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Key Details
Property Type Multi-Family
Sub Type 2-4 Units
Listing Status Active
Purchase Type For Sale
Square Footage 2,398 sqft
Price per Sqft $66
Subdivision St Louis Commons Add
MLS Listing ID 26062873
Style Traditional
Year Built 1912
Annual Tax Amount $1,764
Lot Size 3,428 Sqft
Acres 0.0787
Property Sub-Type 2-4 Units
Property Description
Built in approximately 1912, the property contains approximately 2,396 square feet across two spacious residences, at an attractive $66 per sq ft. The apartments feature large rooms, high ceilings, generous kitchens and the character associated with historic South City construction. There is the potential to easily convert the units by adding a wall and closet to one of the living rooms. The building also provides a full shared basement and rear yard. These features create a strong foundation for targeted cosmetic improvements without requiring a complete reconfiguration of the existing floor plans.
One unit is currently occupied at $875 per month, while the vacant unit has recently been marketed between approximately $875 and $925. At $875 per unit, the property would generate approximately $1,750 in monthly scheduled rent when fully occupied. Comparable two-bedroom rentals in the surrounding market are generally advertised from approximately $950 to $1,100, with higher rents possible for more extensively updated residences. Improvements to kitchens, bathrooms, flooring and finishes provide a direct path to higher rental income and a more competitive position within the 63118 rental market.
There is potential equity and upside with the building, a nearby property at 3617 Minnesota sold for $300,000 following a renovation, establishing the upper end of the market for a finished product. This spread gives a buyer a clear value-add strategy: create additional bedrooms if desired, raise rents either as is or with additional updates to the units, and create additional equity and income.
Location
State MO
County St Louis City
Area 2 - Central East
Rooms
Basement Other
Interior
Heating Forced Air, Natural Gas, Varies by Unit
Cooling Ceiling Fan(s), Central Air, Electric
Fireplaces Number 2
Fireplaces Type Wood Burning
Fireplace Y
Appliance Gas Water Heater
Laundry Laundry Room
Exterior
Pool None
View Y/N No
Building
Water Public
Level or Stories Multi/Split
Structure Type Brick
Schools
Elementary Schools Meramec Elem.
Middle Schools Fanning Middle Community Ed.
High Schools Roosevelt High
School District St. Louis City
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Nearby School & Business
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