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Updated over 7 years ago on . Most recent reply

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Andrew Harthcock
  • Austin, TX
4
Votes |
4
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Mark Twain Building?

Andrew Harthcock
  • Austin, TX
Posted

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??

Most Popular Reply

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228
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174
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Kyle Eckert
  • Realtor
  • Saint Louis, MO
174
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228
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Kyle Eckert
  • Realtor
  • Saint Louis, MO
Replied

https://www.riverfronttimes.com/newsblog/2014/08/0...

Assuming there hasnt been a dramatic change since 2014, I would guess this article explains the reason.  The renovation of the interior of this building would be a monumental process with the mention of the tiny elevators and ugly lobby.  

That said, I think someone bringing this place to the 21st century and filling it with desirable people would be very helpful to the community/city.

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