2848 Wyoming St, St Louis, MO 63118

Property Description

2848–50 Wyoming Street is large brick four-family property located in Benton Park West, one of South St. Louis City’s most walkable and architecturally distinctive rental neighborhoods. The property is approximately two blocks from the Cherokee Street Arts District and convenient to Benton Park, Tower Grove Park, neighborhood restaurants, entertainment, public transportation and major employment centers. Its Walk Score of 88 supports continued demand from residents seeking an urban, walkable location. Built in 1900, the property contains approximately 4,622 square feet across four apartments. The units offer large rooms, functional floor plans, hardwood flooring, eat-in kitchens and washer/dryer hookups. If desired, there is an opportunity for a buyer to complete updates, and increase rents as units turn rather than undertaking a full renovation immediately. Three units are currently rented at approximately $850, $852 and $895 per month. Assuming the vacant apartment is leased near the average of the occupied units, scheduled rent would total approximately $3,462 per month. Nearby Benton Park West asking rents demonstrate meaningful upside for renovated or better-presented apartments. Current two-bedroom offerings range from approximately $998 to $1,350 per month, while larger one-bedroom units can reach approximately $1,150 to $1,195. Updating kitchens, bathrooms, flooring and mechanical systems should allow a buyer to pursue higher rents over time while improving the property’s long-term operating performance. Updated four-family properties have sold for as much as $402,000. This creates a clearly defined value-add opportunity by improving remaining apartments during future turnovers and reposition the property toward the stronger end of the neighborhood’s rent and sales markets.