$3,100,000

8700 Crocus

St Louis MO, 63114

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.

Details

MLS#19040346
Sub-TypeResale
StatusPending - Show
Year1959
Days On Site110

Features

SQ Feet39,600
Building(s)1

Market Activity 63114

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Area Information

StateMO
CountySt Louis
CitySt Louis
Zip Code63114
AreaRitenour
Listing VS Median (in 63114)
Price:
$3,100,000
low | high
Med:
$91,000
100% of Average
SqFt:
39,600
low | high
Med:
1,392
100% of Average
$ / SqFt:
$78
low | high
Med:
$66
65.897623759423% of Average
On Site:
110
low | high
Med:
50.5
100% of Average
Listing Updated: 09/17/2019
MLS Number: 19040346
Listing Provided By:
Jordan Schoen  of  Invest St. Louis