Description:

Value-Add Apartment Opportunity

Description

Value-Add Apartment Opportunity, located at 4981 Rosalie Street, St. Louis, MO, is a 16-unit, 2-story L-shaped apartment Building with a rich history, constructed in 1928.  All 16 units are 1-bedroom, 1-bath with rear door access to a private level fenced yard.  The units are approximately 600 SF with tall 8+ Ft ceilings.  Currently, 9 units are rented (56%), with 7 vacant units.  Kitchens are complete with gas stoves/ranges and refrigerators.  Some units have central air/heat, and others have window units.  Tenants pay for Natural Gas and Electric.  Each apartment has 100 AMP electric service.  Most windows have been replaced with aluminum replacement windows.  Some vacant units require minor cosmetic work, while others need more extensive renovations. Floor Plans of the Apartments https://cardinalrealtygroup.com/wp-content/uploads/2024/06/dimension_4981-Rosalie-Street-St.pdf https://cardinalrealtygroup.com/wp-content/uploads/2024/06/dimension_5468-North-Kingshighway-Boulevard-St.pdf

Financials

Value-Add Apartment Opportunity with monthly rents $595-$620.  Proforma Net Operating Income is $89,132 with all units occupied, a promising figure.  Break-even occupancy is 25%.  This property has much upside; according to “RentoMeter.com” in this neighborhood, the average rent for a similar-sized apartment is $706 a month, presenting a significant potential for increased revenue. This is a significant Value-Add Opportunity Through stabilization of the property, immediate rent increases, and completion of the unit renovation.  A 5% assumable loan for $370,000 is available as an added incentive. This 16-family Apartment Complex is priced to sell at $68,750/Key—$1,188,425.00, making it a worthwhile investment. Portfolio Purchase Opportunity: This property and 5437-5445 Page Blvd can both be purchased for $2,250,000. Location Step into a unique opportunity with this 16-family Value-Add Apartment Opportunity is only one of the few apartment buildings in the area.  The majority of the residential dwellings are single-family, with 57% of those being owner-occupied.   This exclusive Location offers easy access to Downtown St. Louis, nestled in the heart of North St. Louis City, in the Mark Twain neighborhood.   The proximity to I-70 ensures a quick, less than 10-minute drive to Downtown St. Louis. Moreover, the excellent public transportation system with two bus routes at Kingshighway and West Florissant, including Route #95 Kingshighway and Route #74 Florissant, provides a convenient connection to all points in St. Louis. Imagine living in a primarily single-family residential area where 57% of all homes are owner-occupied. Cardinal Realty Group, Inc When searching for an investment property, call the Home-town Team at <a href="http://www.cardinalrealtygroup.com">Cardinal Realty Group</a>. The Cardinal can-do attitude gets results as a <a href="http://www.stcharlesrealtors.com/">Realtor</a> and <a href="https://www.ccim.com/">CCIM</a> 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 St Louis further. <a href="https://www.bbb.org/stlouis/business-reviews/commercial-real-estate/cardinal-realty-group-in-arnold-mo-310586471/#sealclick" target="_blank" rel="nofollow noopener"><img style="border: 0;" src="https://seal-stlouis.bbb.org/seals/blue-seal-250-52-bbb-310586471.png" alt="Cardinal Realty Group BBB Business Review" /></a>