7427 Broadway StSt. Louis, MO 63111

Property Details for 7427 Broadway St

Property type

Mixed-use properties

Property subtype

Apartment buildings

Description

This exceptional mixed-use property in St. Louis, MO, presents a compelling investment opportunity. Located at 7427 South Broadway, this offering comprises two buildings totaling 14,247 square feet. The main building, a three-story structure constructed in 1896 (11,473 sq ft), and a one-story building built in 1936 (2,774 sq ft) offer a unique blend of residential and commercial space. The residential component includes eight apartments: six studios and two one-bedroom units. Window air conditioning and boiler heat are included in the rent. The property also features two commercial units currently leased to a long-term tenant (a church), encompassing a large open area and a smaller rear warehouse with a garage door opening to the parking lot. The property includes some off-street parking, supplemented by ample on-street parking. Recent improvements include new roofs and gutters installed in 2016. Gas water heaters and PVC stacks are in place. The property benefits from a prime location near various amenities, including Stacked STL restaurant, a grocery store, Perennial Artisan Ales microbrewery, parks, River City Casino, and Interstate 55. Based on a pro forma of $650 for vacant units, the current annual income is $85,380, with operating expenses of $37,735, resulting in a net operating income (NOI) of $47,645. This translates to a 10.5% capitalization rate at the asking price of $450,000.

Location Insight

City

St. Louis

County

State

Missouri

Latitude

38.5482

Longitude

-90.257

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