Saint Louis Multifamily for Sale - St Louis City
The Cabanne Castle is a striking Tudor style three-story brick apartment building built in 1925, totaling approximately 31,898 sq. ft. The building has distinct unique turrets and architectural features, and a large courtyard. 42 Units: (24) 1-bed / 1-bath units and (18) 2-bed / 1-bath units. There is a lower level with 24 underground parking spaces, and space for private storage for tenants. The building is located in the West End neighborhood: .4 miles from the Central West End, .9 miles from Forest Park, 1.5 miles from The Loop, 1.6 miles from Barnes Medical Complex and Washington University Medical School, 2.5 miles from Washington University, and 2.9 miles from Clayton, MO Strong rental demand in the area supported by nearby institutions and entertainment hubs.
Ideal for developers or investors seeking a large-scale multi-family rehab project with key infrastructure already in place. There is an adjacent lot to the west of the building included in the sale which can be used for additional parking. The building needs to be completed, but many plans and permits are already city-approved (some will need renewal). Some of the completed improvements include: Demolition, a new roof, new windows on rear and sides, tuckpointing, framing, floors have been leveled, etc. Ready for mechanical, electrical, and plumbing installation.
Historic tax credits are available for the project. Opportunity to convert the underground lower level into 6 additional units which could possibly be added with additional egress added for the units. There is also potential to add a lounge and gym in the lower level. Approximate after repair value is $5,200,000 ($123,809 per unit). Approximate cost to complete the project is $2,800,000 ($66,666 per unit). Approximate purchase plus renovation costs are $3,899,000 ($92,833 per unit). Potential 25% equity after completion of the project with a 10.7% cap rate. With projected renovation costs of $2,800,000 with combined state and federal tax credits at 45% of qualified expenses there is the potential for tax credits in excess of $1,000,000. There is also potential for property tax abatement through the city of St. Louis.
$3,750,000 30 year loan at 5.5%. Debt service coverage ratio 1.2. Seller financing is available for well-qualified buyers.
