BEDS0
BATHS
SQUARE FEET864
MLS#26041344
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
SUBDIVISIONLarimore Hills
SCHOOLHazelwood
Property Description
Rare opportunity to acquire a 12-home single-family rental portfolio offered as one package in the St. Louis market. Located throughout Spanish Lake, Ferguson, and Unincorporated North St. Louis County, the properties are positioned within close proximity for efficient management and maintenance. The portfolio features a desirable unit mix of all 3- and 4-bedroom homes, creating strong tenant demand from both Section 8 voucher holders and market-rate renters. Professionally managed and largely renovated/rent-ready, the portfolio offers a strong mix of in-place income with immediate lease-up upside. Current gross rental income is approximately $11,519/month, with four vacant homes fully rent-ready and actively being leased. Seller anticipates at least two additional homes leased prior to closing, increasing in-place income to approximately $14,100/month. Fully stabilized pro-forma gross rental income is projected at approximately $16,700/month, with estimated annual operating expenses of approximately $53,000 and projected stabilized NOI of approximately $147,000/year. At the $1,350,000 asking price, the portfolio offers a projected stabilized cap rate approaching 10.9%. An excellent opportunity for investors seeking immediate scale, efficient scattered-site operations, dependable rental demand, and value-add upside through lease-up of rent-ready homes.
Property Features
Property Type: Multi Unit - Multiple
Cooling: Central Air
Home Style: Ranch
Lot Size: 0.12 Acres
Stories: 1.0
Taxes: $1,682
Year Built: 1959
Feature Descriptions
Days on Site: 1
Exterior: Vinyl Siding
Parcel#: 09E-34-0663
SQFT. Above Grade: 864
Local Schools
High School: Hazelwood East High
Middle School: Southeast Middle
Elementary School: Larimore Elem.
School District: Hazelwood
Listed By / Shown By
Listed By
Agency Name: Invest St. Louis
Shown By
Agent Name: Ed Kidd
Agent Phone: 314.371.6810
Agency Title: RedKey Realty Leaders
Estimate Your Payment
Estimated Payment
$ 7,883.17 per month $7,349.54 Principal & Interest $140.17 Property Tax $393.46 Homeowner's InsuranceChange Payment Information
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1123 Rhea Avenue | MLS# 26041344
This multi-family property located at 1123 Rhea Avenue , Spanish Lake, MO 63138 is currently listed for sale with an asking price of $1,349,000. Rhea Avenue is located within the Hazelwood school district. Search Spanish Lake real estate on edkidd.redkeystlouis.com today.