Renovated Retail Building with New
For Sale
$899,000
10004 Gravois Road St, Louis, MO 63123
Commercial Sale, St Louis, MO
Property Size5,453 SF
Lot Size0.52 Acres
Price / SF$164.86
Days on Market41
Property Features for 10004 Gravois Road St
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking features
Parking Lot, Open
Subdivision
Mackenzie Tr
Directions
GPS
Standard status
Active
APN
26J-43-1214
Size
5,453 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
32839
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1941
Floors in Building
1
Building materials
Brick
Listing Agency:
Manor Real Estate
(314) 647-6611
Listed By:
Ben Cherry · License #2006018085
(314) 647-6611
Added: Jul 11
Changed: Aug 19
Last Checked: Aug 20 at 5:06AM
MLS# 24046598
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 renovated retail building features new electrical systems, HVAC, roof, plumbing, and a parking lot. Built in 1941, the property includes 5,453 SF of brick construction and is heated with forced air. Utilities include public water with public sewer service, and parking is available in an open parking lot.
Leasing is currently 31% occupied, with leases in place through 3/31/2029. The property sits on a signalized hard corner with visibility to over 20,000 cars daily. It also features a stable NNN corporate lease with ACE Cash Express.
The surrounding area is densely populated, with 289,459 residents within a 5-mile radius. The property is described as approximately 25 minutes from downtown St. Louis and St. Louis Lambert International Airport, with average household income exceeding $91,000 within the area.
Leasing is currently 31% occupied, with leases in place through 3/31/2029. The property sits on a signalized hard corner with visibility to over 20,000 cars daily. It also features a stable NNN corporate lease with ACE Cash Express.
The surrounding area is densely populated, with 289,459 residents within a 5-mile radius. The property is described as approximately 25 minutes from downtown St. Louis and St. Louis Lambert International Airport, with average household income exceeding $91,000 within the area.
Key Highlights
- New electrical, HVAC, roof, plumbing, and parking lot updates
- 5,453 SF brick retail building built in 1941
- 31% occupied with leases through 3/31/2029
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
$73,355
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
8.16%
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%
$1,467,100
$1.5M
Cap Rate 7%
$1,047,929
$1.0M
Cap Rate 9%
$815,056
$815.1K
Market Conditions
NOI Build-Up for 5,453 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
$121.7K $22.32/SF
− Vacancy
−$16.9K −$3.10/SF
EGI
$104.8K $19.22/SF
− OpEx
−$31.4K −$5.77/SF
NOI
$73.4K $13.45/SF
Area
St. Louis County, MO
Vacancy
13.90%
Lease Rate
$22.32 /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%
$1,467,100
Cap Rate 7%
$1,047,929
Cap Rate 9%
$815,056
Alternative Uses
Best Use
Retail
$1.05M
$916.9K – $1.22M
NOI $73,355 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.02M – $1.37M
NOI $81,922 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
31%
Occupancy
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
94k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 41%
Dining 40%
Shops & Services 12%
Home Improvements & Furnishings 6%
Schnucks
Groceries
38,911 visits/mo
0.2 miles
Panera Bread
Dining
19,989 visits/mo
0.1 miles
Starbucks
Dining
15,274 visits/mo
0.1 miles
Cotton's Ace Hardware
Home Improvements & Furnishings
5,978 visits/mo
0.1 miles
Commerce Bank
Shops & Services
4,665 visits/mo
0.5 miles
Demographics for 63123, MO
50,989
Population
23,208
Households
2.2
Avg Household Size
41
Median Age
36%
College-Educated
92%
High-School Grad
12.5 sq mi
ZIP Area
4,079
Density / Sq Mi
$74,187
Median Household Income
$43,458
Median Earnings
$987
Median Rent
$205,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Renovated retail building with new HVAC, roof, plumbing, and electrical systems, plus a parking lot and leases through 3/31/2029.
Where is this retail space located?
The property is located at 10004 Gravois Road St Louis, MO.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: New electrical, HVAC, roof, plumbing, and parking lot updates; 5,453 SF brick retail building built in 1941; 31% occupied with leases through 3/31/2029
