7425-7429 S Broadway
11 Unit Apartment Building $420,000 ($38,182/Unit) 11.34% Cap Rate Saint Louis, MO 63111
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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
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$9.99
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Other Income |
-
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-
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Vacancy Loss |
-
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-
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Effective Gross Income |
$99,999
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$9.99
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Taxes |
-
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-
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Operating Expenses |
-
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-
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Total Expenses |
$99,999
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$9.99
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Net Operating Income |
$99,999
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$9.99
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PROPERTY FACTS
UNIT MIX INFORMATION
DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
---|---|---|---|
1+1 | 8 | $657.50 | - |
1 of 1
Walk Score®
Very Walkable (76)
PROPERTY TAXES
Parcel Number | 3054-00-0070-7 | Improvements Assessment | $12,720 (2024) |
Land Assessment | $4,180 (2024) | Total Assessment | $16,900 (2024) |
ZONING
Zoning Code | F |