Longfellow Apartments

Price on call
Featured Listing
  • Price Price on call
  • Property Type Multi-Family
  • Property status Featured Listing

Address

Address: 3029 Lafayette Avenue
  • Country: United States
  • Province / State: Missouri
  • City / Town: St. Louis
  • Postal code / ZIP: 63104
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Description

Located in St. Louis’ “The Gate” neighborhood, this community is centrally located near a number of attractions and
businesses such as the South Grand Entertainment District, SSM Health Saint Louis University Hospital, SLU Campus and
the Compton Hill Reservoir Park. Additionally, Longfellow Apartments is situated near the new $210 million dollar City
Foundry STL complex which will boast over 400,000 square feet of restaurant, dining, entertainment and office space which
is set to open in Spring 2020. Also, Longfellow Apartments is within proximity to St. Louis’s MLS Stadium. Ideally located
between both major highways, HWY 64/40 & HWY 44 this community is just a short commute for your renter’s to
Downtown, West County or Kirkwood.

Longfellow Apartment Community is an amazing turn key investment opportunity that underwent a complete transformation
and renovation in 2018 and showcases 32 one bedroom/one bathroom apartments. This community is tax abated through
2023 and brings 11% cashoncash return with “real expenses.”

High level summary of renovations 2017/2018:

  • All new electric furnaces in 30 units
  • All new appliances in all units
  • All new windows on all units
  • Flooring in all units
  • All new toilets and Vanities
  • About 70% have new kitchen cabinets (others had been updated in last few years)
  • About 30% got granite countertops
  • Added new laundry room with water heater and electric panel
  • All new concrete walkway and patios and dividing fences
  • Added a new 30car parking lot (curb cut, curbs, asphalt, fencing, and sidewalks)
  • New security gates and callbox
  • New electric service and meters for all 32 units


UNIT MIX & ANNUAL SCHEDULED INCOME

UNIT TYPE APPROX.SQFT AVG RENTS MONTHLY MKT RENTS TOTAL
32 1Bed/1Bath 600 $647 $700

ANNUALIZED INCOME

Description Actual Pro
Effective Gross Income $253,996 $273,504

UNIT

MEMORANDUM

Contact

Mike Zangara

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