Property Description

2417-23 Menard Street presents a rare opportunity to acquire a fully occupied, all-brick historic six-family property in the heart of Soulard - one of St. Louis' most walkable and highest-demand rental neighborhoods, listed at a in-place 7.19% cap rate with a proforma stabilized cap rate of 10.21%. The property consists of five 1-bedroom units and one oversized 3-bedroom / 2-bath unit, currently generating $7,044/month ($84,528 annually) in in-place rental income with additional upside through future lease rollovers and value-add potential. Unit rents are as follows: 2419 ($1,060/mo), 2419-A ($980/mo), 2421 ($1,200/mo), 2421-A ($910/mo), 2423 ($1,120/mo), and 2423-A ($1,774/mo). The property features hardwood floors, exposed brick, soaring ceilings, updated interiors, and in-unit laundry in select units. Recent improvements include a new roof (2020) and new concrete patio (2022), while the massive gated rear yard offers potential for off-street parking or additional outdoor amenities. The building also features a large unfinished attic that provides the opportunity to convert one of the existing 1BR/1BA units into a 3BR/2BA unit by expanding into the attic space, with projected market rent of approximately $2,250/month after completion. Located less than half a mile from Anheuser-Busch and just minutes from Downtown St. Louis, tenants enjoy walking-distance access to Soulard's bars, restaurants, coffee shops, and the historic Soulard Farmers Market - making this one of the most desirable rental locations in the city. This property is currently fully occupied, call agent to schedule a showing, must have preapproval or proof of funds to show. Ask listing agent for additional photos, rent roll, expenses, system ages, etc.

Property Features

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