Value-Add Apartment Opportunity

• Significant Value-Add Opportunity: Through stabilization of property, immediate rent increases, and completion of unit renovation.
•  16 1-Bedroom/1-Bath Units
• Average Size 600 SF
• Current Rents are $595-$620-Rentometer for a similar Property is $706
• Assumable $370,000 5% Loan
• Breakeven Occupancy 25%
• Large fenced-in In Yard
• Desirable Location only 10-Minutes from Downtown St. Louis
• Priced to sell at $68,750/Key
• Portfolio Purchase Opportunity: This property and 5437-5445 Page Blvd. can both be purchased for $2,250,000.

Property Description

4981 Rosalie Street, St. Louis, MO, is a 16-unit, 2-story L-shaped apartment Building with a rich history, constructed in 1928.  All 16 units are 1-bedroom, 1-bath with rear door access to a private level fenced yard.  The units are approximately 600 SF with tall 8+ Ft ceilings.  Currently, 9 units are rented (56%), with 7 vacant units.  Kitchens are complete with gas stoves/ranges and refrigerators.  Some units have central air/heat, and others have window units.  Tenants pay for Natural Gas and Electric.  Each apartment has 100 AMP electric service.  Most windows have been replaced with aluminum replacement windows.  Some of the vacant units need extensive work.  Monthly rents are $595-$620.  Proforma Net Operating Income is $89,132 with all units occupied, a promising figure.  Break-even occupancy is 24.9%.  This property has many upsides; according to “RentoMeter.com” in this neighborhood, the average rent for a similar-sized apartment is $706 a month, a potential for increased revenue.  Priced to sell at $68,750/Key-$1,100,000.00, a worthwhile investment. Portfolio Purchase Opportunity: this property and 5437-5445 Page Blvd can be purchased for $2,250,000. Interior Description: Step into the charm of the 1920s with our apartments, featuring tile and marble entranceways.  These spacious 1-bedroom apartments offer a large full bath with a tub.  Interior features include high ceilings over 8 feet high, arch doorways, and spacious kitchens. What sets us apart is the direct access from the kitchen to a rear-fenced yard, perfect for play, BBQ, or relaxation.  Kitchen appliances include Gas ranges/stoves and Refrigerators.  Enjoy the character of wood or laminate Floors and newer aluminum windows with blinds in most units.  Some units offer the comfort of central air/heat, while others feature window units for AC. Location: Step into a unique opportunity with this 16-family Apartment Building, one of the few in the area. The majority of the residential dwellings are single-family, with 57% of those being owner-occupied. This exclusive Location offers easy access to Downtown St. Louis, nestled in the heart of North St. Louis City, in the Mark Twain neighborhood. The proximity to I-70 ensures a quick, less than 10-minute drive to Downtown St. Louis. Moreover, the excellent public transportation system with two bus routes at Kingshighway and West Florissant, including Route #95 Kingshighway and Route #74 Florissant, provides a convenient connection to all points in St. Louis.