The Syndicate
Price Reduced | 70 Unit Luxury Multifamily Property in Downtown St. Louis | Syndicate
Marketing description
CBRE is pleased to offer for sale The Syndicate, a premier multifamily property in Downtown St. Louis. The sale includes 70 of the 172 units, across floors 4-8, and 19,152 square feet of ground level retail. Currently, 4,740 square feet of retail space is occupied by American Dental Partners of Missouri and Clarkson Eyecare. The remaining 14,412 square feet is vacant, providing new ownership potential for value-add through retail lease-up.
Designed by Eames & Young and built in 1907, the property features a grand tower covered in ornate terra cotta ornaments. Converted in 2006, modern touches were added throughout the property, bringing new life to the building. The property was added to the National Registry of Historic Places in 2002.
Located on Olive Street between 9th Street and 10th Street, the Property occupies a 0.69-acre site within the Mercantile Exchange - a trendy and dynamic retail and entertainment district - and is located adjacent to the Old Post Office Plaza. Moreover, the Property is within walking distance of Downtown St. Louis’ many attractions including, but not limited to, the St. Louis Convention Center, The Gateway Arch National Park, and Ballpark Village - a multi-phased mixed-use retail, entertainment, office, and residential district being developed in partnership with the St. Louis Cardinals. The development spans seven city blocks and is directly adjacent to and integrated with the Cardinals’ Busch Stadium.
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Investment highlights
• A centrally-located 172-unit multifamily property in downtown St. Louis, Missouri
• The sale encompasses 70 units across floors 4-8, inclusive of 19,152 square feet of retail space at ground level
• The property has strong historical occupancy with sub 7% vacancy over the past 3 years
• Affordable units (floors 4-5) expiring 12/31/2037
• The property boasts spacious units with an average size of 1,476 square feet
• Constructed in 1907 and converted to multifamily in 2006
• Property has been third-party managed since the historic conversion in 2005
• Condo quality finishes throughout each unit
• High barrier to entry market
• Acquisition opportunity below replacement cost
• The adjacent parking garage (905-915 Olive Street) houses a Schnucks grocery store, the only grocery store in downtown St. Louis
• Property is on the National Registry of Historic Places
• New Ownership may qualify for Historic Tax Credits
• Premier location near the Old Post Office Square area of Downtown St. Louis
• Unmatched lifestyle of convenience, service, and amenities including a fully-equipped fitness center, covered parking, and a business
• Unrivaled walkability to Downtown’s most sought-after amenities including Ballpark Village, Union Station, CityPark and many dining and entertainment options
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