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Concord Apartments 3646 Illinois Ave 38 Unit Apartment Building $2,800,000 ($73,684/Unit) Saint Louis, MO 63118
Investment Highlights
- 38 - 1 bedroom units
- 14 vacant units allow for quick lease-up and NOI growth
- In-place rents ~8% below market - Occupied units are under $700/month, offering built in value-add potential
- Strategic renovations and improved management present a simple value-add opportunity
Executive Summary
Salient Realty Group is pleased to present the Concord Apartments located in the heart of South City in St. Louis. The property consists of 38, 1 bedroom units.
In-place rents average around $685/month, with renovated units achieving $743/month, showing clear rent upside. The property currently has 14 vacant units ready for lease-up creating immediate upside through stabilization and rent growth.
In-place rents average around $685/month, with renovated units achieving $743/month, showing clear rent upside. The property currently has 14 vacant units ready for lease-up creating immediate upside through stabilization and rent growth.
Financial Summary (Pro Forma - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,800,000 | Building Class | C |
| Price Per Unit | $73,684 | Lot Size | 0.90 AC |
| Sale Type | Investment | Building Size | 23,744 SF |
| Sale Condition | High Vacancy Property | Average Occupancy | 63% |
| No. Units | 38 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.05/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | B, City | ||
| Price | $2,800,000 |
| Price Per Unit | $73,684 |
| Sale Type | Investment |
| Sale Condition | High Vacancy Property |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.90 AC |
| Building Size | 23,744 SF |
| Average Occupancy | 63% |
| No. Stories | 1 |
| Year Built | 1959 |
| Parking Ratio | 1.05/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | B, City |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Gated
- Walking/Biking Trails
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 38 | - | 500 |
1 1
Walk Score®
Very Walkable (77)
Property Taxes
| Parcel Numbers | Total Assessment | $165,040 | |
| Land Assessment | $14,830 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $150,210 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$14,830
Improvements Assessment
$150,210
Total Assessment
$165,040
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Concord Apartments | 3646 Illinois Ave
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