SoldJun 28, 2024

Listed by Tammy Derrigan

Bought with Evan Vishion

Source: Mid America Regional Information Systems, Inc. #24034149

3623 Virginia Ave, St. Louis, MO, 63118

Amount undisclosed

3400 sq. ft.
4639 sq. ft.

MultiFam

29 days on the market

Sold: Jun 28, 2024

What's around 3623 Virginia Ave

About this property

Investors, this solid 4-family building has the heavy lifting completed but there's room to add value by upgrading finishes and raising rent. Units feature LR w/decorative fireplace, large kitchen, bath, & private bedroom. 2019 renovations included moving kitchens to the middle, making a private bedroom in the back; kitchen cabinets, stainless steel appliances, in-unit laundry, and some new vanities & mirrors completed the work in the units. Also new in 2019: some furnaces & water heaters, roof on main building, some exterior work. Window AC, updated electric panels. Rentometer shows average rent of $789. Did you see the 4-car garage? Previously rented for $150, it could easily go for more to a hobbyist. Current rents + pro forma $750 for the vacancy = annual income of 30,660, less 2023 expenses of 11,403 = NOI of 19,257, an 8.75% cap at asking price. Increase rents and add garage tenant for even better results. Buyer to verify all building information for themselves. Sale is as-is.

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