6201 Arsenal St, Saint Louis, MO for sale

Investment Overview

6201 Arsenal Street is a fully renovated 13-unit multifamily property in St. Louis' 63139 corridor, located near the The Hill, The Clayton Central Business District, Forest Park, The Botanical Gardens, and major city destinations. The property consists of twelve one-bedroom/one-bath apartments and one larger one-bedroom/one-and-one-half-bath residence. The efficient unit mix is complemented by a premium larger unit. Originally developed with mixed-use space, the property was comprehensively renovated and three former commercial spaces were converted into apartments. Improvements include new electrical, plumbing, sewer, HVAC, windows and roof; rebuilt rear decks; tuckpointing; refinished common areas and basements; renovated kitchens and bathrooms; new appliances and fixtures; modernized layouts; and AT&T Fiber infrastructure to every unit. Current base rent is $15,855 per month. All one-bedroom/one-bath apartments renting below $1,250 can be raised to the in place rent for similar apartments at $1,250, producing pro forma base rent of $17,015 per month, creating a measurable path to NOI growth. This property can be purchased with 6008 Southwest Ave. 63139, which was also fully renovated, located a few blocks from the property.

Investment Highlights

• • Fully renovated 13-unit multifamily asset
• • Three commercial spaces converted to residential apartments
• • New roof, windows, electrical, plumbing, sewer and HVAC systems
• • Rebuilt rear decks and completed tuckpointing
• • Modern layouts, kitchens, bathrooms, appliances and fixtures
• • Refinished common areas and basements
• • AT&T Fiber infrastructure to every residential unit
• • Six off-street parking spaces