1 / 13
- Outstanding value add opportunity at a remarkable basis
- $45,333/unit entry basis — incredible basis for a building of this quality
- $232/month rent upside with ability to execute business plan immediately
- $618/mo avg rents. Conservative $895/mo market rent - many area 1 bed rents start at $1,000/mo.
- 66.7% occupancy, predominantly month-to-month leases — flexibility from day one
- State & Fed Historic Tax Credit eligibility potentially offsets renovation capital
- 2006 full gut redevelopment — plumbing, electrical, windows, and more - all systems already modernized
- Close proximity to the $1.7 billion NGA West campus — and $457 million new MLS Stadium
Franklin School Apartments is a 75-unit, four-story multifamily building situated at 814 N 19th Street in the Downtown St. Louis submarket. Originally constructed in 1909 as a school building, the property underwent a complete Historic Tax Credit redevelopment in 2006, converting the structure to residential use with fully modernized plumbing, electrical systems, HVAC, and windows throughout. The 2006 scope was executed by HBD Construction and represents a comprehensive gut rehabilitation — not a cosmetic refresh.
The building spans 77,127 square feet and is configured almost entirely as one-bedroom units, with one studio. Parking accommodates 75 vehicles, and the property includes an on-site laundry center. A separate grass lot adjacent to the building offers additional surface parking or potential amenity space.
The physical plant is in good condition, with no deferred capital concerns tied to the core building systems — a direct result of the 2006 HTC redevelopment scope. Unit interiors represent the primary opportunity for incremental investment.
📁 FinancialsCA required3Download folder
