Price Reduced Listing
3922 Minnesota Avenue,St Louis, MO 63118
St Louis, MO 63118
Description
3922 Minnesota Avenue is a classic brick two-family property located in South St. Louis City. The property is convenient to public transportation, neighborhood restaurants and shopping. Residents also have convenient access to Tower Grove Park, Saint Louis University, major medical and employment centers and downtown St. Louis. Built in approximately 1912, the property contains approximately 2,396 square feet across two spacious residences, at an attractive $66 per sq ft. The apartments feature large rooms, high ceilings, generous kitchens and the character associated with historic South City construction. There is the potential to easily convert the units by adding a wall and closet to one of the living rooms. The building also provides a full shared basement and rear yard. These features create a strong foundation for targeted cosmetic improvements without requiring a complete reconfiguration of the existing floor plans. One unit is currently occupied at $875 per month, while the vacant unit has recently been marketed between approximately $875 and $925. At $875 per unit, the property would generate approximately $1,750 in monthly scheduled rent when fully occupied. Comparable two-bedroom rentals in the surrounding market are generally advertised from approximately $950 to $1,100, with higher rents possible for more extensively updated residences. Improvements to kitchens, bathrooms, flooring and finishes provide a direct path to higher rental income and a more competitive position within the 63118 rental market. There is potential equity and upside with the building, a nearby property at 3617 Minnesota sold for $300,000 following a renovation, establishing the upper end of the market for a finished product. This spread gives a buyer a clear value-add strategy: create additional bedrooms if desired, raise rents either as is or with additional updates to the units, and create additional equity and income.
Details
| MLS # | 26062873 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1912 |
| Days On Site | 32 |
| Listing Provided By | Botanical Property Management | Rick Onstott |
Features
| SQ Feet | 2,398 |
|---|---|
| Units | 2 |
| Building(s) | 1 |
| Acreage | 0.08 |
Interior
| Cooling | Ceiling Fan(s), Central Air, Electric |
|---|---|
| Heating | Forced Air, Natural Gas, Varies by Unit |
| Appliances | Gas Water Heater |
Exterior
| Construction Materials | Brick |
|---|
Parking
| Parking Features | No Driveway |
|---|
Taxes
| Property | 1764 |
|---|
Area Information
| State | MO |
|---|---|
| County | St Louis City |
| City | St Louis |
| Zip Code | 63118 |
| Area | Central East |
| Community Name | St Louis Commons Add |
| School District | Roosevelt High |
| Elementary School | Meramec Elem. |
| High School | Roosevelt High |
| Listing VS Median (in St Louis Commons Add) | |
Price: $149,900 low | high Med: $187,250 sqft: 2,398 low | high Med: 3,566 $ / sqft: $63 low | high Med: $64 On site: 32 low | high Med: 23.5 | |
Market Activity 63118
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Listings courtesy of Maris MLS as distributed by MLS GRID.
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Learn More About This Property
| State | MO |
|---|---|
| County | St Louis City |
| City | St Louis |
| Zip Code | 63118 |
| Area | Central East |
| Community Name | St Louis Commons Add |
| School District | Roosevelt High |
| Elementary School | Meramec Elem. |
| High School | Roosevelt High |
| Listing VS Median (in St Louis Commons Add) | |
Price: $149,900 low | high Med: $187,250 sqft: 2,398 low | high Med: 3,566 $ / sqft: $63 low | high Med: $64 On site: 32 low | high Med: 23.5 | |
