Commercial & Investment Real Estate Specialists
1123 Rhea Avenue
Spanish Lake, MO, 63138
$1,349,000
Beds
2 Baths
864 SqFt
0.12 Acres
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MLS #MIS26041344 image #0
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.

Property Details

Price:
$1,349,000
MLS #:
MIS26041344
Status:
Active
Beds:
0
Baths:
2
Type:
Multi Family
Subtype:
5 Family or More
Subdivision:
Larimore Hills
Neighborhood:
46hazelwoodeast
Listed Date:
Jul 3, 2026
Finished Sq Ft:
864
Lot Size:
5,410 sqft / 0.12 acres (approx)
Year Built:
1959
Ranch46 – Hazelwood East46hazelwoodeastLarimore HillsHazelwoodLarimore Elem.Southeast MiddleHazelwood East HighTenant Occupied

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Schools

School District:
Hazelwood
Elementary School:
Larimore Elem.
Middle School:
Southeast Middle
High School:
Hazelwood East High

Interior

Above Grade Finished Area
864
Cooling
Central Air

Exterior

Architectural Style
Ranch
Construction Materials
Vinyl Siding

Financial

Tax Year
2025
Taxes
$1,682

Map

Community

Market Summary

Current real estate data for Multi Family in Spanish Lake as of Jul 14, 2026
1
Multi Family Listed
11
Avg DOM
1,561
Avg $ / SqFt
$1,349,000
Avg List Price

Property Summary

    Located in the Larimore Hills subdivision, 1123 Rhea Avenue Spanish Lake MO is a Multi Family for sale in Spanish Lake, MO, 63138. It is listed for $1,349,000 To schedule a showing of MLS#mis26041344 at 1123 Rhea Avenue in Spanish Lake, MO, contact your Realty Exchange agent at (314) 647-2220.

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1123 Rhea Avenue
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