$999,000
1916-1922 Menard st is an 8-unit multifamily property in the heart of Soulard right in between Dukes and Great Grizzly. Half of the units are two-level 1015sqft 2bed/1.5bath that bring in $1356/month on average. The other four units are 1bed/1bath units that bring in $929/month on average. Currently the property brings in $9140/month or $109,680 annually. The total Expenses are $29,186 annually so the current Net Operating Income is $75,009 accounting for 5% vacancy. At the list price, the property has an in-place Cap Rate of 7.5%. The entire exterior of the property is brick and has some of the most beautiful architectural features you will find in all of the midwest. All of the windows in the rear are brand new and most of the deck in backyard is also new. The property features a big private backyard that is rare for the neighborhood. The property has Central Air and every unit has it's own electric/gas meter so the tenants pay a lot of their own utilities, keeping the expense ratio low. Currently, all of the tenants do laundry in the shared washers/dryers provided in the basement... this presents an EASY VALUE ADD OPPORTUNITY by simply adding in-unit laundry. 2bed/1.tbaths with in unit laundry in Soulard get $1650/month on average and 1beds get $1250. By just adding laundry to all the units, you should bring in $11,600/month or $139,200 annually. With the same expenses, this would make the Proforma NOI $110,010 and make the cap rate 11% at the current list price. Soulard is one of the easiest areas to lease/ keep a property full in St Louis as it is one of the most popular destinations for young professionals to live right after graduating college. Soulard is also where a lot of Saint Louis University and A.T. Still Dental students desire to live. Anheuser Busch headquarters is less than a 20 minute walks away and a large majority of employees choose to live in Soulard. Soulard is home to arguably the #2 largest Mardi Gras celebration in the St Louis. Increase your cashflow even more by turning some, or possibly all of the units into AirBnB/ short term rentals. AirBnBs are allowed in Soulard and with the combination of close proximity to downtown, dozens of bars/ restaurants and the fact there are no hotels in Soulard- you could really rake it in! The neighboring multifamily property has had amazing success with doing mid-term rentals and leasing to SSM Health/ Barnes Jewish Hospital nurses on a month-to-month basis for super high rents! The walkability of the property is truly unmatched... get your groceries at the amazing Soulard Farmers Market, grab coffee at the Protagonist or Goshen, get brunch at Hammerstones, lunch at Bogarts BBQ (best ribs in STL), grab a burger at Jack Nolen's (best burger in STL), catch any game at the Mizzou themed bar Rays or Dukes right next door, enjoy a bite to eat with live music at McGurks or 1860s, party at Mollys or Big Daddys or D's Place... the list goes on! This property is currently 100% occupied cash flowing a lot + has tons of upside + is in great condition in one of the best/ most historic areas of St Louis! Call to schedule a tour before it's too late! See the Rent Roll, expenses, additional photos and additional info in the supplements!
26057850
MLS
⋅
ACTIVE UNDER CONTRACT
Status
1916 Menard St, St Louis