Multifamily

Raineth SFR Portfolio

9419 Bristol Ave, St. Louis, MO 63114

Listing Price: $17,850,000

Cap Rate
7.52%
Number of Units
505
GRM
3.74
Occupancy
85.00%
Price/Unit
$35,347
Price/Gross SF
$34.42
Gross SF
518,578

Investment Overview

Marcus & Millichap is pleased to present a rare and unique opportunity to purchase 505 rental homes in working-class neighborhoods throughout Cincinnati, St. Louis, and Kansas City. 112 homes are located in Cincinnati, 267 homes in St. Louis, and 126 homes in Kansas City. The portfolio is roughly 85 percent occupied and rapidly increasing as current rents are some of lowest in their respective markets with average rents of $730 per month. Homes range from one-bedroom to five-bedroom, with the majority consisting of two and three-bedrooms. Average home size is 1,027 square feet and range from 500 to 2,755 square feet.
Nearly all homes are rented to market rate tenants, however comparable properties listed on GoSection8.com show there is significant upside in rents. Cincinnati and Kansas City tenants are responsible for all utilities, including lawncare. Water, sewer and trash are the owner's responsibility in St. Louis; however tenants are now being charged a flat-rate fee included in the rent to offset this cost. Most homes are equipped with washer and dryer hook ups while a select few already have washers and dryers installed.

Investment Highlights

  • 112 Homes in Cincinnati, 126 Homes in Kansas City and 267 Homes in St. Louis
  • Priced Below Replacement Cost and Median Sales Prices of Homes in the Area
  • $35,000 per home - 35% Below Zillow Estimates for Available Homes
  • 93% of Homes Have Been Rehabbed, Remainder are in Process with the Exception of Three

Exclusively Listed By

  • Scott D. Harris

    Senior Managing Director Investments

    (630) 570-2220

    Email Scott

    License(s): IA: S58247000, WI: 15869-090, IN: RB14049474, IL: 475.139778

    Chicago Oak Brook

  • Samuel McCarthy

    Associate

    (630) 570-2233

    Email Samuel

    License(s): IL: 475.176464

    Chicago Oak Brook

Broker of Record

  • Bradley Barham

    First Vice President Investments

    License(s): MO: 2013016939

    Missouri

Listing Price: $17,850,000

Cap Rate
7.52%
Number of Units
505
GRM
3.74
Occupancy
85.00%
Price/Unit
$35,347
Price/Gross SF
$34.42
Gross SF
518,578

Investment Highlights

  • 112 Homes in Cincinnati, 126 Homes in Kansas City and 267 Homes in St. Louis
  • Priced Below Replacement Cost and Median Sales Prices of Homes in the Area
  • $35,000 per home - 35% Below Zillow Estimates for Available Homes
  • 93% of Homes Have Been Rehabbed, Remainder are in Process with the Exception of Three

Investment Overview

Marcus & Millichap is pleased to present a rare and unique opportunity to purchase 505 rental homes in working-class neighborhoods throughout Cincinnati, St. Louis, and Kansas City. 112 homes are located in Cincinnati, 267 homes in St. Louis, and 126 homes in Kansas City. The portfolio is roughly 85 percent occupied and rapidly increasing as current rents are some of lowest in their respective markets with average rents of $730 per month. Homes range from one-bedroom to five-bedroom, with the majority consisting of two and three-bedrooms. Average home size is 1,027 square feet and range from 500 to 2,755 square feet.
Nearly all homes are rented to market rate tenants, however comparable properties listed on GoSection8.com show there is significant upside in rents. Cincinnati and Kansas City tenants are responsible for all utilities, including lawncare. Water, sewer and trash are the owner's responsibility in St. Louis; however tenants are now being charged a flat-rate fee included in the rent to offset this cost. Most homes are equipped with washer and dryer hook ups while a select few already have washers and dryers installed.

Exclusively Listed By

  • Scott D. Harris

    Senior Managing Director Investments

    (630) 570-2220

    Email Scott

    License(s): IA: S58247000, WI: 15869-090, IN: RB14049474, IL: 475.139778

    Chicago Oak Brook

  • Samuel McCarthy

    Associate

    (630) 570-2233

    Email Samuel

    License(s): IL: 475.176464

    Chicago Oak Brook

Broker of Record

  • Bradley Barham

    First Vice President Investments

    License(s): MO: 2013016939

    Missouri

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