows, plumbing and electricity since 2019. 19 of the units were turned over since 2019. The seller changed flooring, lighting, painting, appliances, and bathrooms. It was $12,500 on average for a total of $237,500 on top of the $150,000 in capital improvements for a total of $387,500.

This property is consistently fully leased. The last 4 units were leased as high as $1,064 per month, which is now the standard rent in each unit turnover. Total income from 7/1/20 to 6/31/21 is $281,780 with expenses of $76,899. The expectation is to bring the monthly rent roll to $25,536 per month, $306,432 annually. The current rents for these apartments is under market rent in University City based on the size of the apartments and the location and could be raised over time. Market rent for similar size updated units this size in U City have rented for $1,100-$1,350 a month depending on size, updates, amenities. By raising rents the net income can be raised substantially. 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.  Seller is open to the buildings being purchased individually for residential loan purposes as long as the buildings all close at the same time. Please contact the listing agent Jordan Schoen for additional financial information and offering memorandum.

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, Saint Louis, MO 63130

$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

 

Property Location

Property Details:
Square Footage: 29,952 County: St. Louis City Units: 20+ Condition: Turn Key Occupancy: Some Units Vacant Parking: Off Street Parking, Parking Lot Heating: Electric Heat Cooling: Central Air Construction: Brick Basement: N/A
Home Amenities:
  • Some Dishwashers
  • Microwaves
  • Fridge
  • Stove
  • 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.

Search The MLS

Search the MLS below using the city, postal code, address or listing id of the desired property.