3656-3660 Bates St St St. Louis, MO 63116

This exceptional investment opportunity presents an eight-unit apartment building located at 3656-3660 Bates Street in St. Louis, Missouri, 63116. The property, built in 1940, comprises a two-story building encompassing 10,584 square feet on a 12,070 square foot lot. Each of the eight units features two bedrooms and one full bathroom, and all have undergone significant updates in recent years. Recent improvements include a new roof (2021), a new foundation (2022), four new HVAC systems, and four new hot water heaters. Exterior enhancements include a new concrete patio and walkway, new decks and stairways, and tuckpointing. The property also benefits from a secure electronic entry system and a rear parking pad. Currently fully leased with low turnover, this stabilized investment boasts a pro-forma NOI of $59,533 and a pro-forma cap rate of 7.45%. The asking price is $799,000, representing a price per unit of $99,875 and a price per square foot of $75.49. Its prime location offers convenient access to public transportation, major highways, shopping, dining, the YMCA, Carondelet Park, and Holly Hills. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a desirable St. Louis neighborhood.