For Sale $395,000 - Apartment Building
This is an incredible opportunity to own a 6-unit multifamily in the highly desirable city of St. Charles, MO, right on 5th Street! Building is across from SSM Hospital. Walking distance to the riverfront, restaurants, downtown St. Charles, parks, the Katy Trail, and Lindenwood University.
125 S 5th St is a classic example of a non-investor undercapitalizing their opportunity, which means you get to maximize your ROI with little to zero improvement expense. Here are the major points of this opportunity.
1. Existing owner is paying internet and cable for all tenants, at a cost of almost $3500/year
2. Existing owner is paying all utilities for tenants. Gas and electric come to almost $7,500/year
3. Rents are under market rent by $9400/year (for current condition)
By implementing a utility bill-back, eliminating internet and cable, and correcting rents alone (free or nearly free to implement), you can increase NOI by $20,400.
4. After implementing the above you can consider other value-add such as:
– adding onsite laundry (direct revenue increase)
– charged parking (there is outside and inside parking) (direct revenue increase)
– converting garage into 1 or 2 units (direct revenue increase)
– improving outside recreation area (soft value add)
– adding recreation areas on two flat rooftops (soft value add)
The SouthSide Investment Club does not verify property information. Do your own due diligence on all properties.