4648 Gravois Avenue

Description

The Drake Apartments is a cash flowing 20-unit property in the heart of Bevo Mill, a neighborhood rich with St Louis history. Consisting of 16 one bed/one bath residential units and 4 untapped commercial units. A true value-add opportunity with significant upside potential. The roof was fully replaced in 2020 and light renovation on 14 of 16 residential units. New HVAC has been purchased but not installed for the first floor commercial space. Strategies for increasing NOI include completing renovation and leasing the 6,450 sf of commercial space, raising residential units rents to market rate, renovating and leasing the vacant residential unit, leasing 1,000 sf out-building for storage and converting three apartments to 2 bed. This building has a unique cut-out in the middle of the second and third floor that allows for each of the interior units to have windows receiving natural light. Located on major commercial corridor close to amenities, employers and easy access to highways.