Investment/Redevelopment Opportunity

Highlights:

• Investment and Redevelopment Opportunity
• New $1.33 Million Dollar Sports (PGA) Development across the Street
• Projected Gross Income $148,620
• Projected 11.406% Cap Rate
• Priced to Sell at $19.14 PSF
• 3-Story 48,072 SF Historic Building
• Tax Credits available in the Lindell Park Historic District
• Development Plans for Senior Housing

Description:

Fantastic Investment Development Opportunity in St. Louis, Mo. This 48,072 SF 3-story was constructed in 1925-1926 in the Classical Revival style brick combination for commercial and residential use, with the 1st Floor as Retail, 2nd floor with 12 offices, 3rd floor with 13 Studio and 2-One Bedroom apartments, and a 15-lane bowling alley in the basement. The building has two primary elevations: Grand Blvd. (west) and St. Louis Avenue (south). Each of these elevations bears detailed terra cotta embellishments and Egyptian-influenced columns on the exterior façade, making this a landmark commercial property. Currently, 12 month-to-month tenants on the first floor generate $148,600. Development plans to keep the first floor retail and convert the 2nd and 3rd floors into 50 senior housing units with additional space in the first floor and basement used as ancillary uses supporting the senior housing.

This is an excellent opportunity to redevelop a cash-flowing property utilizing the tax credits and other incentives available, either for senior housing or other uses, complementing the $1.33 million community development center located across from N Grand on the former Carter Carburetor Superfund Site.

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