Rudman on the Park | Mixed-Use Building w/ Potential for up to 84 Apartments

Highlights:

• $370 Per Unit Rent Upside on Existing Apartments
• Multiple Value Add Strategies - Potential for up to 84 Apartments
• Elegant, Historic Building
• Stunning 8-Story Mixed-Use Historic Building in Downtown St. Louis
• Conditionally Approved Historic Tax Credit Application for Renovations
• Located on Wash Ave - Downtown’s Entertainment Corridor
• Close Proximity to Bars, Restaurants, & Major STL City Attractions

Description:

Salient Realty Group is pleased to exclusively offer Rudman On The Park to the market. The property is located at 1228 Washington Ave, St. Louis, MO 63103 in Downtown St. Louis. This 8-story mixed-use building consists of 119,584 gross square feet and underwent a full historic tax credit redevelopment in 2002. The building currently features a mix of commercial and residential spaces, with 48 large and high-end apartments spread across floors 4-8. Floors 2 & 3 consist of creative office space. The 1st floor has two restaurant spaces, one large, and one small.

There are multiple value add strategies for investors to implement. Existing units are currently $370 below market rent on average, presenting immediate upside. Ownership also has fully approved plans by the City of St. Louis to convert the 3rd floor into an additional 13 apartments, which could also be repeated on the 2nd floor (total of 26 more apartments). Further, 10 more units can be added across the 5th and 7th floors bringing a potential total to 84 apartments. There is also a conditionally approved Historic Tax Credit application for the renovations to offset costs. While currently vacant, the commercial & restaurant spaces are in incredible condition and should be attractive in the leasing market.

Rudman on the Park is centrally located in the heart of Downtown St. Louis providing great access for all of the features the City has to offer. Please reach out to the brokers for more information on this prominent building.

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