As of Thursday, the Prop NS Program has opened another 21-day round of bidding for 6 stabilized LRA buildings that are now available for offers to purchase. This open period will close at noon on Thursday, September 9. Since several (or all) of these buildings are within SLACO’s service area, we would greatly appreciate any assistance you could offer in sharing this information with individuals or small developers who may be looking for opportunities to rehab property in the area.
Feel free to copy and paste any or all of the following to share with anyone you know who might be interested, whether through social media, direct emails or other forms of communication.
Six buildings stabilized through the City of St. Louis Prop NS program are currently available. These buildings, in 6 different neighborhoods, include two 2-families and four single-family houses and represent a range of sizes (from 816 sq. ft. to 3,070 sq.ft.) and ages (dating from 1885 to 1917). Details about the minimum bid required and the process for making an offer, along with photos and information about the stabilization work and Prop NS funds invested at each of the buildings, can be found on the Prop NS “Purchasing Stabilized Properties” page:
Attached please find a one page flyer with the addresses and a photo of each building currently available until Sept. 9. These buildings currently open for offers are at:
- 4916 St. Louis Avenue (in Kingsway East)
- 4124 Turner (in O’Fallon)
- 3938-40 Sullivan (in the Greater Ville)
- 614 Jackson (in Baden)
- 2019 Destrehan (in Hyde Park)
- 5475 Gilmore (in Walnut Park East)
A few key points:
- The 21 day bid period is now open through Thursday, Sept. 9 at noon.
- The Prop NS program, funded through a bond issue approved by voters of the City, stabilizes vacant, residential buildings in the inventory of the City of St. Louis Land Reutilization Authority (LRA).
- The buildings selected for the program are recommended for stabilization by community residents and property owners in the City through an open, online nomination process.
- The program invests up to $30,000 into a single-family building or up to $50,000 for a multi-family building of no more than 6 units, to cover urgent stabilization needs, including new roofs, re-building of collapsed walls, other masonry and foundation work, etc., to ensure that the buildings will be stable enough for future rehabs – and to make the buildings easier and more affordable for private buyers to continue the rehab into quality housing units.
- Prior to this current round, the Prop NS program has posted 16 stabilized buildings for sale for 21-day bid periods. Fifteen of these properties have received legitimate offers and two have already closed on their sales to private buyers who will invest their own resources and/or sweat equity to transform these vacant buildings into quality housing units.
- As always, minimum bids are set for each based on the Standard List Price for the neighborhoods where these are located, and stated on each building’s spec sheet.
- Details about the process for making an offer to purchase stabilized buildings – and downloadable PDF versions of full spec sheets for each property (with pictures, sizes, amount of Prop NS investment, etc.), can be found at the Prop NS webpage on purchasing stabilized properties: https://www.stlouis-mo.gov/government/departments/sldc/real-estate/prop-ns/purchasing-prop-ns-stabilized-buildings.cfm
Thanks again for all of your help!