449 Olian Dr., 63042
$599,000 (Listed Sold)

Well Maintained Side By Side 4 families With Upside Priced At A 9% Cap Rate

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Invest in St. Louis

Well maintained side by side 4 families with large 3 story 2 bed 1.5 bath townhome units featuring 1,000 sq ft above ground and an additional 500 sq ft of lower level finished space in the basement. Located in a quiet subdivision in the Hazelwood West school district these buildings are fully leased with gross rents of $6,880 a month with projected 2019 gross rental income of $80,083, projected expenses of $22,776 and a projected net income of $57,307 which is a 9% cap rate. The 2018 income was $75,210 with expenses of $20,231 with a net income of $54,979. There is plenty of potential with the ability to raise rents. The current rents range from $800- $925, if the rents in all of the units were raised to $925 the buildings would generate an additional $520 a month and $6,240 a year for a net income of $61,219 creating a 10% cap rate. There are apartments one block away with the same layout that rent for $1,100 a month with internet, etc included. These apartments are easy to rent with updated kitchens and baths, in unit laundry, off street parking with dedicated parking spot, newer windows throughout, newer roofs, some newer furnaces and condensers. There is a park with playground directly behind the buildings. Buildings to be sold together.

 

Paying buyers agents 2.0%

Supplemental Documents

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Property Details:
Square Footage: 8,020 County: St. Louis County Units: 5+ Condition: Turn Key Occupancy: Fully Occupied Parking: 1 Parking Space Per Unit, Off Street Parking Heating: Gas Heat Cooling: Central Electric Construction: Brick Basement: Finished
Home Amenities:
  • Some Dishwashers
  • Microwaves
  • Fridge
  • 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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