1221-1223 Hebert St StSt. Louis, MO 63107

For Sale
$79,500

Prime Redevelopment Opportunity: 6 Units, Vacant

Overview

Added:
Dec 11, 2024
Days on market:
94
This vacant, six-unit apartment building at 1221-1223 Hebert St, St. Louis, MO 63107, presents a unique redevelopment opportunity. The 7,200 square foot, three-story brick and stone structure, built in 1890, sits on a 7,300 square foot lot and is zoned for four families. Currently vacant and requiring a complete gut renovation, this property offers significant potential. The building's prime location in the Old North St. Louis Historic neighborhood, undergoing a revitalization, is less than 1.5 miles from a major new development and minutes from downtown St. Louis and the airport. The asking price is $79,500 ($13,250 per unit), with a projected Year 2 cap rate of 10.28% and a projected NOI of $59,569. The property is being sold "as-is," and potential investors should note the availability of historic rehab tax credits (25% state, 20% federal). This presents a chance to create a high-return investment in a rapidly appreciating area. The property's size allows for various redevelopment options, including conversion into townhouses. This is a blank canvas for a visionary investor to create a masterpiece in a sought-after neighborhood.

Highlights

  • $79,500 asking price for a vacant, six-unit apartment building in St. Louis, MO.
  • 7,200 square feet of net rentable space, with a price per square foot of $10.91.
  • Projected 10.28% cap rate and $59,569 pro-forma NOI.
  • 1890-built, three-story building on a 7,300 square foot lot, zoned for four families.
  • $13,250 per unit price.

Property Details for 1221-1223 Hebert St St

Property type
Multifamily properties, Apartment buildings
Square Feet
7,290 SF
Year Built
1890
Buildings
1
Stories
3
Units
6

Location Insight

City
St. Louis
County
State
Missouri
Latitude
38.653688044835
Longitude
-90.196195878235
1221-1223 Hebert St St, St. Louis, Missouri

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1221-1223 Hebert St St
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