Property
Beds
None
Full Baths
None
1/2 Baths
None
Year Built
1966
Sq.Footage
36,537
Concord Place is a 50-unit property that is positioned for immediate rent growth with below-market rents and strong local demographics, allowing new ownership to implement a value-add strategy and push rents through targeted renovations. • Built in 1966, Renovated in 2017-2018 (new roofs in 2022) • 5 Buildings, 50 total units across 2.09 acres • Mix of 1- and 2- bedroom units (60% two-bedrooms) • Avg. in-place rent: $960/ unit (below market rents of $1,094 for 1BR and $1,355 for 2BR) • 96% occupancy with strong in-place cash flow • Recent capex expenditures over 500,000, including new roofs, interior upgrades, and exterior improvements • Value-add potential through interior updates and adding washers/ dryers in units (currently only 2 units equipped) • Prime location near Lindbergh Blvd, Tesson Ferry Rd, and I-270 with nearby developments like Tesson Ridge and new retail (including Chick-fil-a) • Asking price is $6,500,000 ($130,000 per unit)
Features & Amenities
Interior
-
Total Bedrooms
N/A
-
Bathrooms
N/A
-
Above Grade Finished Area
36537.0
-
Basement YN
YES
-
Cooling YN
YES
-
Cooling
Central Air
-
Fireplace YN
NO
-
Heating YN
YES
-
Heating
Electric
-
Pet friendly
N/A
Exterior
-
Garage
No
-
Construction Materials
Brick
-
Other Exterior Features
Courtyard
-
Parking
Asphalt
-
Pool
No
-
Waterfront YN
NO
Area & Lot
-
Lot Size(acres)
2.092
-
Property Type
Residential Income
-
Property Sub Type
Multi Family
-
Architectural Style
Apartment Style
Price
-
Sales Price
$5,900,000
-
Sq. Footage
36, 537
-
Price/SqFt
$161
HOA
-
Association
No
School District
-
Elementary School
Long Elem.
-
Middle School
Robert H. Sperreng Middle
-
High School
Lindbergh Sr. High
Property Features
-
Foundation Details
Concrete Perimeter
-
Ownership
Private
-
Senior Community YN
NO
-
Water Source
Public
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Location
County
St. Louis
Elementary School
Long Elem.
Middle School
Robert H. Sperreng Middle
High School
Lindbergh Sr. High
Listing Courtesy of Matt Bukhshtaber , CBRE
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