7300 & 7304 Pennsylvania Avenue

The French settlement of Carondelet (est. 1757) enjoys a rich history and overlooks the Mississippi River. In the heart of it all is this 6,216 sf brick building with six 1/1 units and two 2/1 units. One was a storefront so the layout is different. Sellers rehabbed 3 units, partially rehabbed 3 more, and installed 4 new window units, water heater, stove, & fridge. You’ll find pex water lines, some PVC stacks, copper & romex wiring, gas furnaces, gas & electric water heaters, and some updated windows. One unit is vacant for showing; one is vacant and needs rehab due to a problem tenant. This is a value-add opportunity with some heavy lifting already done. Tenants enjoy living minutes from Carondelet Park, restaurants like Stacked STL, Perennial Artisan Ales, River City Casino, and I-55. Using a pro forma $750 for vacancies, annual income is 66,000 - operating expenses of 30,134 = NOI of 35,866, a 7.9% cap rate at asking price. Ask your agent for financials available in the listing.