3672 Russell Boulevard
- Building Improvements:
- 8 of 12 Units Have Most Recent Updated Finished
- TPO Roof
- Windows Replaced
- Complete Tuckpoint
- PVC Stacks
- All New Plumbing With Unit Renovations
- Water Lines Replaced
- Units Updated To All Electric
- In Unit Laundry Added To All Units
- Plaster & Lathe Replaced With Drywall Throughout
- All Bathrooms Were Renovated
- Luxury Vinyl Flooring Installed
- Exposed Brick Walls
- Granite Countertops
Property Description
Rare opportunity to purchase a fully renovated 12-unit multifamily property located in the highly desirable Shaw neighborhood of St. Louis, one of the city’s most sought-after rental markets. Built in 1907, this historic building is walkable to Tower Grove Park and the Missouri Botanical Garden and is conveniently located near major employment centers, universities, parks, hospitals, shopping, and dining. The property consists of six 1-bedroom units and six 2-bedroom units, providing a balanced and attractive unit mix for investors. All twelve units have been renovated, including complete bathroom updates, updated plumbing, in-unit laundry, replacement of plaster walls with drywall, conversion to all-electric systems. Eight of the units feature the most recent high-end finishes, which include luxury vinyl flooring, upgraded kitchen cabinets with granite countertops. The building also retains attractive historic features, including original marble walls, a skylight, and original tile flooring in the entry areas. Tenants also benefit from rear porches and a courtyard area. Extensive capital improvements include a TPO roof, new windows, complete tuckpointing, new PVC stacks, water lines. The building was converted to an all-electric system, water heaters were replaced, making this a turnkey investment with minimal deferred maintenance. HVAC line sets and thermostat wiring have been run throughout the property, making future system replacements easier and more efficient. Current rents demonstrate strong historical occupancy and long-term tenancy, while still providing clear upside. Based on Rentometer data, average market rents for one-bedroom units are $1,304, based on 21 one-bedroom apartments within 0.75 miles over the last year. Average market rents for two-bedroom units are $1,406, based on 9 two-bedroom apartments within 0.75 miles over the last year. This property offers the opportunity to raise rents and add value with minimal additional cost. The basements have a large footprint, tall ceilings, and easy access for potential egress windows and entry doors, creating the possibility of adding additional apartments. There are only a handful of 10+ unit apartment buildings in Shaw, and they rarely reach the open market.Broker Details
Invest In St. Louis 314-325-6201
MLS ID: JSCHOEN State License Number: 2009024331
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,750,000 |
| No. of Units: | 12 |
| Year Built: | 1907 |
| Opportunity Zone: | No |
| Price per unit: | $145,833 |
| Property Website | Click Here |
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