1409 Washington Ave St St. Louis, MO 63103
- Office Properties & Spaces
- 34,234 SF
- 0.31 lot acres
Current Use by Public Records
- Isalis / Women'S Clothing Store / Jewelry Store
- Party City / Costume Store / Party Store
- Skunk Funk / Wholesaler / Clothing Store
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / Outdoor Clothing And Equipment Shop
Property Details for 1409 Washington Ave St
- Year built
- 1919
- Lot size
- 0.31 lot acres
- Property size
- 34,234 SF
- Property type
- Office Properties & Spaces
Description
This five-story, 34,234 square foot Class B office building in St. Louis, MO, presents a compelling value-add investment opportunity. Built in 1919 and renovated in 2015 and 2017, the property boasts 74 office suites with a 77% occupancy rate (as of July 1, 2020) and an average rent of $550.93 per unit. The current NOI is $297,000, with a pro-forma NOI of $481,702, yielding a 10.24% cap rate and a pro-forma cap rate of 16.61%. The asking price is $2,900,000 ($84.71/sq ft). The property includes an adjacent parking lot with 21 spaces, offering additional revenue potential and future development possibilities given its prime location near the City Museum and a new hotel. The building benefits from its proximity to new developments, including a Major League Soccer stadium and the Square Headquarters. Seller financing is available. Significant upside potential exists through rent increases and the addition of amenities to the currently stabilized property. The property features a modified lease type and includes a mix of credit-rated and non-credit-rated tenants.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- St. Louis
- County
- State
- Missouri
- Longitude
- -90.2
- Latitude
- 38.6326
