631 North 5th Street

$553,000
Recently Sold
  • Price $553,000
  • Property Type Multi-Family
  • Property status Recently Sold
  • Units 9

Address

Address: 631 North 5th Street, Saint Charles, MO 63301
  • Country: United States
  • Province / State: Missouri
  • Postal code / ZIP: 63301
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Description

Location, location, location!!! Very rare opportunity to acquire a multi-family historic building in a popular historic St. Charles downtown area. Recently renovated and 100% occupied 9-unit apartment building – 3 one bedrooms and 6 large studio apartments with 10′ ceilings. Rents below market, well positioned to increase rents substantially by making cosmetic changes.All 9 leases have been renewed until spring 2019. Conveniently located on a popular 5th street, very smooth running and low maintenance. New architectural shingles, new gutters, new hallway flooring, interior hallway paint. Enjoy Main Street, Frenchtown, and all the activities of city living. Within minutes of Main Street, Lindenwood University, Ameristar Casino, Shopping centers, Restaurants, Bars. Parks, and St. Johns Hospital. Walking distance to the River Front, Main Street, and Frontier Park.



UNIT MIX & ANNUAL SCHEDULED INCOME

UNIT TYPE APPROX.SQFT AVG RENTS MONTHLY MKT RENTS TOTAL
3 1 Bedroom / 1 Bathroom 600 590 1,770 650 1,950
6 Studio 500 598 3,588 600 3,600

ANNUALIZED INCOME

Description Actual Pro
Gross Potential Rent $64,260 $66,600
Less: Vacancy ($3,213) ($3,330)
Misc. Income $540 $540
Effective Gross Income $61,587 $63,810
Less: Expenses ($14,900) ($15,201)
Net Operating Income $46,687 $48,609
Debt Service ($33,398) ($33,398)
Net Cash Flow after Debt Service $13,289 $15,211
Principal Reduction $8,173 $8,173
Total Return $21,462 $23,385

UNIT


  • 100% Occupied

  • Located in historic downtown St. Charles

  • Close to Lindenwood University, Ameristar Casino, St. Johns Hospital, & Main Street.

MEMORANDUM

To receive a detailed Offering Memorandum, please fill out and submit the form below. We will send you an email with PDF attachment (must have Acrobat Reader). Thank you for your interest!

Contact

Austin Andrews

Property Agent
1750 S. Brentwood Blvd Suite 600 St. Louis MO 63144
(314) 354-9900
aandrews@mo-apartmentadvisors.com
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