4 Bruce Drive
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 more than $1.6 million in capital improvements. Updates include electrical system upgrades, central air installation, and modernization of building infrastructure. The property is currently 93% occupied, with rents positioned below market levels, creating a clear value-add opportunity as leases renew and units stabilize. Select units have been intentionally left vacant to accommodate showings. 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. The property has a shared maintenance agreement with the 3 four families in the cul de sac, with control of the budget and vendors. It covers exterior common areas, landscaping, lawn care, snow removal, parking, and shared electric. Costs are split by unit count, with the 32 units responsible for 72.73% of shared costs across the 44 total units.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,700,000 |
| Year Built: | 1963 |
| Lot Size: | 8,379.00 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
| Number of Bedrooms: | 32 |
| Number of Bathrooms: | 32 |
ID: 3yd-MARISMO-26013512
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