St. Louis City Parking Garage

1220 St. Charles Street, Saint Louis, MO

$6,500,000

Price

84,000 sqft

Building Size

0.3429 acres

Lot Area

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Street
Map
Overview
Building Size
84,000 sqft
Lot Area
0.3429 acres
Year Built
1928
Floors
6
Description

Salient Realty Group is pleased to exclusively offer The Jefferson Arms Parking Garage to the market. The property represents an incredible opportunity to purchase a +/-84,000 SF parking garage structure in an area with an extremely high demand for parking with limited alternative parking options.

The 1st floor has a +/-15,000 SF retail space that houses a fitness center that is operated by the seller. The seller will sign a new three-year lease for this space at closing to continue operating the fitness business. This provides an incredible value for the purchaser as the commercial space will be fully leased.

The remaining area of the building consists of a parking garage with 238 parking spaces. These spaces are in incredibly high demand with a waitlist currently in place. Market rent for spaces are in excess of $120+/mo.

Directly to the South of the building is a brand new TRU/Hilton hotel that has zero parking spaces. They currently rent 100 spaces and may need more soon.

Directly to the East is the Jefferson Arms redevelopment project which is a $145 million project converting the 500,000 SF building into apartments, hotel, office, & retail. The project will certainly need more parking and the subject property is the closest and only parking that truly makes sense for future parkers.

Washington Avenue is just North and has an incredible amount of apartment and office buildings, many of which have no or inadequate parking.

**The property also has potential to convert a portion of the garage to apartments. Ask for more info.

Washington Avenue has become one of St. Louis's most popular districts. This downtown corridor is highly walkable and full of over 1,800 apartments, high end condos, office lofts, boutiques, hotels, restaurants, entertainment, and other shops.

The district is iconic in the St. Louis area and draws visitors, residents, and businesses from all over the City and County alike. One of the most notable developments just to Northeast of the property is the completion of Square's new Downtown Office building - as many as 1,400 employees will be at the new location just a North of Washington Avenue and is just Northeast of the property. Additionally, just to the West is the new $457,800,000 MLS Stadium.

The ever growing Start Up community in St. Louis is highly concentrated in and around Washington Avenue. The T-REX facility houses many small start-ups in its co-working environment on Washington Ave. As many of these start-ups out grow their co-working spaces they look for new & permanent locations in the immediate area.

Highlights
  • Parking Investment Opportunity
  • Critical Parking Location with Few Alternative Options
  • 238 Parking Spaces - Waiting List
  • Major Developments Surrounding Property
  • 15,000 SF Fitness Center on 1st Floor
  • Apartment conversion Potential
Documents
Location
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