- Unique, historic winery converted to 104 lofts units in 2006
- Stabilized asset with multiple value-creation opportunities
- Over $75/unit in rent upside after a light refresh to the units and amenities
- Located just north of the Delmar Loop – one of the “Great Streets in America”
- Proximate to Washington University in St. Louis (15,000+ students, 16,000+ staff/employees)
- Offered with existing assumable Fannie Mae debt or free-and-clear
Stabilized historically renovated asset with multiple value-creation opportunities
The Loop Lofts is a unique, 1910-built winery property that was completely rebuilt in 2006 by a first-class historic redeveloper. Many of the original historic elements remain today – making this a truly one-of-a-kind asset. The Loop Lofts presents the opportunity to expand on the work the original developer completed and take the finish level and amenity package up a notch. With an additional investment in a light unit upgrade and some minor upgrades to the common area/amenities, rents can be pushed over $75/month – still well below several of the newer construction assets in the area. In addition, there is a 4,888 SF vacant commercial space that could be filled with a commercial user or potentially converted to additional loft units.
Significant fee/other income & operational upside
The current ownership group is providing electric, cable, internet, water, sewer, and trash at no charge to the tenants. There is an opportunity to boost fee/other income significantly through a $75+/month flat fee for electric/water/sewer/trash and the elimination of free cable/internet. Reimbursements and billbacks are commonplace in the submarket and already in place at comparable properties.
The Delmar Loop – one of the “10 Great Streets in America”
The Delmar Loop is one of the more unique, diverse, eclectic, and active neighborhoods in the region. Home to a wide array of local restaurants and shops, the neighborhood is a major destination for residents around the St. Louis region. In addition to the restaurants and shops, it features first-class entertainment options like The Pageant, Delmar Hall, and the Tivoli Theater, a locally owned grocery store in United Provisions, and tons of fun and interesting nightlife options. Walkable to Washington University in St. Louis, “The Loop” is consistently ranked one of the “10 Great Streets in America” by the APA.
