4-16 Bruce Drive
- Extensive Renovations & Capital Investment: Buildings underwent extensive renovations (2022-2026) with over $1.6 million in capital expenditures.
- Prime Location: A short drive to Lambert International Airport and close to major employers, including Boeing and Amazon.
- Efficient Property Layout: Side-by-side buildings provide ease of maintenance and leasing.
- The property is currently 93.75% occupied, with rents positioned below market levels, creating a clear value-add opportunity as leases renew and units stabilize. Market data indicates average rents of approximately $942 for comparable one-bedroom units within a five-mile radius.
- Additional Property Features: Buildings have pitched roofs and large open common areas. Washer/dryer hookups are available, with the potential to add laundry facilities for additional income.
- Priced at approximately $62,000 per unit and $61 per square foot — below recent comparable sales in the area — with roughly $49,000 per unit in capital improvements recently completed.
Property Description
This offering presents a 32-unit multifamily investment opportunity in Florissant, Missouri, consisting of four eight-family buildings located at 4–16 Bruce Drive. Built in the 1960s, the property features one-bedroom units and is part of a larger seven-building apartment community that has undergone extensive renovations between 2023 and 2026 totaling almost $1.6 million in capital improvements, which is nearly the asking price for the property. Updates include electrical system upgrades, central air installation, and modernization of building infrastructure. The property is currently 93.75% occupied and in lease-up, with rents positioned below market levels, creating a clear value-add opportunity as leases renew and units stabilize. Market data indicates average rents of approximately $942 for comparable one-bedroom units within a three-mile radius. Additional property features include pitched roofs, spacious common areas, ample off-street parking, and washer/dryer hookups in each building, with the potential to add shared laundry facilities for additional income. The property is conveniently located minutes from Lambert International Airport and major employers such as Boeing and Amazon, with nearby land planned for future city park development.
Broker Details
Invest In St. Louis 314-325-6201
MLS ID: JSCHOEN State License Number: 2009024331
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,700,000 |
| No. of Units: | 32 |
| Year Built: | 1963 |
| Opportunity Zone: | No |
| Price per unit: | $53,125 |
| Property Website | Click Here |
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