Location, location, location!!! Very rare opportunity to acquire a multi-family historic building in a popular historic St. Charles downtown area. Recently renovated and 100% occupied 9-unit apartment building - 3 one bedrooms and 6 large studio apartments with 10' ceilings. Rents below market, well positioned to increase rents substantially by making cosmetic changes. A great value-add opportunity, all 9 leases have been renewed till spring 2019, listed at an attractive 8.3% cap rate. Conveniently located on a popular 5th street, very smooth running and low maintenance. New architectural shingles, new gutters, new hallway flooring, interior hallway paint. Enjoy Main Street, Frenchtown, and all the activities of city living. Within minutes of Main Street, Lindenwood University, Ameristar Casino, Shopping centers, Restaurants, Bars. Parks, and St. Johns Hospital. Walking distance to River Front, Main Street, and Frontier Park. Owner is a licensed real estate professional.
Listing courtesy of Apartment Advisors of America LLC.
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