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 2019 was $393,524 with net operating inc of $198,398 which is a 8.8% cap rate with the ability to raise rents and add value. 29 units were recently renovated in 2020 and there have been significant recent capital improvements totaling $318k over the last few years including new HVAC, appliances, a new roof on the 20 unit building, porches, etc. On-site management office, on-site laundry with new cashless washer/dryers installed, large maintenance storage space, camera monitoring system. All-electric complex. Building is currently 85% occupied and rising, historical occupancy above 90%.
Listing courtesy of Invest St. Louis. Selling Office: Invest St. Louis.
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