3009 Pennsylvania Ave StSt. Louis, MO 63118

Property Details for 3009 Pennsylvania Ave St

Year built

1893

Property type

Apartment buildings

Description

This exceptional 27-unit apartment building, the Grant School Apartments, presents a compelling value-add investment opportunity in St. Louis, Missouri. Originally constructed in 1893 and completely redeveloped in 2005, the property boasts 27,300 square feet of net rentable space. The unit mix includes ten 1-bedroom/1-bathroom units, one 2-bedroom/1-bathroom unit, and sixteen 2-bedroom/2-bathroom units. Six units have recently undergone cosmetic renovations, featuring updated kitchens with stainless steel appliances and quartz countertops, renovated bathrooms, new appliances, central air conditioning, and new flooring. Common areas have also been recently updated. The property offers significant rental upside potential, with market rents for 1-bedroom units at $1,013 and 2-bedroom units at $1,407. Currently, the property is in a decontrol period until approximately December 14, 2025, allowing for market-rate leasing as units become vacant. Off-street secured parking is available. The asking price is $2,600,000, representing a price per unit of $96,296.30 and a pro-forma cap rate of 10.75% with a pro-forma NOI of $279,620. The sale is subject to Missouri Housing Development Commission transfer procedures. Located in the desirable Tower Grove East neighborhood at 3009 Pennsylvania Ave, St. Louis, MO 63118, this property offers a strong return on investment and significant growth potential.

Location Insight

City

St. Louis

County

State

Missouri

Latitude

38.602

Longitude

-90.2322

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