2111 Bellevue Ave, Maplewood, MO 63143

Property Description

Bellevue Heights is a rare value-add opportunity at scale, sixty one-bedroom units across two solid 1972 buildings on a single 1.9-acre parcel in the heart of Maplewood. The heavy lifting is already underway. Thirty-six of the sixty units are renovated, thirteen lease-ready with final inspections passed and the balance being finished by the seller before closing, while the twenty-four classic units remain fully occupied, so the buyer inherits a scoped finish-and-fill business plan rather than an open-ended construction project. The renovated units live like new construction, with bright, open kitchen-and-living layouts, wide wood-look plank flooring, crisp white shaker cabinetry, stone-look counters, and full stainless steel appliance packages including refrigerator, range, dishwasher, and microwave, paired with clean modern baths and generous natural light throughout, and they are proven at $945 per month. Offered at $6,900,000, or $115,000 per unit, reflecting a 7.70% cap rate on the fully-rented roll underwritten to actual expenses, with $531,174 of net operating income. And the setting only strengthens the story. Maplewood is one of the most beloved and walkable neighborhoods in St. Louis, and the property sits just a block from the Manchester Road and Sutton Boulevard district, the first Green Dining District in the nation, lined with independent restaurants, coffee houses, boutiques, and a Saturday farmers market, with Schlafly Bottleworks and world-ranked Side Project Brewing around the corner. It is central to everything that drives St. Louis rental demand, minutes from the Clayton business district, Forest Park and The Muny, Washington University, and the BJC and Cortex medical-research corridor, with the Maplewood-Manchester MetroLink station and Highway 44 access close at hand, and top-rated Maplewood-Richmond Heights schools adding a genuine ten-out-of-ten demand driver. Offering Memorandum available. Shown by appointment.