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Multifamily

Chapel View Apartments

4249 Michigan Ave, St. Louis, MO 63111

Listing Price: $7,500,000

Cap Rate
8.25%
Number of Units
120
GRM
7.15
Occupancy
90.5%
Price/Unit
$62,500
Price/Gross SF
$92.99
Gross SF
80,652

Investment Overview

Since acquiring the property in September 2020, ownership has significantly enhanced both the aesthetic and structural aspects of this 120-unit brick building. In the fall of 2020, a new Air Conditioning Compressor & Pump was installed, followed by the replacement of the Boiler in early spring 2021. Our maintenance team has undertaken the replacement of multiple waste plumbing stacks, having completed nine out of twelve stacks, along with the laundry stack and horizontal drain assemblies. Planned upgrades include the installation of a new water pump, which was delayed to prioritize internal plumbing enhancements necessary to support increased water pressure.

Upon acquisition, the building's occupancy stood at approximately 55 percent, with several tenants in arrears and others classified as nuisance tenants necessitating their removal. As a result, occupancy temporarily declined to 40 percent. Through concerted efforts led by Bryan Martin, onsite Property Manager, and our ownership team, occupancy has steadily increased and currently stands at nearly 75 percent as of May 2024. With all infrastructure upgrades finalized, attention has turned towards replacing hallway carpeting with durable solid-surface flooring. Anticipated improvements are proceeding as scheduled, aiming for full occupancy by early fall 2024.

Ownership has made substantial investments in both internal and external infrastructure, enhancing approximately 50 percent of the units with new cabinetry and upgrading appliances in approximately 80 percent of the units. Additional improvements include the enhancement of the secured parking area with an updated gate entry system in 2023, and replacement of the secured entry keyless door system for building access. Elevator equipment was also upgraded and rebuilt in 2024.

Chapel View has established a partnership with St. Patrick’s Center on several housing initiatives, prominently including the Transition in Place Veteran Program underwritten by the VA. These programs operate under a Master Lease, ensuring rents and utilities are set at Fair Market Value annually.

Investment Highlights

  • 120 Apartment Units
  • 8.25 Percent Capitalization Rate
  • 10.93 Percent Cash on Cash

Exclusively Listed By

Multifamily

Chapel View Apartments

Listing Price: $7,500,000

Cap Rate
8.25%
Number of Units
120
GRM
7.15
Occupancy
90.5%
Price/Unit
$62,500
Price/Gross SF
$92.99
Gross SF
80,652

Investment Highlights

  • 120 Apartment Units
  • 8.25 Percent Capitalization Rate
  • 10.93 Percent Cash on Cash

Investment Overview

Since acquiring the property in September 2020, ownership has significantly enhanced both the aesthetic and structural aspects of this 120-unit brick building. In the fall of 2020, a new Air Conditioning Compressor & Pump was installed, followed by the replacement of the Boiler in early spring 2021. Our maintenance team has undertaken the replacement of multiple waste plumbing stacks, having completed nine out of twelve stacks, along with the laundry stack and horizontal drain assemblies. Planned upgrades include the installation of a new water pump, which was delayed to prioritize internal plumbing enhancements necessary to support increased water pressure. Upon acquisition, the building's occupancy stood at approximately 55 percent, with several tenants in arrears and others classified as nuisance tenants necessitating their removal. As a result, occupancy temporarily declined to 40 percent. Through concerted efforts led by Bryan Martin, onsite Property Manager, and our ownership team, occupancy has steadily increased and currently stands at nearly 75 percent as of May 2024. With all infrastructure upgrades finalized, attention has turned towards replacing hallway carpeting with durable solid-surface flooring. Anticipated improvements are proceeding as scheduled, aiming for full occupancy by early fall 2024. Ownership has made substantial investments in both internal and external infrastructure, enhancing approximately 50 percent of the units with new cabinetry and upgrading appliances in approximately 80 percent of the units. Additional improvements include the enhancement of the secured parking area with an updated gate entry system in 2023, and replacement of the secured entry keyless door system for building access. Elevator equipment was also upgraded and rebuilt in 2024. Chapel View has established a partnership with St. Patrick’s Center on several housing initiatives, prominently including the Transition in Place Veteran Program underwritten by the VA. These programs operate under a Master Lease, ensuring rents and utilities are set at Fair Market Value annually.

Exclusively Listed By

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