Stunning six family built in 1929 located in the Moorlands located just a few blocks from downtown Clayton. Three of the six units were recently completely gutted in this 8,000 square foot building and reconfigured to have nice open floor plans with very large bedrooms and closets. These 2 bedroom 1,000 square foot units were fully dry-walled, all exterior walls are insulated for efficiency, there are new energy efficient windows, interior dividing walls insulated for sound, custom kitchen cabinets with soft close drawers and doors, quartz counter tops with seating at the peninsula bar, stainless steel appliances, gas stove, custom walk-in closet in the master bed room, in unit laundry, linen closet, large bathroom with custom vanity, quartz vanity top, walk in shower, frame-less shower glass, all new shaker style interior doors, new trim work throughout, hardwood floors, new copper wiring, new plumbing, recessed lighting, large outside patio. There is a garage with 5 parking spots.
The updated units are currently rented for $1,695 and $1,650. The units were rented during construction and there was a discount given for a 2 year lease which accounts for the lower rent amounts. There is currently nothing being charged for the garage parking spaces. There is a lot of upside and potential with these units as units could potentially rent for $1,695 if all updated as the first 3 are updated with a potential gross annual income of $115,938 with 5% vacancy. Completing very minor updates to the 3 units that are not updated could generate rents of $1,200 a month per unit.
7515 Cromwell 63105 which is located close by in the Moorlands sold for $250,000 a unit with rents at $1,600 with more basic units that are not as updated as 7537 Buckingham.
Market Value Of Units
Paying buyers agents 2%
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