3605 Meramec St, Saint Louis, MO 63116
$459,000 (Inactive)

Well maintained 14 unit mixed use building with 10 apartments and 4 commercial spaces

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Invest in St. Louis

Well maintained 14 unit mixed-use building with 10 apartments and 4 commercial spaces. There are 4 one-bed units and 6 efficiency units, all units come with a balcony. This would be a great investment for someone looking for an up and running turn-key investment or a business owner who could have their business in the building and have the tenants pay the mortgage. The building generated $73,548 in income in 2018 with $23,938 in expenses creating a net income of $49,249 which is a 10.7% cap rate. The income for 2019 is on track for very similar income and expenses. There is plenty of room to raise the rents for the new owners, market rent for these units is approximately $495 for the studios, $525-$550 for the 1 beds and $550-$700 for the commercial units depending on the space. The building is solid, plumbing and electric have been updated and 7 of the 10 residential units have recently undergone cosmetic makeover with new laminate flooring, new hotel style heating and air conditioning wall units. Any vacant units will be made rent-ready and filled prior to closing. Seller is a licensed agent in the state of Missouri.

Paying buyers agents 2.70%

Supplemental Documents

Property Location

Property Details:
Square Footage: 14,216 County: St. Louis City Units: 10+ Condition: Turn Key Occupancy: Some Units Vacant Parking: Off Street Parking, On Street Parking, Parking Lot Heating: Electric Heat, Gas Heat Cooling: Central Air, Window Units, Central Electric Construction: Brick Basement: Poured Concrete
Home Amenities:
  • Microwaves
  • Fridge
  • Stove
  • Washer/Dryer Hookup
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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