3225 Ashby RD St Ann, MO 63074

Ashby Heights Apartments is a 20-unit apartment complex property at 3225-33 Ashby Rd, in St. Louis, Missouri.

Ashby Heights offers a tremendous value add opportunity with a proven cosmetic update plan. 6 of the 20 units have already been updated and are experiencing incredible demand from the rental market.

Ashby Heights Apartments has an in place cap rate of 7.03% and once the cosmetic update plan has been completed, an 8.40% unlevered yield on cost ($1,499,000 purchase + $9,000 x 14 units = $1,625,000 total cost).

The property offers abundant off-street parking (+/- 25 spaces). A new coin operated laundry room has been added to the basement to serve non-updated units while the renovation plan is executed. All units have central air conditioning and heat. The property has walk out basements that provide an option for an owner to offer storage to tenants for additional income.