7351 Lindell Blvd University City, MO 63130

Property Details for 7351 Lindell Blvd

Year built

1931

Lot size

0.29 lot acres

Property type

Commercial real estate

Description

This exceptional Class A mixed-use apartment building, located at 7351 Lindell Blvd in University City, Missouri, presents a compelling investment opportunity. The property, built in 1931 and situated on a 0.29-acre lot, boasts 22 units across three stories in a single building. The permitted zoning is multi-family. The building has undergone a complete renovation, featuring updated kitchens and bathrooms with granite/quartz countertops, in-unit laundry, hardwood/tile floors, new plumbing, electrical systems, windows, and a new roof. Currently, the property includes a mix of studio, one-bedroom, and two-bedroom apartments, along with four ground-level commercial tenants. The current Net Operating Income (NOI) is $241,426, yielding a 6.71% cap rate. However, a pro-forma NOI of $330,635 projects a 9.18% cap rate, reflecting significant upside potential by increasing rents to market rates, currently approximately $250 below market value. The asking price is $3,600,000, translating to $163,636.36 per unit. The property's prime location offers exceptional walkability to Washington University, downtown Clayton, Forest Park, and numerous amenities. The building's strong occupancy rate, primarily with Washington University students, ensures consistent cash flow. Additional income streams could be generated by leasing basement storage units and charging for parking. This stabilized investment presents a rare opportunity to acquire a fully renovated, high-performing asset in a desirable, high-demand location.