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Multifamily

Elm Tree Apartments

3701 Keokuk St, St. Louis, MO 63116

Listing Price: $1,070,000

Cap Rate
8.50%
Number of Units
24
GRM
7.05
Occupancy
95.0%
Price/Unit
$44,583
Price/Gross SF
$74.31
Gross SF
14,400

Investment Overview

Marcus & Millichap is pleased to present for your acquisition review Elm TreeApartments in St. Louis, Missouri.

The Elm Tree Apartments is a 24-unit stabilized asset with sixteen 1-bedroom units and eight 2-bedroom units. The property, which was original constructed in 1915, consists of two separate buildings sitting on a little more than half an acre with 14,400 leasable square feet at Keokuk Street and Giles Ave. Investors will be walking into a complex that has already benefited from a massive influx of capital expenditures carried out by the current landlord. This year the owner spent more than $100,000 stripping the old layers of the roof off and installing a brand new TPO roof along with metal hatches with lockable access. Beyond that, all water heaters and nearly all furnaces have been replaced in the last 5 years. Each plumbing stack has been updated to PVC, including the sewer laterals. The updated electrical provides 100 amp service in the basement coupled with 60 amp serviceto each unit tied to new fuses with breakers.

Crucial updates arent the only strong selling point. In addition to below market rents, Elm Tree Apartments sits directly in the path of progress. In the last two years the average household income in the surrounding 3-mile area has jumped an astonishing 15.74% ($67,703). Undoubtedly, the complexes position in the Dutchtown community sets investors up for an influx of new renters relocating to the rapidly evolving near south side district. Healthcare giants like BJC (4.5 miles from property) and SSM (2.5 miles from property) have begun construction on more than $1.4 billion of expansions.

Elm Tree Apartments provides investors a rare opportunity to acquire an asset that can realize both immediate increases in rents before maturing into its long-term value growth due to its location in St. Louis booming revitalization.

Investment Highlights

  • Stabilized Asset with 24 Total Units | 16 One Bedrooms and 8 Two Bedrooms
  • 3-Mile Average HH Income Spiked More than FIFTEEN Percent Over the Last 2 Years
  • Positioned Within 5 miles of more than $5 BILLION of New Developments
  • Entirely New TPO Roof + Metal Roof Hatches

Exclusively Listed By

Broker of Record

  • Bradley Barham

    First Vice President Investments

    (314) 889-2500

    License(s) MO: 2013016939

    Missouri

Listing Price: $1,070,000

Cap Rate
8.50%
Number of Units
24
GRM
7.05
Occupancy
95.0%
Price/Unit
$44,583
Price/Gross SF
$74.31
Gross SF
14,400

Investment Highlights

  • Stabilized Asset with 24 Total Units | 16 One Bedrooms and 8 Two Bedrooms
  • 3-Mile Average HH Income Spiked More than FIFTEEN Percent Over the Last 2 Years
  • Positioned Within 5 miles of more than $5 BILLION of New Developments
  • Entirely New TPO Roof + Metal Roof Hatches

Investment Overview

Marcus & Millichap is pleased to present for your acquisition review Elm TreeApartments in St. Louis, Missouri.

The Elm Tree Apartments is a 24-unit stabilized asset with sixteen 1-bedroom units and eight 2-bedroom units. The property, which was original constructed in 1915, consists of two separate buildings sitting on a little more than half an acre with 14,400 leasable square feet at Keokuk Street and Giles Ave. Investors will be walking into a complex that has already benefited from a massive influx of capital expenditures carried out by the current landlord. This year the owner spent more than $100,000 stripping the old layers of the roof off and installing a brand new TPO roof along with metal hatches with lockable access. Beyond that, all water heaters and nearly all furnaces have been replaced in the last 5 years. Each plumbing stack has been updated to PVC, including the sewer laterals. The updated electrical provides 100 amp service in the basement coupled with 60 amp serviceto each unit tied to new fuses with breakers.

Crucial updates arent the only strong selling point. In addition to below market rents, Elm Tree Apartments sits directly in the path of progress. In the last two years the average household income in the surrounding 3-mile area has jumped an astonishing 15.74% ($67,703). Undoubtedly, the complexes position in the Dutchtown community sets investors up for an influx of new renters relocating to the rapidly evolving near south side district. Healthcare giants like BJC (4.5 miles from property) and SSM (2.5 miles from property) have begun construction on more than $1.4 billion of expansions.

Elm Tree Apartments provides investors a rare opportunity to acquire an asset that can realize both immediate increases in rents before maturing into its long-term value growth due to its location in St. Louis booming revitalization.

Exclusively Listed By

Broker of Record

  • Bradley Barham

    First Vice President Investments

    (314) 889-2500

    License(s): MO: 2013016939

    Missouri

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