7300-7306 Pennsylvania Ave
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7300-7306 Pennsylvania Ave
8 Unit Apartment Building $450,000 ($56,250/Unit) 7.97% Cap Rate Saint Louis, MO 63111
Investment Highlights
- Partially rehabbed
- Sellers rehabbed 3 units, partially rehabbed 3 more, and installed 4 new window units, water heater, stove, & fridge
- value-add opportunity with some heavy lifting already done
- six 1/1 units and two 2/1 units
- pex water lines, some PVC stacks, copper & romex wiring, gas furnaces, gas & electric water heaters, and some updated windows
- Using a pro forma $750 for vacancies, annual income is 66,000 - operating expenses of 30,134 = NOI of 35,866, a 7.9% cap rate at asking price
Executive Summary
The French settlement of Carondelet (est. 1757) enjoys a rich history and overlooks the Mississippi River. In the heart of it all is this 6,216 sf brick building with six 1/1 units and two 2/1 units. One was a storefront so the layout is different. Sellers rehabbed 3 units, partially rehabbed 3 more, and installed 4 new window units, water heater, stove, & fridge. You’ll find pex water lines, some PVC stacks, copper & romex wiring, gas furnaces, gas & electric water heaters, and some updated windows. One unit is vacant for showing; one is vacant and needs rehab due to a problem tenant. This is a value-add opportunity with some heavy lifting already done. Tenants enjoy living minutes from Carondelet Park, restaurants like Stacked STL, Perennial Artisan Ales, River City Casino, and I-55. Using a pro forma $750 for vacancies, annual income is 66,000 - operating expenses of 30,134 = NOI of 35,866, a 7.9% cap rate at asking price. Financials available as an attachment. The property is two separate tax parcels with four units each; accordingly, buyers don't have to get a commercial loan!
Property Facts
| Price | $450,000 | Apartment Style | Low Rise |
| Price Per Unit | $56,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 7.97% | Building Size | 6,216 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1927 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $450,000 |
| Price Per Unit | $56,250 |
| Sale Type | Investment |
| Cap Rate | 7.97% |
| Sale Conditions | 1031 Exchange |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 6,216 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1927 |
| Opportunity Zone |
Yes |
Unit Amenities
- Eat-in Kitchen
- Hardwood Floors
- Basement
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
1 of 1
Walk Score ®
Very Walkable (76)
Bike Score ®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $73,920 | |
| Land Assessment | $4,110 | Total Assessment | $78,030 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$4,110
Improvements Assessment
$73,920
Total Assessment
$78,030
zoning
| Zoning Code | B |
| B |
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7300-7306 Pennsylvania Ave
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