2900 Market

Description

11,751 SF retail property located in Midtown a few blocks from the future MLS complex, Aquarium, Chaifetz Arena, St. Louis University. 100% occupied, currently setup with five businesses. 2 tenants have had leases since 1986 and 3 tenants have at least 3 years left on their lease. Cleaning business in the location since 1986 is owned by the building owner and can stay and sign a lease. Cleaners are currently taking up 2 bays so there is the potential for 6 bays in the future. Building has a recently replaced roof, recently replaced HVAC and duct work. 38 parking spots with potential to charge for parking for events at Chaifetz, SLU, MLS. 2019 gross rent was $73,369 which does not include rent from the dry cleaners. With cleaners paying $2,400 a month, warehouse rented at a market rate of $1,500 a month and charging $416 a month for parking the gross income would be $114,886 with a net income of $92,918, a 10.3% cap rate. All tenants survived the Covid shutdown and are paying rent.