Mark Twain Building?

[Andrew Harthcock]

Hi everyone!

I am an out of state investor that is curious about the St. Louis market. I recently noticed the Mark Twain Building downtown has been for sale for several months. Here are some quick numbers on it. 

Sale Price: $4,950,000

NOI: $567,000

Number of Units: 238

Gross Rent Multiplier: 3.2

Cap Rate: 11.5%

While I understand the tenants are all low-income and the building has a not so good reputation, can anyone provide some general feedback on this place? The building itself is beautiful (on the outside at least), and the price seems reasonable. Why hasn't this place sold??