222 Northport Hills Dr Florissant, MO 63033

Property Details for 222 Northport Hills Dr

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of eighteen single-family rental condos located at 222 Northport Hills Dr, Florissant, Missouri, 63033. The portfolio boasts a total net rentable area of 29,700 square feet, with each unit offering approximately 1,650 square feet of living space, featuring a townhouse-style layout with three bedrooms and two and a half bathrooms. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $168,206, resulting in a compelling in-place capitalization rate of 9.09%. Pro forma projections indicate a potential NOI of $181,719 and a pro forma cap rate of 9.82%, showcasing significant upside potential. The property benefits from recent capital improvements, including new roofs, a renovated parking lot, new siding, and the installation of high-efficiency HVAC systems in all units during 2022. All eighteen condos are situated within the same 56-unit complex in St. Louis County, offering convenience and management efficiency. The asking price for this stabilized multifamily investment is $1,850,000, translating to a price per unit of $102,777.78. This portfolio represents a rare opportunity to acquire a well-maintained, high-performing multifamily asset with considerable growth potential in a desirable location. The Class C property offers a strong return on investment with the potential for increased profitability through rent adjustments.

Location Insight

City

Florissant

County

St Louis

State

Missouri

Longitude

-90.2824

Latitude

38.7783