Updated Seven-Unit Apartment
For Sale
$1,350,000
5138 Waterman Boulevard St, Louis, MO 63108
Residential Income, St Louis, MO
Property Size10,197 SF
Lot Size0.22 Acres
Price / SF$132.39
Days on Market53
Property Features for 5138 Waterman Boulevard St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 8, Bedroom 9, Bedroom 6, Bathroom 1, Bathroom 6, Bedroom 3, Bathroom 7, Basement, Bedroom 7, Bathroom 2, Bathroom 4, Bedroom 2
Parking
7
Parking features
Off Street, Garage
Interior features
Historic Millwork
Basement
Unfinished, Storage Space
Subdivision
Forest Park Place Add
Elementary school
Hamilton Elem. Community Ed.
Middle school
Yeatman-Liddell Middle School
High school
Sumner High
Elementary school district
St. Louis City
Middle school district
St. Louis City
High school district
St. Louis City
Directions
I-64 East to Kingshwy Blvd. Keep left onto S Kingshwy, left onto Waterman Blvd. Building is on the left.
Standard status
Active
APN
4907-01-0080-0
Size
10,197 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
C.B.4907-A WATERMAN AVE 50 FT X 195 FT 10 IN FOREST PARK PLACE ADDN LOT 33
Tax Annual Amount
13881
Legal Description
C.B.4907-A WATERMAN AVE 50 FT X 195 FT 10 IN FOREST PARK PLACE ADDN LOT 33
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air, Electric
Water source
Public
Amenities
in-unit washer/dryer
stainless steel appliances
dishwasher
hardwood flooring
updated bathrooms
modern kitchens
Building Details
Year built
1915
Floors in Building
3
Number of units
7
Building materials
Brick
Architectural style
Other
Listing Agency:
Avenue Real Estate Group
(314) 665-2010
Listed By:
Andrew Jolley · License #2017038387
(314) 629-4674
Added: Jul 18
Changed: Sep 2
Last Checked: Sep 8 at 7:06AM
MLS# 26045149
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.
Built in 1915, this 10,197-square-foot brick apartment building contains seven units, including three three-bedroom, two-bath residences and four one-bedroom, one-bath residences. The lower-level one-bedroom unit was recently finished. Interior improvements include updated kitchens with stainless steel appliances and dishwashers, refreshed bathrooms, in-unit washers and dryers, hardwood flooring, and historic millwork. Heating is provided by natural gas forced air, with electric central air conditioning.
The property sits on a 0.2248-acre parcel at 5138 Waterman Boulevard in St. Louis, Missouri. A private driveway serves a detached three-car garage and four additional off-street parking spaces. Public water service is in place, and the property includes garage and off-street parking.
The property sits on a 0.2248-acre parcel at 5138 Waterman Boulevard in St. Louis, Missouri. A private driveway serves a detached three-car garage and four additional off-street parking spaces. Public water service is in place, and the property includes garage and off-street parking.
Key Highlights
- Seven‑unit apartment building with three 3‑bedroom/2‑bath units and four 1‑bedroom/1‑bath units
- 10,197 square feet on a 0.2248‑acre parcel
- Newly finished lower‑level 1‑bedroom/1‑bath unit
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
$94,893
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
7.03%
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%
$1,897,860
$1.9M
Cap Rate 7%
$1,355,614
$1.4M
Cap Rate 9%
$1,054,367
$1.1M
Market Conditions
NOI Build-Up for 10,197 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
$183.5K $18.00/SF
− Vacancy
−$11.0K −$1.08/SF
EGI
$172.5K $16.92/SF
− OpEx
−$77.6K −$7.61/SF
NOI
$94.9K $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%
$1,897,860
Cap Rate 7%
$1,355,614
Cap Rate 9%
$1,054,367
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.58M
NOI $94,893 @ 7.0% cap · market cap 7.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $153,192 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,409
Businesses Nearby
Explore this area
Business Placement
Demographics for 63108, MO
23,603
Population
13,208
Households
1.8
Avg Household Size
30
Median Age
64%
College-Educated
94%
High-School Grad
2.2 sq mi
ZIP Area
10,729
Density / Sq Mi
$56,933
Median Household Income
$47,284
Median Earnings
$1,140
Median Rent
$337,300
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 - Brick apartment property with renovated interiors, private parking, and a detached garage.
Where is this apartment building located?
The property is located at 5138 Waterman Boulevard St Louis, MO.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Seven‑unit apartment building with three 3‑bedroom/2‑bath units and four 1‑bedroom/1‑bath units; 10,197 square feet on a 0.2248‑acre parcel; Newly finished lower‑level 1‑bedroom/1‑bath unit
