1 / 18
- In-place NOI of $277,961 (7.04% in-place cap); pro forma NOI of $322,666 (8.17% pro forma cap) reflects identified operational and rent upside
- $234/unit rent delta between in-place ($1,221) and market ($1,455) rents
- Fully redeveloped in 2009; all building systems modernized on 1896 structure
- 29 units in a 40,880 SF four-story loft building
- 28 of 29 units occupied (97%); rent growth and expense normalization drive the value-add thesis
- Gated 25-space parking lot; in-unit W/D and central air in every unit
- One block from Manchester Avenue; within one mile of BJC HealthCare's 30,000-employee campus
4244 Chouteau Avenue is a 29-unit, four-story loft building totaling 40,880 square feet, originally constructed in 1896 and comprehensively redeveloped between 2007 and 2009. The gut renovation modernized all building systems, positioning the asset in good condition with limited near-term capital requirements.
The unit mix consists of 4 studios, 13 one-bedroom/one-bath units, 2 two-bedroom/one-bath units, 1 two-bedroom/one-and-a-half-bath unit, and 9 two-bedroom/two-bath units. Each residence features in-unit washer/dryer and central air — amenities that meaningfully differentiate the property within its competitive set.
The building is zoned F - Neighborhood Commercial and sits on a secured site with 25 gated parking spaces, a notable operational advantage in a dense urban neighborhood where off-street parking is limited. The property's historic 1896 structure retains its loft character while delivering a fully modernized interior product suited to the Grove's young professional renter base.
