2608 S 11th St, St Louis, MO 63118

Property Description

2608–2614 S 11th Street is a fully renovated 8-unit multifamily asset located in the heart of Soulard, one of St. Louis’ most desirable and walkable urban neighborhoods. The property consists of four (4) 2-bedroom / 2-bath units with an average rent of $1455/month and four (4) 1-bedroom / 1-bath units with an average rent of $1256/month, totaling approximately 7,980 square feet across two parcels. Originally constructed in 1899, the building has been thoughtfully renovated while maintaining its historic brick exterior and architectural character. The property is 100% occupied and currently produces $10,845 in monthly rent ($130,140 annually), offering an attractive 7.04% in-place cap rate with clear upside to an 8.06% pro-forma cap rate through mark-to-market rent adjustments. Average in-place rents are $1,356 per unit, with several units leasing below market—most notably one 1BR unit at $900 versus a $1,375 market rent. All units feature in-unit laundry, modern finishes, forced-air HVAC systems, and updated kitchens and baths. The property also benefits from off-street parking (~5 spaces), a highly sought-after amenity in Soulard. Operating expenses are efficiently controlled at approximately 31.5% of gross income, and the property is currently self- managed, allowing for additional operational flexibility. Located just steps from Soulard’s renowned bars, restaurants, coffee shops, and the historic Soulard Farmers Market, the asset is ideally positioned to attract young professionals and urban renters seeking a walkable, lifestyle-driven neighborhood. This offering represents a rare opportunity to acquire a turnkey, stabilized multifamily asset in one of St. Louis’ strongest rental submarkets, with durable cash flow and built-in upside.