Back on market due to no fault of seller ** latest 1 bed just leased for $845/mo**Immaculate 9 unit apartment building in desirable Webster Groves! Loads of updates. New shingle roof 2015, thermal replacement windows, 8 of 9 kitchens and baths are upgraded/renovated, some with higher end finishes, newer HVAC units, gleeming hardwood floors, brand new commercial grade water heater. 6 garages plus 4 offstreet parking makes it easy to lease these apartments. Some units with below market rents and are being increased as they turn - rent upside for next owner! Cap rate with current rents is 6.88% and 7.25% with market rents (9+% cash-on-cash). Approaching 23% 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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