Situated in Fox Park, close to the Benton West neighborhood of St. Louis, MO, this redevelopment project offers investors the chance to transform a historic brick building into a valuable income-generating asset while utilizing available state and federal historic tax credits. The current owner envisions a multifamily structure featuring 4-5 units on the first floor, 4 units on the second floor, and two spacious units on the third floor. A nearby new multifamily development is achieving rental rates exceeding $1.50 per square foot, suggesting that these apartments could potentially yield $9,000 per month and $108,000 annually, not accounting for parking and additional fees.
Investment Highlights:
Highly-trafficked corner of Gravois Ave. in Fox Park, a highly desirable area of South City, St. Louis, MO.
+ Directly across the street from St. Francis de Sales Oratory
+ Potential to build 10 new apartments in an area that can demand $1.50 per sf in rent
+ 9,820 square feet of building eligible for both state and federal historic tax credits
+ The current ownership has undertaken extensive work on the building’s foundation and exterior brick, which includes:
- Dismantling a collapsing chimney and reconstructing it to match the historic profile
- Tuckpointing the exterior brick of both the walls and chimneys
- Repairing and replacing essential sections of the exterior brick
- Cleaning the entire exterior of the building using detergent
