Multi Family In St Louis

Chouteau Lofts is a 29-unit, 40,880 SF multifamily building at 4244
Chouteau Avenue in St. Louis’s Forest Park Southeast neighborhood,
currently 95% occupied. The unit mix includes four studios, thirteen
one-bedroom/one-bath units, two two-bedroom/one-bath units, one
two-bedroom/one-and-a-half-bath unit, and nine two-bedroom/two-
bath units. Originally built in 1896, the building underwent a complete
redevelopment between 2007 and 2009 that modernized all building
systems, and every unit has since been updated.
The location puts residents within one mile of BJC HealthCare and
Barnes-Jewish Hospital, the region’s largest employer with over 30,000
employees, and the Washington University Medical Campus, supporting
a deep and durable renter pool. Nearby demand drivers include the
Cortex Innovation Community, a 200-acre technology and bioscience
district representing approximately $1.33 billion in development, along
with Forest Park, Saint Louis University, and direct MetroLink access via
the Cortex Station.
In-place rents average $1,234 per unit per month against average market
rents of $1,443, a $222 per unit monthly gap that an incoming owner can
capture through disciplined lease execution as units turn.