$459,000

3605 Meramec

St Louis MO, 63116

Description

Well maintained 14 unit mixed-use building with 10 apartments and 4 commercial spaces. There are 4 one-bed units and 6 efficiency units, all have balconies. Great for someone looking for a turn-key investment or a business owner who could have their business in the building and have tenants pay the mortgage. Building generated $73,548 in income in 2018 with $24,011 in exp creating a net inc of $49,537 which is a 10.7% cap rate. The inc for 2019 is on track for very similar inc and exp. Plenty of room to raise the rents, market rent for these units is approx $495 for the studios, $525-$550 for the 1 beds and $550-$700 for the comm units depending on the space. The building is solid, plumbing and electric have been updated and 7 of the 10 residential units have recently undergone cosmetic makeover with new laminate flooring, new hotel style heating and AC wall units. Any vacant units will be made rent-ready and filled prior to closing. Seller is licensed agent in state of MO.

Details

MLS#19067245
Sub-TypeResale
StatusActive
Year1926
Days On Site16

Features

SQ Feet14,216
Building(s)1

Market Activity 63116

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Area Information

StateMO
CountySt Louis City
CitySt Louis
Zip Code63116
AreaSouth City
Listing VS Median (in 63116)
Price:
$459,000
low | high
Med:
$134,900
100% of Average
SqFt:
14,216
low | high
Med:
2,599
100% of Average
$ / SqFt:
$32
low | high
Med:
$52
10.757187488735% of Average
On Site:
16
low | high
Med:
101
15.841584158416% of Average
Listing Updated: 09/20/2019
MLS Number: 19067245
Listing Provided By:
Jordan Schoen  of  Invest St. Louis