1228 Washington Ave St St. Louis, MO 63103

Property Details for 1228 Washington Ave St

Year built

1901

Property size

119,584 SF

Property type

Mixed-use properties

Property subtype

Apartment buildings

Description

This stunning 8-story, 119,584 square foot mixed-use building in downtown St. Louis, Missouri presents a significant value-add opportunity. Located at 1228 Washington Ave, zip code 63103, this Class B property, built in 1901 and renovated in 2002, currently houses 48 high-end apartments (floors 4-8), along with creative office space (floors 2 & 3), and two restaurant spaces on the first floor. The asking price is $5,995,000, representing a price per square foot of $50.13 and a price per unit of $124,895.83. The property boasts a pro-forma cap rate of 15.27% and a pro-forma NOI of $915,461. Existing apartments are currently $370 below market rent, offering immediate upside potential. Approved city plans allow for the conversion of the second and third floors into an additional 26 apartments, with an additional 10 units possible on the fifth and seventh floors, potentially increasing the total unit count to 84. A conditionally approved Historic Tax Credit application is in place to offset renovation costs. The building's prime location in the heart of downtown St. Louis provides easy access to the city's attractions, restaurants, and entertainment. The permitted zoning is I (Central Business District). This is an exceptional investment opportunity for those seeking a high-return, value-add project in a vibrant urban setting.

Location Insight

City

St. Louis

County

State

Missouri

Longitude

-90.1983

Latitude

38.6321