Seeking Passive KP / Cash Partner — 6-Unit St. Louis Value-Add
Hello,
Seeking Passive KP / Cash Partner — 6-Unit St. Louis Value-Add, Negotiated 15-20% Below Ask, 10% Preferred Return + 40% Equity
I'm an active real estate operator (BSEE, MBA, 20+ years engineering and operations, Director of CapEx at a major manufacturing company) currently under negotiation on a 6-unit multifamily in St. Louis, Missouri. I need a Key Principal or passive cash partner to close.
THE DEAL:
Property: 4260-62 Michigan Avenue, St. Louis, MO 63111
Units: 6 (all 1BD/1BA)
Asking Price: $365,000
Negotiated Price: $295,000-$310,000
Discount: 15-20% below asking
T12 Gross Income: $51,909
Stabilized NOI: ~$24,000-$25,000 (normalized for professional management and reserves)
Upside NOI (stabilized + delinquency cured): $35,000+
Cap Rate at $295K (stabilized): 8.1-8.5%
Cap Rate at $295K (upside): 11.9%+
VALUE-ADD STORY:
The seller's T12 understates expenses and the current rent roll shows delinquency on two units. I've priced that risk into my offer. Once delinquent tenants are replaced with paying tenants — which is the operational plan from day one — NOI jumps to $35,000+. At a 10% cap rate on $35,000 NOI, this asset values at $350,000+. That's a $40,000-$55,000 equity gain on a $295,000-$310,000 purchase in 12-18 months.
WHAT I NEED FROM A KP/PARTNER:
— Total capital: approximately $100,000-$105,000
— Down payment (25%): ~$85,000-$90,000
— Closing costs + reserves: ~$15,000
— For DSCR loan: appear as qualifying borrower (passive role only)
— OR provide cash and we close without a lender entirely
WHAT YOU GET:
— 10% preferred return on your invested capital — paid first before any GP distribution
— 40% equity stake in the deal
— First return of capital at refinance or sale
— Zero day-to-day responsibilities — I handle all operations, management, reporting
— Monthly P&L and rent roll reports
— Target 18-24 month refi to return your capital + preferred
WHO I AM:
Steven L. Haskins — BSEE / MBA, Director of Capital Expenditures at Virginia Transformer (Roanoke, VA). I bring 20+ years of engineering, project management, and financial analysis to every deal. Haskins Capital LLC is a registered entity with dedicated business banking and an active deal pipeline. I underwrite conservatively, communicate transparently, and operate professionally.
This is not a syndication. This is a two-party JV. You provide capital and balance sheet. I provide deal sourcing, underwriting, operations, and asset management. Clean, simple structure.
Serious inquiries only. Full deal package with financials, T12, rent roll, and term sheet available immediately upon request.
Steven Haskins