449-463 Olian- Well maintained side by side 4 families with large 1,000 sq ft, 2 bed 1.5 bath town-home units located in a quiet subdivision. Buildings are fully leased with gross rents of $6,500 a month and $78,000 annually. After expenses and vacancy the net annual income is $51,254 which is a 8.4% cap rate. There is plenty of potential with the ability to raise rents. Current rents range from $775-$895, if the rents in all of the units were raised to $895 the buildings would generate an additional $660 a month and $7,920 a year for a net income of $55,009 creating a 9.1% cap rate. There are apartments one block away with the same layout that rent for $1,200 a month. Apartments are easy to rent with updated kitchens and baths, additional lower level family room, in unit laundry, off street parking with dedicated parking spot, newer windows throughout, newer roofs, some newer furnaces and condensers. There is a park with playground behind the buildings. Buildings to be sold together.
Listing courtesy of Invest St. Louis.
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