Morningside Condominiums
Value Add Multifamily in St. Louis MSA - Portfolio Available or Sold Separately | Morningside Condos
Marketing description
CBRE is pleased to offer for sale Morningside Condominiums, a 66-unit apartment community located in St. Louis, Missouri. Built in 1967, the Property offers an investor the rare opportunity to acquire a well-maintained stabilized asset with proven operating performance and tremendous upside potential. Most units are in classic or near classic condition, allowing new ownership the opportunity to push rents through further continued unit upgrades or increasing in-place rents to market rate.
The Property features a mix of 1 bedroom, 1 bath and 2 bedroom, 1.5 bath apartment homes. Unit amenities include fully-equipped kitchens with double wall ovens, linen closets, newer windows, private patios, and full basements, each designed with finished entertainment space, and utility area with washer/dryer hookups.
With its strategic location just half a mile from I-270, 5.5 miles from Lambert-St. Louis International Airport and 15 miles from downtown St. Louis, this property offers easy access to the city’s cultural and recreational attractions, making it an ideal investment opportunity in the St. Louis MSA.
Morningside Condominiums is part of a larger 344 total unit, five property portfolio. Properties can be purchased individually or as a portfolio.
Investment highlights
66-unit value-add asset in the St. Louis MSA
Opportunity to raise rents
Large unit sizes averaging 1,542 SF, well above the market average of 1,020 SF
All units have fully-equipped kitchens with double wall ovens, private patios, and divided basements with finished entertainment space plus utility area with washer/dryer hookups.
Recent capital improvements feature new exterior lighting and a complete roof replacement in 2025, utilizing 30-year architectural shingles
Below market rents – Average rent of $935 is $126 below the average in the competitive set providing immediate value-add to new ownership
Value-add opportunities through further cosmetic upgrades and increasing in-place rents to market rate
Located in Hazelwood, Missouri, a suburb of St. Louis, with proximity to major employers including Boeing, Lambert International Airport, and Amazon Fulfillment Centers.
Excellent access to Hwy 170 and Hwy 270; only 5.5 miles from Lambert St. Louis International Airport and 15 miles to downtown St. Louis
Offered below replacement cost
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