Central West End Commercial Redevelopment Opportunity. Prime location next to St Louis University and Cortex. 15,132 SF Building (3 floors @5,044 each). Former Law Offices since 1970's, Vacant and needs renovation. Potential uses include multi-family student housing, office space, co-working, micro apartments, mixed use with retail or restaurant on the first floor. Location and high rents for student housing make this an attractive conversion. Spec drawings and renderings are available for 18 apartments with 6 apartments on each floor with (14) one bedroom and (4) two bedroom apartments. With market rent for updated 1 beds close by renting from $1,252-$1,370 and 2 beds from $1,195 to $1,795 there is the potential for $22,308-$26,360 in gross monthly income and $267,696-$316,320 in annual gross income based off of rent comps. With a 40% expense/vacancy of the gross rent the net income could range from $160,617-$189,792. Rear parking lot with 12 spaces. Located in an opportunity zone.
Listing courtesy of Invest St. Louis.
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