$1,445,000
$1,499,000
3.6%For more information regarding the value of a property, please contact us for a free consultation.
15,508 SqFt
SOLD DATE : 01/13/2023
Key Details
Sold Price $1,445,000
Property Type Multi-Family
Sub Type 5 Family or More
Listing Status Sold
Purchase Type For Sale
Square Footage 15,508 sqft
Price per Sqft $93
Subdivision Ashby Heights Apartments
MLS Listing ID 22064551
Sold Date 01/13/23
Year Built 1964
Lot Size 0.670 Acres
Acres 0.67
Property Sub-Type 5 Family or More
Property Description
Ashby Heights Apartments is a 20-unit apartment complex property at 3225-33 Ashby Rd, in St. Louis, Missouri.
Ashby Heights offers a tremendous value add opportunity with a proven cosmetic update plan. 6 of the 20 units have already been updated and are experiencing incredible demand from the rental market.
Ashby Heights Apartments has an in place cap rate of 7.03% and once the cosmetic update plan has been completed, an 8.40% unlevered yield on cost ($1,499,000 purchase + $9,000 x 14 units = $1,625,000 total cost).
The property offers abundant off-street parking (+/- 25 spaces). A new coin operated laundry room has been added to the basement to serve non-updated units while the renovation plan is executed. All units have central air conditioning and heat. The property has walk out basements that provide an option for an owner to offer storage to tenants for additional income.
Location
State MO
County St. Louis
Area 91 - Ritenour
Interior
Heating Forced Air, Natural Gas
Cooling Electric, Gas, Central Air
Fireplace N
Appliance Gas Water Heater
Laundry Other, Washer Hookup, In Unit
Exterior
Parking Features false
Building
Sewer Public Sewer
Water Public
Architectural Style Low/1-2
Structure Type Brick Veneer
Schools
Elementary Schools Buder Elem.
Middle Schools Hoech Middle
High Schools Ritenour Sr. High
School District Ritenour
Others
Ownership Private
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
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