1027 Caroline Drive, Washington, MO 63090

Building Details

Year built

1974

Floors in Building

2

Number of units

115

Building materials

Brick

Architectural style

Other

Listing agent Garen Lafser License #2015014613 Show Phone

Listing office Salient Realty Group, LLC g***@salientrealtygroup.com 1000 S. Newstead Ave Ste 2, St. Louis, MO Show Phone

Listing date Jun 15, 2026

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MLS# 26038016 Listing URL

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Overview

This 115-unit value-add multifamily portfolio includes two residential communities: an 89-unit flagship complex and a 26-unit garden community. The unit mix is centered on two-bedroom homes, with 80% of the units being 2 beds. The portfolio is supported by a proven renovation-based rent-up approach, with 2/3 of the units renovated and 1/3 remaining as part of the ongoing model. Based on the provided figures, the portfolio shows an 8.05% in-place (T3) cap rate and a 9.41% proforma stabilized cap rate. The seller also cites a market rent spread of at least $137 per unit per month across the non-renovated units.

The property is located at 1027 Caroline Drive in Washington, Missouri, in Franklin County. The remarks reference local demand indicators including 4% vacancy and 2.2% annual population growth in Franklin County.

For buyers seeking a larger apartment ownership with an operational improvement component, the portfolio’s documented renovation staging and two-community structure can support a clear execution plan. The emphasis on 2-bedroom units may be particularly relevant for operators evaluating how the current mix aligns with tenant demand in the immediate submarket.

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

• Map
• Local Demand

City

Washington

County

Franklin

State

Missouri

Longitude

-91.00180976

Latitude

38.53944178

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FAQs

What type of property is this?

Apartment building - Value-add 115-unit multifamily portfolio with a strong 2-bedroom mix and documented renovation-based rent-up approach.

Where is this apartment building located?

The property is located at 1027 Caroline Drive Washington, MO.

What is the asking price?

The asking price for this property is $10,500,000.

What are key features of this property?

This property features: 115‑unit multifamily portfolio with an 89‑unit flagship complex and a 26‑unit garden community; Value‑add profile: 8.05% in‑place (T3) cap and 9.41% proforma stabilized; Strong unit mix with 80% of units as 2 beds