- Upside of $150/Unit with Cosmetic Modernizations
- Control of Condo Association, with Clear Path to De-Convert
- Incredibly Attractive, High-Leverage, Assumable Debt Available
- Condo-Quality Lofts with Expansive Floor Plans and Full Amenities
- Mixed-Use Asset with Occupied Commercial Stalls
- Exceptional Basis Considering Comparable Condo Sales
- Exceptional Downtown Live-Work-Play Location
- Submarket Experiencing High Volume Recent, Ongoing, and Planned Development Projects
- Easy Interstate Access
This urban location is filled with loft apartments, office suites, restaurants, boutiques, and nightclubs. Washington Avenue is a true live-work-play environment in one of Downtown St. Louis’ most desirable and highly walkable locations. The property is incredibly well-maintained, offers a vintage condo-quality living experience, and is primed for value-add implementation. The vintage condo interior finishes offer rent upside of ~$150/ unit / month if the existing finish package is upgraded to compete with new modern communities within the submarket.
Upside of $150/Unit with Cosmetic Modernizations
With light upgrades to the 15+ year old existing finish package, including solid surface countertops, upgraded cabinets and appliances, and new fixtures throughout, The Bogen Lofts can achieve rent upside above current in-place average rents of $150/unit.
Control of Condo Association, with Clear Path to De-Convert
A new investor will benefit from 100% control of the Condo Association (HOA) at The Bogen Lofts with 115 of 125 condos owned and full control of all board seats.
Such control allows an owner to operate the asset just as they would a 100% apartment community with full control over all financial and capital investment decisions.
Given the higher percentage (92%) of condos owned there is a very viable path to further purchase owner-operated condos and de-convert the property. This would enable the new owner to eradicate the HOA dues, improve the economics of the deal further, and expand buyer pools upon exiting.