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$ 495,000
Est. payment /mo
Active
2711 Gravois AVE St Louis, MO 63118
6,381 Sqft Lot
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Subdivision Labadie & Lynchs Add
MLS Listing ID 25060841
Style Apartment Style
Year Built 1885
Annual Tax Amount $823
Lot Size 6,381 Sqft
Acres 0.1465
Property Description
Situated in Fox Park, close to the Benton West neighborhood of St. Louis, MO, this redevelopment project offers investors the chance to transform a historic brick building into a valuable income-generating asset while utilizing available state and federal historic tax credits. The current owner envisions a multifamily structure featuring 4-5 units on the first floor, 4 units on the second floor, and two spacious units on the third floor. A nearby new multifamily development is achieving rental rates exceeding $1.50 per square foot, suggesting that these apartments could potentially yield $9,000 per month and $108,000 annually, not accounting for parking and additional fees.
Investment Highlights:
Highly-trafficked corner of Gravois Ave. in Fox Park, a highly desirable area of South City, St. Louis, MO.
+ Directly across the street from St. Francis de Sales Oratory
+ Potential to build 10 new apartments in an area that can demand $1.50 per sf in rent
+ 9,820 square feet of building eligible for both state and federal historic tax credits
+ The current ownership has undertaken extensive work on the building's foundation and exterior brick, which includes:
- Dismantling a collapsing chimney and reconstructing it to match the historic profile
- Tuckpointing the exterior brick of both the walls and chimneys
- Repairing and replacing essential sections of the exterior brick
- Cleaning the entire exterior of the building using detergent
Investment Highlights:
Highly-trafficked corner of Gravois Ave. in Fox Park, a highly desirable area of South City, St. Louis, MO.
+ Directly across the street from St. Francis de Sales Oratory
+ Potential to build 10 new apartments in an area that can demand $1.50 per sf in rent
+ 9,820 square feet of building eligible for both state and federal historic tax credits
+ The current ownership has undertaken extensive work on the building's foundation and exterior brick, which includes:
- Dismantling a collapsing chimney and reconstructing it to match the historic profile
- Tuckpointing the exterior brick of both the walls and chimneys
- Repairing and replacing essential sections of the exterior brick
- Cleaning the entire exterior of the building using detergent
Location
State MO
County St Louis City
Area 2 - Central East
Rooms
Basement Unfinished
Interior
Cooling None
Fireplace N
Exterior
Parking Features false
View Y/N No
Private Pool false
Building
Water Public
Structure Type Brick
Schools
Elementary Schools Sigel Elem. Comm. Ed. Center
Middle Schools Fanning Middle Community Ed.
High Schools Roosevelt High
School District St. Louis City
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Listed by Corey Egan • CBRE
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