1123 Rhea AVE, Spanish Lake, MO 63138
1123 Rhea AVE, Spanish Lake, MO 63138
1123 Rhea AVE, Spanish Lake, MO 63138
1123 Rhea AVE, Spanish Lake, MO 63138
1123 Rhea AVE, Spanish Lake, MO 63138
1123 Rhea AVE, Spanish Lake, MO 63138
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Kathy Helbig

Kathy Helbig

+1(636) 385-5095
$ 1,349,000
Est. payment | /mo

864 SqFt

Save
$ 1,349,000
Est. payment | /mo
Save

864 SqFt

Key Details

Property Type Multi-Family

Sub Type 5 Family or More

Listing Status Active

Purchase Type For Sale

Square Footage 864 sqft

Price per Sqft $1,561

Subdivision Larimore Hills

MLS Listing ID 26041344

Style Ranch

Year Built 1959

Annual Tax Amount $1,682

Lot Size 5,410 Sqft

Acres 0.1242

Property Sub-Type 5 Family or More

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.

Location

State MO

County St. Louis

Area 46 - Hazelwood East

Interior

Cooling Central Air

Fireplace N

Exterior

View Y/N No

Building

Structure Type Vinyl Siding

Schools

Elementary Schools Larimore Elem.

Middle Schools Southeast Middle

High Schools Hazelwood East High

School District Hazelwood

Others

Acceptable Financing Conventional

Listing Terms Conventional

Special Listing Condition Standard

Listed by Matt Guignon • Invest St. Louis

NEARBY SCHOOLS & PROPERTIES

Kathy Helbig

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(636) 385-5095

propertyinfo@experience-re.com

100 Chesterfield Business Parkway, Suite 320, Chesterfield, Missouri 63005, United States

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1123 Rhea AVE