8700 Crocus, St Louis, MISSOURI 63114

$3,100,000
39,600
SqFt
List Price
$3,100,000
Days on Market
20
MLS#
19040346
Status
ACTIVE
Living Sq. Ft
39,600
Lot Size
78,844
Sq. Ft. Above
39,600
Acres
1.81
Year Built
1959
Age
60
Subdivision
Crocus Court
Municipality
St. John
County
St Louis
Listing Type
Multifamily

Property Description

56 Unit apt complex located 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. Building is currently grossing $381k/yr with a net income of $252k; an 8.1% cap rate. With 1 bed rents at $550 & $650 for 2 bed across the board, the gross rent would be nearly $400k/yr. 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. Current vacancy is under 2% and there have been long waiting lists for tenants wanting to move in.

Additional Information

Gross Operating Income
381600
Total Expenses
$129,123
School District
Ritenour
Elementary School
Marvin Elem.
Jr. High School
Ritenour Middle
Sr. High School
Ritenour Sr. High
Construction
Brick/Stone Msn Pred
Parking Description
Parking Lot
Cooling
Wall Unit(s), Central-Electric, Window Unit(s)
Sewer
Public
Heating
Baseboard, Forced Air, Individual Furnaces
Water
Public
Heat Source
Electric, Gas
Price Per Sq. Ft
78.28
Taxes Paid
38760
Selling Terms
Cash, Conventional, Private, VA, Other

Mortgage Calculator

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Listing courtesy of Invest St. Louis.

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