About this property

Established in 1757, the French settlement of Carondelet has a rich and impressive history and overlooks the Mississippi River. This 2-bldg. package features 8 apartments and 2 commercial units. The latter is leased to a long-term tenant (a church) and features a large open area with a smaller warehouse in the rear w/garage door opening into the parking lot. Apartments are mix of 6 studios and 2 1-bed units. Window AC & boiler heat included w/rent. Gas water heaters, PVC stacks. Parking in rear & on-street Roofs/gutters new '16. 7425 S. Broadway: 1-story, built in 1936, 2,774 sf. 7427-29 S. Broadway: 3-stories, built in 1896, 11,473 sf. 14,247 sf total. Nearby are restaurants like Stacked STL, a grocery store, independent businesses like Perennial Artisan Ales microbrewery, plus parks, River City Casino, and I-55. Using a pro forma $650 for the vacant units, current income is 85,380 - operating expenses of 37,735, NOI is 47,645 - an 11.34% cap rate at asking price.

Features and Additional Information