Historic Schoolhouse Apartment
For Sale
$3,595,000
3530 Utah St, Louis, MO 63118
Residential Income, St Louis, MO
Property Size17,131 SF
Lot Size0.46 Acres
Price / SF$209.85
Days on Market147
Property Features for 3530 Utah St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bathroom 2
Fencing
Fenced
Subdivision
La Maison
Elementary school
Froebel Elem.
Middle school
Fanning Middle Community Ed.
High school
Roosevelt High
Elementary school district
St. Louis City
Middle school district
St. Louis City
High school district
St. Louis City
Directions
GPS is Best!
Standard status
Active
APN
149500-00131
Size
17,131 SF
Lot size
0.46 Acres
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1905
Floors in Building
3
Number of units
25
Flooring type
Hardwood
Building materials
Brick
Architectural style
Other
Listing Agency:
Salient Realty Group, LLC
(314) 374-3687
Listed By:
Timothy McCarthy · License #2019034093
(636) 699-5668
Added: Apr 15
Changed: Sep 5
Last Checked: Sep 8 at 5:06PM
MLS# 26004323
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.
La Maison is a 17,131-square-foot apartment property occupying 0.46 acres at 3530 Utah Street in St. Louis. Originally built in 1905 as a schoolhouse, the brick building has been restored into a boutique multifamily asset with studio, one-bedroom, and two-bedroom floor plans. Several residences feature loft-style layouts, soaring ceilings, oversized windows, original hardwood flooring, quartz countertops, custom cabinetry, and stainless steel appliances. Select apartments retain built-in bookshelves and vintage chalkboards, preserving elements of the building’s original character.
The property is in Tower Grove East, near Tower Grove Park, South Grand retail, SLU Medical, and Downtown St. Louis. Building systems include forced-air heating and central air conditioning, and the site is fenced. The combination of historic construction, varied unit configurations, and contemporary interior finishes creates a distinct residential offering within the multifamily inventory.
The property is in Tower Grove East, near Tower Grove Park, South Grand retail, SLU Medical, and Downtown St. Louis. Building systems include forced-air heating and central air conditioning, and the site is fenced. The combination of historic construction, varied unit configurations, and contemporary interior finishes creates a distinct residential offering within the multifamily inventory.
Key Highlights
- 17,131‑square‑foot apartment building on 0.46 acres
- Historic brick schoolhouse originally built in 1905
- Studio, one‑bedroom, and two‑bedroom floor plans
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
$159,421
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
4.43%
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%
$3,188,420
$3.2M
Cap Rate 7%
$2,277,443
$2.3M
Cap Rate 9%
$1,771,344
$1.8M
Market Conditions
NOI Build-Up for 17,131 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
$308.4K $18.00/SF
− Vacancy
−$18.5K −$1.08/SF
EGI
$289.9K $16.92/SF
− OpEx
−$130.4K −$7.61/SF
NOI
$159.4K $9.31/SF
Area
St. Louis County, MO
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$3,188,420
Cap Rate 7%
$2,277,443
Cap Rate 9%
$1,771,344
Alternative Uses
Best Use
Apartment 5plus
$2.28M
$1.99M – $2.66M
NOI $159,421 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.68M
$3.22M – $4.29M
NOI $257,363 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 63118, MO
25,194
Population
14,770
Households
1.7
Avg Household Size
34
Median Age
38%
College-Educated
87%
High-School Grad
3.4 sq mi
ZIP Area
7,410
Density / Sq Mi
$57,268
Median Household Income
$44,717
Median Earnings
$952
Median Rent
$210,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Boutique multifamily property with studio, one-bedroom, and two-bedroom layouts featuring loft-style designs and updated apartment finishes.
Where is this apartment building located?
The property is located at 3530 Utah St Louis, MO.
What is the asking price?
The asking price for this property is $3,595,000.
What are key features of this property?
This property features: 17,131‑square‑foot apartment building on 0.46 acres; Historic brick schoolhouse originally built in 1905; Studio, one‑bedroom, and two‑bedroom floor plans
