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Lynne Hart

lynne@saintlouisrealestate.co +1(314) 324-6907

$485,000

Est. payment - /mo

4,012 SqFt

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type 5 Family or More

Listing Status Coming Soon

Purchase Type For Sale

Square Footage 4,012 sqft

Price per Sqft $120

Subdivision Paynes Thomas J Southern Add

MLS Listing ID 26063729

Style Historic

Year Built 1896

Annual Tax Amount $3,500

Lot Size 2,160 Sqft

Acres 0.0496

Property Sub-Type 5 Family or More

Property Description

Great chance to own a 4 unit rental with a separate 1+ detached rental! So, it's FIVE rental units, but you pay residential tax rate because its two separate parcels! It's a great location close to all Soulard has to offer, plus easy access to Hwy 44/55/etc. The TWO bed units are townhouse style (two levels) with a full bath on each floor, and IN UNIT laundry located in the kitchen. Rent potential $1450 month each. The ONE bedroom units are also two level...a main level plus a partially finished basement (laundry in the basement). Rent potential $1250 each. The carriage house is a unique one bedroom, with a loft space as well. Rent potential for this unit is $1250. Monthly potential rent is $6,650 or more...annualized that's $79,800. That would be a 12% cap rate!! Historically 4 of the units have been rented as short term rentals, but the owner is transitioning out of that business. One unit needs updated and is only shown with an accepted offer. Other units are updated (but older updates) and can be shown by appointment. RECENT updates are new mansard roof shingles, new deck on the rear carriage house, and repaired sewer lateral and riser in between the buildings to the alley, new gutters and downspouts on carriage house, new HVAC in unit 2E. The new owner will need to replace the historic windows on the Geyer side, and the alley side of the front building (13 windows). That is the only anticipated/known large expense. But as most old buildings are, there is likely some tuck pointing needs, wood repair, etc. However, depending on your own personal goals and approach, 3 or 4 of these units are ready to rent with pretty minor turnover work (patching and painting and cleaning). Perhaps the new owner could change some light fixtures, faucets, cabinet knobs...etc...to add a little more appeal. Check it out. If you're a investor looking to build some equity, this is a great opportunity!

Location

State MO

County St Louis City

Area 3 - South City

Rooms

Basement Partially Finished, Full, Interior Entry

Interior

Heating Forced Air

Cooling Ceiling Fan(s), Central Air

Flooring Ceramic Tile, Luxury Vinyl

Fireplace Y

Laundry In Unit

Exterior

Parking Features false

View Y/N No

Private Pool false

Building

Water Public

Structure Type Brick

Schools

Elementary Schools Sigel Elem. Comm. Ed. Center

Middle Schools Long Middle Community Ed. Center

High Schools Roosevelt High

School District St. Louis City

Others

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

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Listed by Greg Rybacki • Rybo Properties, LLC

Nearby School & Business

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Lynne Hart

+1(314) 324-6907

Agent License ID: 2015021561

1035 Geyer AVE St Louis, MO 63104

Lynne Hart

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

Nearby School & Business

Get More Information