Multifamily Property for Sale in St. Louis, MO

  • Price: $6.3M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: St. Louis, MO 63128

Description

50 Unit Value-Add Multifamily Opportunity in Desirable South County (St. Louis MSA) CBRE, as exclusive marketing advisor, is pleased to present the opportunity to acquire Concord Place Apartments (“the Property”), a 50-unit, garden-style apartment community situated on 2.092 acres in South St. Louis County, Missouri. Constructed in 1966 and renovated from 2017-2018, the residential property includes 36,537 total square feet of rental space throughout five buildings.  Investors have a compelling opportunity to acquire Concord Place Apartments, a well-performing multifamily asset located in the heart of South County St. Louis. The property is positioned for immediate rent growth, with most units coming up in the near future for renovation. This allows new ownership to implement a value-add strategy by updating interiors and pushing rents over the course of the investment period. Concord Place enjoys a prime location in the South St. Louis County area, which is experiencing notable new construction including a Chick-fil-A currently underway and the Tesson Ridge mixed-use development, which will bring additional retail, residential, and commercial activity to the neighborhood. These developments, along with proximity to major roadways and public transit, enhance the long-term value and rent potential of the property. Concord Place is being offered free and clear of encumbrances and below replacement cost.

Market Context

This multifamily in St. Louis, MO is listed for sale at $6,300,000. It has been on the market for 163 days. Compare it against other multifamily listings for sale in St. Louis, MO — <a href="/search/sale/multifamily/missouri/st-louis">view the full market</a>.

As of Q3 2017, the St. Louis multifamily market showed a 4.1% vacancy rate, and rents up 2.3% year over year. Source: Cushman & Wakefield Q3 2017 market report.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

Is the St. Louis multifamily market tightening or softening?
Vacancy is around 4.1%, with asking rents rising year over year (Q3 2017).

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