Harmony Terrace Apartments

$1,675,000
Featured Listing
  • Price $1,675,000
  • Property Type Multi-Family
  • Property status Featured Listing
  • Year Built 1963
  • Units 48

Address

  • Country: United States
  • Postal code / ZIP: 63118
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Description

Harmony Terrace Apartments is a 48 units apartment community located in South St. Louis City Missouri. The Property consist of 48 one bedroom, one bathroom units with an average rent of $471 and the ability to be higher based on similar rental comparables. Harmony Terrace offers forced heat with sleeve units for air conditioning so it’s very efficient in terms of maintenance and low costs. The Property has pitched roofs, off-street parking as well. The Property is being offered at $1,675,000 which generates an 8.86 percent capitalization rate and 15% cash on cash return. Harmony Terrace is located in an area designated “opportunity zone” which provide tax benefits for the new Buyer.



UNIT MIX & ANNUAL SCHEDULED INCOME

UNIT TYPE APPROX.SQFT AVG RENTS MONTHLY MKT RENTS TOTAL
48
1 Bathroom / 1 Bathroom
550
471
22,608
530
25,440

ANNUALIZED INCOME

Description Actual Pro
Gross Potential Rent
Less: Vacancy
Misc. Income
Effective Gross Income
Less: Expenses
Net Operating Income
Debt Service
Net Cash Flow after Debt Service
Principal Reduction
Total Return
$271,296
($21,704)
$2,160
$251,752
($103,404)
$148,348
($106,114)
$42,234
$27,603
$69,837
$305,280
($15,264)
$2,160
$292,176
($107,686)
$184,490
($106,114)
$78,375
$27,603
$105,979

UNIT

MEMORANDUM

  • 48 Unit Apartment Community
  • Solid Brick Buildings with Pitched Roofs
  • Employment, Entertainment and Dining Nearby
  • Offered at a 8.86% Cap Rate
  • 15% Cash on Cash
  • Located In designated in "OPPORTUNITY ZONE" Several Tax Benefits

Harmony-Terrace_OM.pdf Download

Contact

Get Directions

Contact

Mike Zangara

Property Agent
1750 S. Brentwood Blvd Suite 600 St. Louis MO 63144
mzangara@mo-apartmentadvisors.com
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