Investment/Redevelopment Opportunity

2800 North Grand Boulevard, St. Louis, MO

$780,000

Price

6.92%

Cap Rate

$54,011

NOI

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Street
Map
Overview
Cap Rate
6.92%
NOI
$54,011
Cash-on-Cash
6.92%
Building Size
48,072 sqft
Lot Area
19,515 sqft
Occupancy
20%
Class
C
Year Built
1925
Price Per Sqft
$16.23
Zoning
H-Area Commercial
Tenancy
Multiple
Investment Strategy
Value Add
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 – one facing Grand Blvd. (west) and one facing 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, there are 12 month-to-month tenants on the first floor generating $121,620 of income annually and the 2nd and 3rd floors are vacant. The owner has development plans to keep the first floor as 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 dollar community development center located across from N Grand on the former Carter Carburetor Superfund Site.

Documents
Title
Development_Plans_092923.pdf
Brochure_Revised_021424.pdf
* Documents permissions are set by the listing owner, request information to access locked documents.
Location
Gallery