Multifamily Property for Sale in St. Louis, MO

  • Price: $9M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: St. Louis, MO 63101

Description

Historic Building in Downtown St. Louis | The Chemical Building CBRE, as exclusive investment advisor and broker, is pleased to offer for sale The Chemical Building (the “Property”). Designed by famed Chicago architect Henry Ives Cobb, construction of the 17-story building (not incl. the basement) was completed in 1896 and, for many years, was operated as a commercial and office building. Currently vacant, the Property is now ready to be redeveloped to its highest and best use. With wide open and spacious floor plates with generous ceiling heights, the Property is ideally suited for multifamily, hotel, senior living, office, or mixed-use space redevelopment. Located on Olive Street between 7th Street and 8th Street, the Property occupies a 0.33-acre site within the Mercantile Exchange - a trendy and dynamic retail and entertainment district - and is located adjacent to Hotel Saint Louis Autograph Collection and the Old Post Office Plaza. Moreover, the Property is within walking distance of Downtown St. Louis’ many attractions including, but not limited to, the St. Louis Convention Center, The Gateway Arch National Park, and Ballpark Village - a multi-phased mixed-use retail, entertainment, office, and residential district being developed in partnership with the St. Louis Cardinals. The development will span seven city blocks and is directly adjacent to and integrated with the Cardinals’ Busch Stadium. It should also be noted that the Property is located within a Federal Qualified Opportunity Zone, has previously been approved for a 10-Year Tax Abatement, and is approved for Federal Historic Tax Credits and Missouri State Historic Tax Credits. Indeed, The Chemical Building is a property where history meets a bright future, with an opportunity to create refreshing spaces with unique character in a neighborhood alive with optimism and activity. Credits & Tax Abatement The Property has an approved Federal Part 2 Historic Tax Credit (“HTC”) Application and is eligible to receive 20% of Qualified Rehabilitation Expenditures (“QREs”) in the form of an allocation of Federal HTCs.* The property was approved in 2023 for $19,100,000 in State Historic Tax Credits. Pursuant to §3 of the approved Redevelop Agreement with the St. Louis Development Corporation, the Property is eligible for a 10-year real estate tax abatement which starts after substantial completion of the project and furnishment of a Completion Certificate and Tax Abatement Affidavit to the City by the Developer. * Both the Federal HTCs and the Missouri State HTCs are subject to the approved Federal Part 2 HTC Application. Any work performed outside of this scope requires the submission of a continuation/amendment sheet to the Missouri State Historic Preservation Office.

Market Context

This multifamily in St. Louis, MO is listed for sale at $9,000,000. 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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