1342 Gdn Dr StSt. Louis, MO 63138

Property Details for 1342 Gdn Dr St

Year built

1968

Property size (Sq ft)

131,290 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents the chance to acquire Timber Ridge Apartments, a 144-unit multifamily complex located in St. Louis, Missouri. The property boasts 131,290 square feet of residential space spread across 18 two-story buildings, situated on approximately 6.07 acres. Each of the 144 units features two bedrooms and one bathroom. Currently operating at 90% occupancy, the property offers a pro-forma NOI of $550,578 and a pro-forma cap rate of 11.22%. The asking price is $4,950,000, translating to a price per unit of $34,375 and a price per square foot of $37.70. The property is zoned R6 and was built in 1968. Ample parking is available for residents. This bank-owned foreclosure is sold "as-is" with no representations or warranties. While under lender ownership, some units have been renovated and leased, presenting a clear path for an investor to increase occupancy and capitalize on the strong demand for multifamily housing in this area. The property enjoys a convenient location within one mile of several national retailers, including Circle K, McDonald's, Burger King, CVS, and Dollar Tree, and is also close to Interstate 270 and Highway 367.

Location Insight

City

St. Louis

County

St Louis

State

Missouri

Latitude

38.7705

Longitude

-90.2158

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