Renovated Brick
For Sale
$650,000
1850 Russell Boulevard St, Louis, MO 63104
Residential Income, St Louis, MO
Property Size5,508 SF
Lot Size0.13 Acres
Price / SF$118.01
Days on Market67
Property Features for 1850 Russell Boulevard St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Basement, Bedroom 2, Bedroom 1, Bathroom 6, Bedroom 7, Bedroom 8, Bedroom 4, Bathroom 3, Bathroom 4, Bathroom 5, Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 3, Bathroom 1
Subdivision
Allens Lafayette Park Add
Elementary school
Sigel Elem. Comm. Ed. Center
Middle school
Long Middle Community Ed. Center
High school
Roosevelt High
Elementary school district
St. Louis City
Middle school district
St. Louis City
High school district
St. Louis City
Directions
russell
Standard status
Active
APN
1337-00-0020-0
Size
5,508 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5122
Utilities
Cooling system
Central Air
Amenities
fireplace
hardwood floors
stainless steel appliances
dishwasher
in-unit laundry
ceiling fans
decorative exposed brick
Building Details
Year built
1911
Building materials
Brick
Architectural style
Other
Listing Agency:
Invest St. Louis
(314) 325-6201
Listed By:
Mike Shepherd · License #2010038439
(314) 255-5117
Added: Jul 10
Changed: Sep 13
Last Checked: Sep 14 at 4:06PM
MLS# 26010749
Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,508-square-foot brick quadplex contains four occupied apartments: two 3-bedroom, 2-bath units and two 1-bedroom, 1-bath units. Renovations completed in 2020 included kitchens with stainless steel appliances, updated cabinetry and countertops, dishwashers, in-unit laundry, refreshed bathrooms, newer furnaces and AC condensers, water heaters, electrical service, PVC stacks, and PEX water lines. Original-style details include hardwood floors, decorative exposed brick, fireplaces, ceiling fans, and large windows.
The property sits on 0.1304 acres at 1850 Russell Boulevard in St Louis, Missouri 63104. Restaurants, bars, parks, and entertainment are described as being within a short distance. An accepted contract is required before showing, and all four units are occupied.
The property sits on 0.1304 acres at 1850 Russell Boulevard in St Louis, Missouri 63104. Restaurants, bars, parks, and entertainment are described as being within a short distance. An accepted contract is required before showing, and all four units are occupied.
Key Highlights
- Four‑unit brick property with 5,508 square feet
- Two 3‑bedroom, 2‑bath units and two 1‑bedroom, 1‑bath units
- Renovated in 2020 with updated kitchens and bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$58,900
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,178,000
$1.2M
Cap Rate 7%
$841,429
$841.4K
Cap Rate 9%
$654,444
$654.4K
Market Conditions
NOI Build-Up for 5,508 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$89.2K $16.20/SF
− Vacancy
−$5.1K −$0.92/SF
EGI
$84.1K $15.28/SF
− OpEx
−$25.2K −$4.58/SF
NOI
$58.9K $10.69/SF
Area
St. Louis County, MO
Vacancy
5.70%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,178,000
Cap Rate 7%
$841,429
Cap Rate 9%
$654,444
Alternative Uses
Best Use
Multifamily LT 5
$841.4K
$736.3K – $981.7K
NOI $58,900 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$732.2K
$640.7K – $854.3K
NOI $51,257 @ 7.0% cap · market cap 7.89%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,748 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,145
Businesses Nearby
Explore this area
Business Placement
Demographics for 63104, MO
19,317
Population
10,958
Households
1.8
Avg Household Size
34
Median Age
54%
College-Educated
94%
High-School Grad
3.4 sq mi
ZIP Area
5,681
Density / Sq Mi
$70,127
Median Household Income
$53,693
Median Earnings
$1,054
Median Rent
$249,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully renovated four-unit property with two-bedroom and one-bedroom residences, updated interiors, and central air conditioning.
Where is this quadplex located?
The property is located at 1850 Russell Boulevard St Louis, MO.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four‑unit brick property with 5,508 square feet; Two 3‑bedroom, 2‑bath units and two 1‑bedroom, 1‑bath units; Renovated in 2020 with updated kitchens and bathrooms
