Active
1123 Rhea Avenue
Spanish Lake, MO 63138
$1,349,000
0 beds · 0 baths · 864 sq ft
Listing office: Invest St. Louis
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About this home
Rare opportunity to acquire a 12-home single-family rental portfolio offered as one package in the St. Louis market. Located throughout Spanish Lake, Ferguson, and Unincorporated North St. Louis County, the properties are positioned within close proximity for efficient management and maintenance. The portfolio features a desirable unit mix of all 3- and 4-bedroom homes, creating strong tenant demand from both Section 8 voucher holders and market-rate renters. Professionally managed and largely renovated/rent-ready, the portfolio offers a strong mix of in-place income with immediate lease-up upside. Current gross rental income is approximately $11,519/month, with four vacant homes fully rent-ready and actively being leased. Seller anticipates at least two additional homes leased prior to closing, increasing in-place income to approximately $14,100/month. Fully stabilized pro-forma gross rental income is projected at approximately $16,700/month, with estimated annual operating expenses of approximately $53,000 and projected stabilized NOI of approximately $147,000/year. At the $1,350,000 asking price, the portfolio offers a projected stabilized cap rate approaching 10.9%. An excellent opportunity for investors seeking immediate scale, efficient scattered-site operations, dependable rental demand, and value-add upside through lease-up of rent-ready homes.
Home facts
- Bedrooms
- 0
- Bathrooms
- 0
- Living area
- 864 sq ft
- Lot size
- 0.124 acres
- Property type
- Residential Income · 5 Family or More
- Year built
- 1959
- Subdivision
- Larimore Hills
- Days on market
- 113
- Listed on
- Jul 3, 2026
- Listing office:
- Invest St. Louis, 314-325-6201
- Listing agent:
- Matt Guignon
- MLS number:
- 26041344
Presented by Narrative Real Estate, 314-480-5353, jess@jessicaberchtold.com
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MARIS data last updated at October 24, 2026 at 4:15 AM CDT.
Information from third parties, deemed reliable but not verified. All data is obtained from various sources and may not have been verified by the broker or the MLS. Supplied open house information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office or agent presenting the information. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.