Sold
Private Address
Price upon request
Sold
61,946 sqft
Commercial
Built in 1906
Exquisite Trophy property in the heart of Soulard***36 loft-style apartments in an iconic Ittner-designed former school building***Existing Fannie Mae financing to be assumed - 3.62% interest with 8.5 years remaining - well below current market rates!***Gracious entryway and hallways with impressive scale and elegance - feels like a quality hotel***top-to-bottom renovation in 2017, loft-style apartments with 10-12+ foot ceilings, huge windows providing ample natural lighting, refinished concrete and original hardwood floors, original built-ins from former school days, designer lighting, gym, numerous outdoor spaces on the 1.59 acre lot. Solar panels reduce building electric costs, 33 car gated, secured parking lot plus the nicest 11 car garage you'll ever see. 18.43% projected 10 year IRR with existing loan assumed. 6.21% cap rate and 10.87% cash-on-cash on Y1 proforma. 6.15% cap on May RR. Add in-unit laundry to boost cash-on-cash returns into the 13-14% region. Qualified buyers only
22037009
MLSⓇ ID
March 21, 2024
Updated
Map
Private Address
Interior Features
Laundry Description
Common Laundry
Fireplace
No
Cooling
Yes
Cooling Description
Electric
Heating
Yes
Heating Description
Forced Air
Exterior/Building Features
Lot Size
1.59 Acres
Sewer
Public Sewer
School Information
School District
St. Louis City
High School
Vashon High
Elementary School
Peabody Elem.
Other Property Details
Area Name
South City
Taxes
$12,948
Tax Frequency
Annually
Days on Market
120
Association Amenities
Some Balc/Some Terrc, Fitness Center
Garage
No
Parking
Space/Unit - 1, Parking Garage, Security Parking
View
No
County
St Louis City
Water Source
Public
Pool
No
Buyer Agency Compensation
1.0%
Courtesy of RE/MAX Results, Paul J Cunningham
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