Franklin School Apartments

Highlights:

• Outstanding value add opportunity at a remarkable basis
• $49,333/unit entry basis — incredible basis for a building of this quality
• $232/month rent upside with ability to execute business plan immediately
• $618/mo avg rents. Conservative $895/mo market rent - many area 1 bed rents start at $1,000/mo.
• 66.7% occupancy, predominantly month-to-month leases — flexibility from day one
• State & Fed Historic Tax Credit eligibility potentially offsets renovation capital
• 2006 full gut redevelopment — plumbing, electrical, windows, and more - all systems already modernized
• Close proximity to the $1.7 billion NGA West campus — and $457 million new MLS Stadium
• Entire City Block - Additional lots add further parking or amenity offerings

Description:

FRANKLIN SCHOOL APARTMENTS
Incredible Basis and Value-Add Opportunity at $49,333/Unit — Fully Renovated Historic Asset with Immediate Upside, Steps from the Largest Federal Investment in St. Louis History & the new $457 million MLS Stadium.

THE OPPORTUNITY
SRG is pleased to offer to qualified investors the Franklin School Apartments, a 75-unit, four-story, 77,127 SF historic conversion — originally built in 1909 as a school designed by prominent architect William Ittner and fully redeveloped in 2006 through a Historic Tax Credit renovation executed by HBD Construction, including all-new plumbing, electrical, HVAC, windows, and much more. The property leased to full occupancy within four months of that delivery, and nearly two decades later its core building systems remain sound, giving a buyer a renovation plan focused on cosmetic updates and lease-up rather than deferred infrastructure risk.

VALUE-ADD THESIS
At 66.7% occupancy with a predominantly month-to-month rent roll, the 25 vacant units here allow for a new owner to begin renovating and leasing immediately. Average in-place rents of $618/unit sit $232 below the $850/unit market average across 74 one-bedroom units and one studio, putting substantial upside within reach on nearly the entire building. Historic Tax Credit eligibility at the state and federal level further offsets renovation capital, and two attached grass lots add optionality for future parking or amenity development.

LOCATION
Franklin School Apartments sits in Downtown West, less than one mile from the new NGA West headquarters — the $1.7 billion National Geospatial-Intelligence Agency campus and the largest federal investment in St. Louis history, bringing approximately 3,150 employees directly into the submarket. Just to the south, the new MLS Stadium (Energizer Park) was recently completed for $457 million and is a huge attraction and development catalyst for the neighborhood.

THE BOTTOM LINE
A structurally sound, systems-renovated historic asset at $49,333/unit, a $232/month rent delta with an immediate lease-up runway, tax credit upside, and a location benefiting from the largest federal investment St. Louis has ever seen — Franklin School Apartments delivers outsized value-add potential with minimal execution risk.

Situated in Downtown West, one of St. Louis's most dynamic and rapidly developing submarkets, the Franklin School Apartments sit at the heart of a neighborhood defined by handsome brick architecture, historic character, and a wave of modern reinvestment. Downtown West draws a diverse mix of young professionals, families, and creatives, fueled by affordable living, walkability, and immediate proximity to the economic engine of downtown.

The property is in close proximity to many large scale projects and landmarks. The new NGA West headquarters, the $1.75 billion National Geospatial-Intelligence Agency campus at Jefferson and Cass Avenues — less than one mile away and the largest federal investment in St. Louis history, bringing approximately 3,150 employees to the immediate area. Just over a mile south, Energizer Park — the 22,423-seat, $457.8 million home of MLS's St. Louis City SC — anchors the largest urban professional sports campus in the country and has helped draw nearly $820 million of investment into Downtown West since 2019. Additional major employers including BJC HealthCare, Washington University, SSM Health, Wells Fargo, and Saint Louis University ensure deep, diversified demand within minutes of the front door.
Residents enjoy outstanding connectivity, with I-70 and I-64 accessible within minutes and Tucker Boulevard and Broadway providing efficient local circulation. The Gateway Arch National Park, Forest Park, Citygarden, and the forthcoming Brickline Greenway offer world-class green space, while the Washington Avenue corridor, Ballpark Village, City Foundry STL, and Union Station deliver dining, entertainment, and retail — reinforcing downtown's ranking among the nation's most walkable urban cores.

The location's trajectory is decisively upward, backed by an unprecedented wave of capital committed to Downtown St. Louis, including the $670 million Millennium Hotel redevelopment, a planned Ballpark Village Phase III expansion, the $256 million America's Center expansion, and a $55 million Rams settlement infusion into downtown infrastructure. State legislation including HB 3231 and the Missouri Downtown Economic Stimulus Act (MODESA) further unlocks hundreds of millions toward converting major downtown vacancies — including the Railway Exchange Building and the AT&T Tower — into new residential product, offering investors a compelling growth narrative anchored by durable public and private investment surrounding the property.

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