$485,000
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!
26063729
MLS
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COMING SOON
Status
1035 Geyer Ave, St Louis
