Buy & Hold (Multifamily): (68 Units) St. Louis, MO 63107 + UNAVAILABLE
- Oct 25, 2021
- 2 min read
Updated: Jan 20, 2024
Multifamily Investment Opportunity Available
Acquisition Price
$3,500,000
Property Highlights
68 Units Total
Built 1987
58 Apartments / 12 Townhomes
Forced Heat Central Air
Blocks for NGA 1.7Billion Development
Huge Floorplans
Washer/Dryer in Unit
Near NGA Creating 3,000 New Jobs
Offered at an 8% CAP RATE
15% CASH ON CASH RETURN!
Great opportunity to invest in the solid market of St. Louis, MO. This apartment complex is an amazing opportunity near the National Geospatial Intelligence Agency (NGA), a 1.7 Billion dollar development, employing over 3,000 jobs and scheduled to open in 2025. The NGA will make a huge impact on the economy in North City while improving property values and overall area. Now is the time to take advantage of this massive development! The Subject Property is currently operating at a twenty percent cash on cash return, 9.1% cap rate at list price. The owner has done a fantastic job updating units and stabilizing the property, however there's still substantial room to increase rents. Currently the monthly income is $43,000 with the potential to be $51,000 with all residents paying market rents. The units offer, forced heat, central air, washer dry in unit, vinyl flooring, massive floors plans (1,000+SF), updated plumbing and electric, new appliances and kitchens....the list goes on and on. Proof Of Funds required for all additional information, please email sarter@promiselandrealtyllc.com
MAP:
Income, Expenses & Cash Flow
Gross Scheduled Income $503,040
Total Vacancy and Credits ($25,134)
Operating Expenses ($206,004)
Net Operating Income $271,902
Debt Service ($167,812)
Cash Flow Before Taxes $104,089
Financial Indicators
Cash-on-Cash Return Before Taxes 15.31%
Debt Coverage Ratio 1.62
Capitalization Rate 8.00%
Gross Rent Multiplier 6.76
Gross Income / Square Feet $7.09
Gross Expenses / Square Feet ($2.90)
Operating Expense Ratio 43.11%
"BRICK BY BRICK"
PROMISE LAND REALTY, LLC
Work: 313-307-6616
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*
Comments