Opportunity to purchase a large well maintained 86 unit apt complex located on secluded 1.5-acre lot overlooking the Mississippi River. This 46,442 sq ft complex is comprised of 68 one-bed units, 17 two-bed units & one efficiency unit. The total gross inc for 2018 was $400,928 with net operating inc of $205,823 which is a 9% cap rate with the ability to raise rents and add value. 81 units were recently renovated and there have been significant recent capital improvements totaling $233k over the last few years including new HVAC, appliances, a new roof on the 20 unit building, porches, railings and staircases were replaced along with plumbing stacks, tuckpointing and a retaining wall. On-site management office, on-site laundry, large maintenance storage space, camera monitoring system. All-electric complex. 78 of the 86 units are rented, a 91% occupancy rate. Rare opportunity to purchase large profitable multi-fam complex with growth potential. Property mang co interested to stay on.
Listing courtesy of Invest St. Louis.
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