Description:

Investment Development Opportunity

Overview

Investment Development Opportunity in St. Louis Mo.

• The building is 48,072 SF 3-story.
• Situated on 19,515 SF Lot
• Located at the Signalized intersection of N. Grand Blvd and St. Louis Ave.
• Constructed in 1925-1926 in the Classical Revival style brick combination for commercial and residential use.
• The building was designed with the 1st Floor as Retail, 2nd floor with 12 offices, 3rd floor with 13 Studio and 2-One Bedroom apartments, and a 15-lane bowling alley in the basement.
• The building has two primary elevations – one facing Grand Blvd. (west) and one facing St. Louis Avenue (south).
• Each of these elevations bears detailed terra cotta embellishments and Egyptian-influenced columns on the exterior façade making this a landmark commercial property.

 

Financials

• Cash-Flowing Investment Property
• 98% of First Floor Leased
• 12 month-to-month tenants generating $115,620 of income annually.
• The 2nd, 3rd, basement, and former garage are vacant.
• Proforma 2024 NOI is  $61,609 - 6.92% Cap Rate.  This cash flow is only from the first floor of the building.

Great Cash Flow and Development Opportunity gives the investor a huge upside to the property.

Future Development Plans

The Property

The owner has development plans to keep the first floor as retail and convert the 2nd and 3rd floors into 50 senior housing units with additional space in the first floor and basement used as ancillary uses supporting the senior housing (Click here for Development Plans).

The Neighborhood

New Developments in the Neighborhood include the partnership with the PGA Inclusion Programming, the Herbert Hoover Boys and Girls Club, across the street on the former Carter Carburator site, and Great Rivers Greenway Brickline Greenway.  $500,000 of the PGA project has been raised and 40% of the funding for the Brickline Greenway has also been raised.  These projects can provide a higher and better use for the property.  Federal and State Tax Credits are also available for this Investment Development Opportunity as part of the Lindell Park Historic District. When searching for commercial retail space for rent, call the Home-town Team at Cardinal Realty Group. The Cardinal can-do attitude gets results as a Realtor and CCIM for Tenants, Owners, Buyers, and Sellers of Commercial Real Estate St Louis since 2004. Our motto is unseen, is untold is unsold! Call Today to tour this property or to discuss your needs for Commercial Real Estate in St Louis further.