UPDATED:
Key Details
Property Type Multi-Family
Sub Type 5 Family or More
Listing Status Active
Purchase Type For Sale
Square Footage 77,127 sqft
Price per Sqft $44
Subdivision Franklin School Resub
MLS Listing ID 26050885
Style Historic
Year Built 1909
Annual Tax Amount $18,697
Lot Size 2.660 Acres
Acres 2.66
Property Sub-Type 5 Family or More
Property Description
At 66.7% occupancy with a predominantly month-to-month rent roll, the 25 vacant units here allow for a new owner to begin renovating and leasing immediately. Average in-place rents of $618/unit sit $232 below the $850/unit market average across 74 one-bedroom units and one studio, putting substantial upside within reach on nearly the entire building. Historic Tax Credit eligibility at the state and federal level further offsets renovation capital, and two attached grass lots add optionality for future parking or amenity development.
Franklin School Apartments sits in Downtown West, less than one mile from the new NGA West headquarters — the $1.7 billion National Geospatial-Intelligence Agency campus and the largest federal investment in St. Louis history, bringing approximately 3,150 employees directly into the submarket. Just to the south, the new MLS Stadium (Energizer Park) was recently completed for $457 million and is a huge attraction and development catalyst for the neighborhood.
A structurally sound, systems-renovated historic asset at $45,333/unit, a $232/month rent delta with an immediate lease-up runway, tax credit upside, and a location benefiting from the largest federal investment St. Louis has ever seen — Franklin School Apartments delivers outsized value-add potential with minimal execution risk.
Location
State MO
County St Louis City
Area 5 - North
Interior
Interior Features Elevator, High Ceilings
Cooling Central Air
Fireplace N
Appliance Dishwasher, Dryer, Microwave, Oven, Washer/Dryer
Laundry Laundry Room
Exterior
Exterior Feature Courtyard
Parking Features false
View Y/N No
Private Pool false
Building
Lot Description City Lot
Level or Stories Three Or More
Structure Type Brick
Schools
Elementary Schools Jefferson Elem.
Middle Schools Yeatman-Liddell Middle School
High Schools Vashon High
School District St. Louis City
Others
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Nearby School & Business
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