814 N 19th St
- Outstanding value add opportunity at a remarkable basis
- $45,333/unit entry basis — incredible basis for a building of this quality
- $232/month rent upside with ability to execute business plan immediately
- $618/mo avg rents. Conservative $895/mo market rent - many area 1 bed rents start at $1,000/mo.
- 66.7% occupancy, predominantly month-to-month leases — flexibility from day one
- State & Fed Historic Tax Credit eligibility potentially offsets renovation capital
- 2006 full gut redevelopment — plumbing, electrical, windows, and more - all systems already modernized
- Close proximity to the $1.7 billion NGA West campus — and $457 million new MLS Stadium
- Entire City Block - Additional lots add further parking or amenity offerings
Property Description
FRANKLIN SCHOOL APARTMENTS Incredible Basis and Value-Add Opportunity at $45,333/Unit — Fully Renovated Historic Asset with Immediate Upside, Steps from the Largest Federal Investment in St. Louis History & the new $457 million MLS Stadium. THE OPPORTUNITY SRG is pleased to offer to qualified investors the Franklin School Apartments, a 75-unit, four-story, 77,127 SF historic conversion — originally built in 1909 as a school designed by prominent architect William Ittner and fully redeveloped in 2006 through a Historic Tax Credit renovation executed by HBD Construction, including all-new plumbing, electrical, HVAC, windows, and much more. The property leased to full occupancy within four months of that delivery, and nearly two decades later its core building systems remain sound, giving a buyer a renovation plan focused on cosmetic updates and lease-up rather than deferred infrastructure risk. VALUE-ADD THESIS At 66.7% occupancy with a predominantly month-to-month rent roll, the 25 vacant units here allow for a new owner to begin renovating and leasing immediately. Average in-place rents of $618/unit sit $232 below the $850/unit market average across 74 one-bedroom units and one studio, putting substantial upside within reach on nearly the entire building. Historic Tax Credit eligibility at the state and federal level further offsets renovation capital, and two attached grass lots add optionality for future parking or amenity development. LOCATION Franklin School Apartments sits in Downtown West, less than one mile from the new NGA West headquarters — the $1.7 billion National Geospatial-Intelligence Agency campus and the largest federal investment in St. Louis history, bringing approximately 3,150 employees directly into the submarket. Just to the south, the new MLS Stadium (Energizer Park) was recently completed for $457 million and is a huge attraction and development catalyst for the neighborhood. THE BOTTOM LINE A structurally sound, systems-renovated historic asset at $45,333/unit, a $232/month rent delta with an immediate lease-up runway, tax credit upside, and a location benefiting from the largest federal investment St. Louis has ever seen — Franklin School Apartments delivers outsized value-add potential with minimal execution risk.
Broker Details
Salient Realty Group 314-451-7471
MLS ID: GALAFSER State License Number: 2015014613
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,400,000 |
| No. of Units: | 75 |
| Year Built: | 1909 |
| Lot Size: | 2.09 Acres |
| Opportunity Zone: | No |
| Price per unit: | $45,333 |
| Property Website | Click Here |
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