10-Unit Luxury Multifamily | Clayton Schools | DeMun
Garage Parking • 100% Leased • 2023 Effective Build • All New MEP
Marketing description
MARKETING DESCRIPTION
Six Six Eleven Clayton is a rare opportunity to own a fully restored, fully stabilized 10-unit luxury apartment building in the heart of DeMun — arguably the most enduring residential submarket in the St. Louis metro. Originally built in 1950 and known to a generation of St. Louisans as the home of the original Katie's Pizza, the building was reimagined over a two-year, top-to-bottom transformation into a boutique residential asset that lives like new construction inside a timeless brick shell.
This is not a cosmetic renovation. The building was fully sprinklered, fully rewired, and fully replumbed, with a new roof, windows, HVAC, framing, and insulation. Concrete floors and demising walls between every unit deliver the acoustic and thermal performance of a brand-new building — with an effective year built of 2023 per the county assessor and no deferred maintenance to inherit.
Interiors are finished to a true luxury standard: custom white shaker cabinetry, quartz countertops, full stainless steel appliance packages, marble-look porcelain baths, frameless glass showers, and wide-plank engineered hardwood throughout. Every unit includes an in-unit washer and dryer, and common corridors feature herringbone hardwood, wainscoting, and Ralph Lauren lighting.
The investment case is equally compelling. The building is 100% leased on a clean rent roll with a diversified base of medical, university, and professional tenants, generating day-one cash flow at a 4.53% in-place cap. In-place rents sit roughly 9% below market, offering clear mark-to-market upside through scheduled renewals. The offering includes 20 parking spaces (15 secured garage + 5 surface) — an extraordinary amenity in DeMun — and approximately 1,000 SF of additional basement space ready to be built out as a resident gym, an immediate value-add not yet reflected in the income.
- Add a top-rated Clayton School District (10/10) address, a Walk Score of 95, and a submarket vacancy rate that has held below 3%, and the result is an asset that is genuinely difficult to replicate: new-construction quality, irreplaceable location, top-tier schools, and built-in upside — fully leased on day one.
Investment highlights
INVESTMENT HIGHLIGHTS
- NEW CONSTRUCTION WITHOUT THE RISK — 1950 brick shell taken to the studs in a two-year restoration; effective year built of 2023 per the county assessor. New roof, windows, HVAC, electrical, plumbing, and framing. Fully sprinklered. Zero deferred maintenance.
- CLAYTON SCHOOL DISTRICT (10/10) — Municipally Clayton, taxed by Clayton, and feeding into one of the top-rated public school districts in Missouri. The single most defensible long-term demand driver in St. Louis residential real estate — and no other 10-unit asset in DeMun offers it.
- 100% LEASED, DAY-ONE CASH FLOW — Clean rent roll with nine in-place leases and one pre-lease. Diversified medical, university, and professional tenant base with renewals staggered through 2027. No leasing lift required by the buyer.
- VALUE-ADD UPSIDE — In-place rents trail market by ~9%, representing roughly $25,500 of mark-to-market upside achievable through scheduled 2026–2027 renewals (lifting GPR from $278,700 to $304,200). All tenants billed back utilities via RUBS.
- ~1,000 SF OF BONUS BASEMENT SPACE — Unfinished lower-level square footage ready to be built out as a resident fitness center / gym — a clear amenity and rent-growth play not currently captured in the income.
- 20 PARKING SPACES IN DEMUN — 15 secured garage + 5 surface, two per unit, in a submarket where on-street parking is the binding constraint on rents. A genuine competitive moat against any future product.
- PREMIER DEMUN LOCATION — Walk Score of 95, sub-3% sustained submarket vacancy, and a captive renter pool from Washington University, BJC HealthCare, SSM Health, and the broader Clayton CBD. Minutes to Forest Park.
- THE NUMBERS — 10 units (3 × 1BR, 5 × 2BR, 2 × 3BR) | $278,700 GPR | $192,591 NOI | 4.53% in-place cap | $4,250,000 ask | $425,000/unit.
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