Great Fourplex in St. Louis (near airport)

Property Description

• Offers are due Wed the 7th at 9 am.  Response deadline of Thurs the 8th at 9 pm.
• Fantastic investment opportunity.
• Clean and, well-maintained four-family property.
• Three units are leased with long-term tenants.
• The fourth unit has been recently updated and is available for lease.
• All the units are 2 bed, 1 bath with individual storage areas in the basement.
• They all have individual laundry hook-ups.
• The units have central air.
• There is a large parking lot in the rear of the building for tenant use.
• All four units may be viewed with an accepted contract.
• Note: Two units are under market because of long-term tenants.
  • Unit C, the vacant unit, has applications pending at $840/month.

The owner is also responsible to pay for:

• According to the Seller – currently paying:
  • Water, sewer, trash. New tenants are paying $45/month and the two existing tenants will get that added this year at renewal.
  • There is a public lighting bill each month from Ameren that the owner pays.
  • Lawn care
  • Tenants are solely responsible for their electricity and gas with 2 of the units. and Spire.
• and also:
  • The owner is paying these utilities, however, ew tenants are paying a portion with rent to cover.
  • #B – $45
  • #C – $45 when it re-rents.
  • #A and #D will get the $45 added on renewals this year.

Available documents

• Analysis excel
• LB disc.
• Rental Property Rider
• Seller disc.

SDI’s Property Manager’s Feedback

The area is ok and the units are about the right quality for the area.
It would be nicer to have the bathrooms and kitchens updated, but I think $825 is going to be your average rent amount for this area for a basic updated unit.
We manage several units similar to this one and $800-$825 is the average.
You could get $900 but you would have to do a big renovation on it to make the place feel brand new and I don’t know if it would be worth the cost.