5315 Cabanne Avenue, St. Louis, MO for sale

Investment Overview

The Cabanne Castle is a three-story Tudor-style brick condominium building in the West End, totaling approximately 31,898 sq. ft. It includes 42 units: (24) 1-bed 1-bath and (18) 2-bed / 1-bath. Market rent for the 1 bedrooms is $1,285 based on 24 single bedroom apartments within a mile in the last year, 2 bedrooms avg rent is $1,476 based on 21 apartments in the last 18 months. There is also the ability to add 3-6 additional units in the lower level. Pro forma income once renovated and stabilized is $647,562 with net income of $420,916. The lower level offers 24 underground parking spaces and room for tenant storage. This multi-family rehab is ideal for developers or investors. While the project needs completion, many plans and permits have already been approved by the city (some will require renewal). Completed improvements include demolition, new rear and side windows, tuckpointing, framing, and leveled floors. The building is ready for mechanical, electrical, and plumbing installation. An adjacent lot is available if desired and can be used for additional parking. Historic tax credits are available. The lower level offers potential for added units, a lounge, or a gym. Estimated ARV: $5.8M Estimated Completion Cost: $3M-$4M Potential Tax Credits: $1.25M-$1.8M. There is potential for 1.2M-$2.2M equity upon completion, in addition to the tax credits. Seller will consider all reasonable offers. Asking price is available for 30 days only!

Investment Highlights

• Historic tax credits are available for the project.
• Opportunity to convert the underground lower level into 6 additional units which
• could possibly be added with additional egress added for the units. There is also
• potential to add a lounge and gym in the lower level.
• Approximate after repair value is $5,800,000 ($138,095 per unit).
• Approximate cost to complete the project is $3,000,000 ($71,428 per unit).
• Approximate purchase plus renovation costs are $4,000,000 ($95,238 per unit).
• Potential 32% equity after completion of the project with a 10.5% cap rate.
• With projected renovation costs of $3,000,000 with combined state and federal tax credits at 45% of qualified expenses there is the potential for tax credits in excess of $1,000,000.
• There is also potential for property tax abatement through the city of St. Louis.