2 Bruce Dr, Florissant, MO 63031

Property Description

Four-family building located on a quiet cul-de-sac in Florissant, Missouri. This property is part of a larger 44-unit apartment complex consisting of seven buildings within the same cul-de-sac. This building features 2 bedroom units with 3,536 square feet and features a pitched roof, central heating and cooling, and spacious common areas. The building recently underwent renovations, with approximately $175,000 spent on unit interiors, HVAC, plumbing, electric, and common areas. The basements offer washer and dryer hookups, with additional potential to add shared laundry facilities. All four units within the building feature similar updates, providing consistency in layout and finishes across the property. The Current rents are below market at $999, $900, $895 presenting an opportunity for future rent growth. Market data indicates average rents of approximately $1,050 for two-bedroom units within a five-mile radius. One unit could be available for showings or potential owner-occupancy. Conveniently located near Lambert International Airport and major employers such as Boeing and Amazon, the property benefits from strong employment drivers in the surrounding area. The buildings are located within a designated flood zone. The City of Florissant has acquired adjacent land for a planned future park development, which will further enhance the surrounding area. The four family shares a recorded maintenance agreement with the three fourplexes in the cul-de-sac, covering common areas, landscaping, lawn care, snow removal, parking, and shared electric. Costs are split by unit count, with 2 Bruce responsible for 9.09% of shared costs, with an estimated annual budget of approximately $1,700 annually for the 4 units.