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Nearby Schools
Peabody Elem.Elementary School
Peabody Elem.Middle School
Vashon HighHigh School
Description
Exquisite Trophy property in the heart of Soulard***36 loft-style apartments in an iconic Ittner-designed former school building***Existing Fannie Mae financing to be assumed - 3.62% interest with 8.5 years remaining - well below current market rates!***Gracious entryway and hallways with impressive scale and elegance - feels like a quality hotel***top-to-bottom renovation in 2017, loft-style apartments with 10-12+ foot ceilings, huge windows providing ample natural lighting, refinished concrete and original hardwood floors, original built-ins from former school days, designer lighting, gym, numerous outdoor spaces on the 1.59 acre lot. Solar panels reduce building electric costs, 33 car gated, secured parking lot plus the nicest 11 car garage you'll ever see. 18.43% projected 10 year IRR with existing loan assumed. 6.21% cap rate and 10.87% cash-on-cash on Y1 proforma. 6.15% cap on May RR. Add in-unit laundry to boost cash-on-cash returns into the 13-14% region. Qualified buyers only
Location
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$7,327,793
MLS# MAR22028746
Courtesy of: Tom Shaw, REALTORS
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