56 Unit apt complex located on 1.8 acres across the street from Home Heights Park and minutes from downtown Clayton and the airport. Comprised of 10 brick buildings with pitched roofs & plenty of parking for the tenants. 24 two-bed & 32 one-bed apts. Rents have been, and can be, increased to as much as $550 for the 1 beds & $650 for the 2 beds. From August 2018 to July 2019 the property generated $363,261 with a net income of $230,129. With 1 bed rents at $550 & $650 for 2 bed across the board, the gross rent would be nearly $400k/yr, current occupancy is at 96%. There have been updates to many of the units including updated kitchen cabinets, flooring, double pane windows, etc. Other recent capital improvements include emergency fire escapes, welding, and PVC plumbing stack replacement. There is an on-site management company in place which is currently charging a 4% management fee that would be open to continuing to manage the property.
Listing courtesy of Invest St. Louis.
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