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Morganford Plaza Apartments 3725-3741 Morganford Rd 40 Unit Apartment Building $3,495,000 ($87,375/Unit) 8.26% Cap Rate Saint Louis, MO 63116
Investment Highlights
- 40 Unit Apartment Complex w/ Upside
- Newer TPO Roofs and HVAC Systems
- Ample Parking Lot
- Mix of 24, 1 Bed Units | 16, 2 Bed Units
- Updated Electric Panels, Copper Plumbing Stacks
- Billboard Paying $2,000 Annually
Executive Summary
Salient Realty Group is pleased to present this opportunity to acquire the Morganford Plaza Apartments, a 40-unit apartment community at 3725-41 Morganford Road, in St. Louis, Missouri. The property offers a strong value add opportunity with below market rents and a proven concept of conducting cosmetic unit updates to raise rents. It's rare to find a complex of this size and quality priced under $90,000 per unit.
The property offers an attractive unit mix with 24, 1 bedroom units and 16, 2 bedroom units and has had some major updates in recent years including: new TPO roofs, all newer HVAC systems, updated laundry facility, and updated common grounds. Approximately 25 units have had cosmetic updates done, leaving 15 more to do and increase rents. A billboard is also located on the property and pays $2,000 annually. Reach out to the brokers for more information on this opportunity.
The property offers an attractive unit mix with 24, 1 bedroom units and 16, 2 bedroom units and has had some major updates in recent years including: new TPO roofs, all newer HVAC systems, updated laundry facility, and updated common grounds. Approximately 25 units have had cosmetic updates done, leaving 15 more to do and increase rents. A billboard is also located on the property and pays $2,000 annually. Reach out to the brokers for more information on this opportunity.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$441,740
|
$9.76
|
| Other Income |
$15,987
|
$0.35
|
| Vacancy Loss |
$22,087
|
$0.49
|
| Effective Gross Income |
$435,640
|
$9.62
|
| Taxes |
$19,443
|
$0.43
|
| Operating Expenses |
$127,998
|
$2.83
|
| Total Expenses |
$147,441
|
$3.26
|
| Net Operating Income |
$288,199
|
$6.37
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $441,740 |
| Annual Per SF | $9.76 |
| Other Income | |
|---|---|
| Annual | $15,987 |
| Annual Per SF | $0.35 |
| Vacancy Loss | |
|---|---|
| Annual | $22,087 |
| Annual Per SF | $0.49 |
| Effective Gross Income | |
|---|---|
| Annual | $435,640 |
| Annual Per SF | $9.62 |
| Taxes | |
|---|---|
| Annual | $19,443 |
| Annual Per SF | $0.43 |
| Operating Expenses | |
|---|---|
| Annual | $127,998 |
| Annual Per SF | $2.83 |
| Total Expenses | |
|---|---|
| Annual | $147,441 |
| Annual Per SF | $3.26 |
| Net Operating Income | |
|---|---|
| Annual | $288,199 |
| Annual Per SF | $6.37 |
Property Facts
| Price | $3,495,000 | Building Class | C |
| Price Per Unit | $87,375 | Lot Size | 1.02 AC |
| Sale Type | Investment | Building Size | 45,276 SF |
| Cap Rate | 8.26% | Average Occupancy | 85% |
| No. Units | 40 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 0.88/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | F | ||
| Price | $3,495,000 |
| Price Per Unit | $87,375 |
| Sale Type | Investment |
| Cap Rate | 8.26% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.02 AC |
| Building Size | 45,276 SF |
| Average Occupancy | 85% |
| No. Stories | 3 |
| Year Built | 1965 |
| Parking Ratio | 0.88/1,000 SF |
| Zoning | F |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Recycling
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 700 |
| 2+1 | 16 | - | 800 |
1 1
Walk Score®
Very Walkable (75)
Property Taxes
| Parcel Number | 4170-03-0370-0 | Total Assessment | $305,290 (2025) |
| Land Assessment | $39,270 (2025) | Annual Taxes | $19,443 ($0.43/SF) |
| Improvements Assessment | $266,020 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
4170-03-0370-0
Land Assessment
$39,270 (2025)
Improvements Assessment
$266,020 (2025)
Total Assessment
$305,290 (2025)
Annual Taxes
$19,443 ($0.43/SF)
Tax Year
2024
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Morganford Plaza Apartments | 3725-3741 Morganford Rd
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