Allens Add, St Louis

About this property

2417-23 Menard Street is a rare opportunity to own a fully occupied, all-brick historic six-family in the heart of Soulard — one of St. Louis' most walkable and highest-demand rental neighborhoods. Freshly repriced to $752,500, the building offers an in-place cap rate of roughly 7.26% with a proforma stabilized cap rate north of 10.3%. The unit mix features five 1-bedroom units and one oversized 3-bedroom / 2-bath, together generating $7,044/month ($84,528 annually) in in-place rent, with additional upside through lease rollovers and value-add execution. Current rents: 2419 ($1,060), 2419-A ($980), 2421 ($1,200), 2421-A ($910), 2423 ($1,120), and 2423-A ($1,774). Inside you'll find hardwood floors, exposed brick, soaring ceilings, updated interiors, and in-unit laundry in select units. Recent capital improvements include a new roof (2020) and new concrete patio (2022). The massive gated rear yard opens the door to off-street parking or additional outdoor amenities, and a large unfinished attic creates a clear value-add path: convert one of the existing 1BR/1BA units into a 3BR/2BA by expanding into the attic, with projected market rent of approximately $2,250/month upon completion. Seller is motivated to make a deal — and strongly prefers to sell alongside the adjacent lot at 2417 Menard Street. Both are available to package together, offering a buyer added flexibility for parking, expansion, or future development on a single contiguous footprint. Located less than half a mile from Anheuser-Busch and minutes from Downtown St. Louis, tenants enjoy walking-distance access to Soulard's bars, restaurants, coffee shops, and the historic Soulard Farmers Market — one of the most desirable rental locations in the city. Property is currently fully occupied. Call the listing agent to schedule a showing; preapproval or proof of funds required. Ask the listing agent for additional photos, rent roll, expenses, and system ages.