7425-7429 S Broadway

11 Unit Apartment Building $420,000 ($38,182/Unit) 11.34% Cap Rate Saint Louis, MO 63111

INVESTMENT HIGHLIGHTS

  • Mixed use: 3 commercial units (currently leased to a church), 8 residential units -6 studios and 2 1-bed units
  • Nearby are restaurants like Stacked STL, grocery, independent businesses like Perennial Artisan Ales microbrewery, plus parks, River City Casino
  • Some off-street parking, plenty of on-street parking
  • Using pro forma $650 for vacant units, current income is 85,380 - operating expenses of 37,735, NOI is 47,645 – a 11.34% cap rate at asking price

EXECUTIVE SUMMARY

Established in 1757, the French settlement of Carondelet has a rich and impressive history and overlooks the Mississippi River. This 2-bldg. package features 8 apartments and 2 commercial units. The latter is leased to a long-term tenant (a church) and features a large open area with a smaller warehouse in the rear w/garage door opening into the parking lot. Apartments are mix of 6 studios and 2 1-bed units. Window AC & boiler heat included w/rent. Gas water heaters, PVC stacks. Parking in rear & on-street Roofs/gutters new '16. 7425 S. Broadway: 1-story, built in 1936, 2,774 sf. 7427-29 S. Broadway: 3-stories, built in 1896, 11,473 sf. 14,247 sf total. Nearby are restaurants like Stacked STL, a grocery store, independent businesses like Perennial Artisan Ales microbrewery, plus parks, River City Casino, and I-55. Using a pro forma $650 for the vacant units, current income is 85,380 - operating expenses of 37,735, NOI is 47,645 – an 11.34% cap rate at asking price.

DATA ROOM Click Here to Access

FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access

ANNUAL ANNUAL PER SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes - -
Operating Expenses - -
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

PROPERTY FACTS

Price $420,000
Price Per Unit $38,182
Sale Type Investment
Cap Rate 11.34%
Sale Condition 1031 Exchange
No. Units 11
Property Type Multifamily
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
Apartment Style Low Rise
Building Class C
Lot Size 0.13 AC
Building Size 14,247 SF
No. Stories 3
Year Built 1896
Parking Ratio 0.28/1,000 SF
Opportunity Zone Yes

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
1+1 8 $657.50 -
Walk Score®
Very Walkable (76)

PROPERTY TAXES

ZONING

Zoning Code F
  • Listing ID: 34073548

  • Date on Market: 12/3/2024

  • Last Updated:

  • Address: 7425-7429 S Broadway, Saint Louis, MO 63111