4156 Folsom Avenue

Description

Rare opportunity to purchase under-rented 10 and 8 unit multi-family buildings next door to each other in the Botanical Heights neighborhood. 18 total units across 3 buildings with total square footage exceeding 13,000 sq ft. 13 of 18 units are occupied, with current rents below market. 7 units have been renovated with 4 in process of renovation which will be completed prior to closing. There is the potential to add value and raise rents significantly in the future - these units rented at market rates would yield $13,050 of gross rental income a month, $156,600 annually based on $725 rents. There are rent comparables for similar size apartments nearby that rent from $750-$1,350 depending on amenities and updates. Located in close proximity to Forest Park, Washington University School Of Medicine, St. Louis University, University Of Health Science And Pharmacy In St. Louis, Botanical Gardens and Tower Grove Park. Addresses are 4156 Folsom (10 units) and 4164 Folsom 63110 (8 units).