Six-Unit Renovated Apartment
For Sale
Under Contract
$1,000,000
5909 Cates Ave St, Louis, MO 63112
MULTI_FAMILY - Other - St Louis, MO
Property Size9,681 SF
Lot Size0.25 Acres
Price / SF$103.30
Days on Market69
Property Features for 5909 Cates Ave St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 11, Bathroom 9, Bathroom 8, Bathroom 1, Bathroom 2, Bathroom 7, Bathroom 5, Bathroom 10, Bathroom 6, Bathroom 3, Basement, Bathroom 12, Bathroom 4
Parking features
Off Street
Fireplace
1
Subdivision
Clemens Place Add
Elementary school
Hamilton Elem. Community Ed.
Middle school
Langston Middle
High school
Sumner High
Elementary school district
St. Louis City
Middle school district
St. Louis City
High school district
St. Louis City
Standard status
Active Under Contract
APN
4539-00-0230-0
Size
9,681 SF
Lot size
0.25 Acres
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air, Electric
Water source
Public
Amenities
in-unit washer/dryer hookups
Building Details
Year built
1923
Flooring type
Vinyl
Building materials
Brick
Architectural style
Other
Listing Agency:
EXP Realty, LLC
(866) 224-1761
Listed By:
Benjamin Wedi · License #2024035792
(913) 908-8001
Added: Jun 18
Changed: Aug 3
Last Checked: Aug 25 at 6:06PM
MLS# 26036707
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 fully repositioned six-unit apartment building is a classic three-story brick walk-up built in 1923. The interior work is complete and includes renovated kitchens and updated bathrooms, along with modern flooring and brand-new mechanical, electrical, and plumbing systems throughout. The property is configured as six three-bedroom, two-bath units, with in-unit washer/dryer hookups in every unit. Four units are currently occupied with leases in place, and two units are ready for immediate lease-up.
The building totals 9,681 square feet on a 0.245-acre lot. Heating is provided by natural gas forced air, with electric central air cooling. The property has off-street parking and a basement, and it uses public water.
With cap-rate information provided, the listing states an acquisition cap rate of 9.79%. Four units are already occupied while two additional units are available to begin lease-up.
The building totals 9,681 square feet on a 0.245-acre lot. Heating is provided by natural gas forced air, with electric central air cooling. The property has off-street parking and a basement, and it uses public water.
With cap-rate information provided, the listing states an acquisition cap rate of 9.79%. Four units are already occupied while two additional units are available to begin lease-up.
Key Highlights
- Six‑unit apartment building in a three‑story brick walk‑up configuration
- 9,681 SF on a 0.245‑acre lot; built in 1923
- Six three‑bedroom, two‑bath units with in‑unit washer/dryer hookups
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
$90,091
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
9.01%
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%
$1,801,820
$1.8M
Cap Rate 7%
$1,287,014
$1.3M
Cap Rate 9%
$1,001,011
$1.0M
Market Conditions
NOI Build-Up for 9,681 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
$174.3K $18.00/SF
− Vacancy
−$10.5K −$1.08/SF
EGI
$163.8K $16.92/SF
− OpEx
−$73.7K −$7.61/SF
NOI
$90.1K $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%
$1,801,820
Cap Rate 7%
$1,287,014
Cap Rate 9%
$1,001,011
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.50M
NOI $90,091 @ 7.0% cap · market cap 9.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.08M
$1.82M – $2.42M
NOI $145,440 @ 7.0% cap · market cap 14.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
853
Businesses Nearby
Explore this area
Business Placement
Demographics for 63112, MO
18,954
Population
11,521
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
89%
High-School Grad
3.2 sq mi
ZIP Area
5,923
Density / Sq Mi
$43,262
Median Household Income
$36,297
Median Earnings
$911
Median Rent
$216,400
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 - Three-story brick walk-up with six renovated units, off-street parking, and public utilities in St. Louis’s West End
Where is this apartment building located?
The property is located at 5909 Cates Ave St Louis, MO.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Six‑unit apartment building in a three‑story brick walk‑up configuration; 9,681 SF on a 0.245‑acre lot; built in 1923; Six three‑bedroom, two‑bath units with in‑unit washer/dryer hookups
