Courtesy of: Timothy McCarthy, Salient Realty Group, LLC, tmccarthy@salientrealtygroup.com
Courtesy of: Timothy McCarthy, Salient Realty Group, LLC, tmccarthy@salientrealtygroup.com
$3,250,000
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Other
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$3,250,000
3725 Morgan Ford Road Incredible opportunity to acquire the Morganford Plaza Apartments, a 40-unit apartment community at 3725-41 Morganford Road, in St. Louis, Missouri. The property offers a strong value add opportunity with strong rental demand and an average in-place rent upside of $85 plus $40 RUBs per unit per month on average for a total of $125 average rent upside per unit. However, when updating units cosmetically, units are increasing up to $200 a month plus $40 RUBs. The property offers an attractive unit mix with 24, 1 bedroom units and 16, 2 bedroom units and has had some major updates in recent years including: new TPO roofs, all newer HVAC systems, updated laundry facility, and updated common grounds. Some units have been updated offering a proven concept for higher rents. The property does offer assumable Freddie Mac debt. Terms are outlined later in this offering memorandum.
Courtesy of: Timothy McCarthy, Salient Realty Group, LLC, tmccarthy@salientrealtygroup.com
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