3457 Miami St St St. Louis, MO 63118

Property Details for 3457 Miami St St

Property type

Residential income homes

Description

This exceptional investment opportunity presents two beautifully renovated duplexes located in St. Louis, Missouri, at 3457 Miami St (63118) and 3136 Chippewa St (63118). The properties boast a combined total of four units, offering a compelling return on investment. The first duplex, situated on a 5,097 sq ft lot, features six bedrooms and four bathrooms across 2,588 sq ft. It currently houses two tenants, one paying $1,850 per month and the other $1,850 per month ($1,639 + $211 Section 8). The second duplex, located on a 6,347 sq ft lot, also comprises six bedrooms and four bathrooms, spanning 3,922 sq ft. Both units in this duplex have the potential to rent for $1,650 per month, with one unit already under contract. The properties are currently generating a net operating income (NOI) of $46,000 annually, with a pro-forma NOI projected at $84,000. This translates to a current cap rate of 5.75% and a pro-forma cap rate of 10.50%. The asking price is $800,000, or $200,000 per unit. The properties are classified as Class B and are currently stabilized, with an occupancy date of August 1, 2024. This turnkey investment offers a rare opportunity to acquire a well-maintained, income-producing multifamily portfolio in a desirable St. Louis location. The recent renovations ensure the properties are in excellent condition, ready for immediate income generation.