5909 Cates Ave

Description

Rare opportunity to acquire a fully repositioned 6-unit multifamily building in the heart of St. Louis's historic West End — steps from the Central West End, Washington University, the Delmar Loop, and Forest Park. This classic 3-story brick walk-up has undergone a comprehensive $550,000 renovation, delivering six spacious 3-bedroom/2-bathroom units averaging 1,500 SF each — one of the largest unit configurations available in this submarket. All interior work is 100% complete, including premium new kitchens, updated bathrooms, modern flooring, and brand-new mechanical, electrical, and plumbing systems throughout. Four units are currently occupied with leases in place, and two turnkey-ready units are available for immediate lease-up at market rate. Current in-place income is $7,379/month with a stabilized annual income of $132,108 including utility reimbursements. At the $1,000,000 list price, the property delivers a 9.79% acquisition cap rate — significantly above the local market average of 7.40% — with an as-is appraised value of $1,040,000, providing immediate equity at closing. With all-new MEP systems in place, capital expenditure liability over the next 7–10 years is expected to be minimal. In-unit washer/dryer hookups in every unit support above-average rents and tenant retention. An ideal acquisition for investors seeking immediate cash flow, strong yield, and long-term appreciation in one of St. Louis's most supply-constrained rental corridors.