Details for Listing #23042850
This 38 unit apartment building in Webster Groves has already had every unit fully renovated and all you need to do is bring the leases to market rent to be operating a 9.5% cap in one of the best central corridor locations of St Louis. The seller did a beautiful job renovating all apartments with IN-UNIT LAUNDRY, stainless steel appliances, granite counters, vinyl flooring and tiled bathrooms but he has not raised rents since he finished the remodel years ago. This is one of few multi-family buildings in Webster that has GARAGE PARKING + a pool. Most of the 1b1b units are at $885/m but the most recent unit was leased for $1200/m only days after becoming vacant. An organized leasing campaign will easily be able to obtain the proforma $1200/m rents for 1b1b units and $1600/m for the 2b1b units. The proforma NOI is $496,080. This property is extremely popular among Webster University students and young professionals looking to live in St Louis County but still be close to St Louis City.
Listed by: The Agency
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