Immaculate 9 unit apartment building in the desirable Webster Groves neighborhood! Loads of updates. Newer shingle roof, thermal replacement windows, majority of the kitchens and baths are upgraded/renovated, some with higher end finishes, many newer HVAC units, gleeming hardwood floors, New asphalt shingle roof, garages plus offstreet parking makes it easy to lease these apartments. Fully leased. Several units are well below most recent lease rate of $795 so there is instant rent upside when those units turn! Cap rate with current below market rents is 6.34% with projected 7.37% cap rate and 11% cash-on-cash return once below market rents are brought to market. 20+% projected 10 year IRR. Turnkey investment in one of st. Louis' most desired inner suburban neighborhoods. Less than 5 minutes to Webster University! Minutes from downtown Maplewood, blocks from I-44 entrance, 10 minutes from Clayton CBD, forest Park, Wash U.
Listing courtesy of Berkadia Real Estate Advisors, LLC.
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