Downtown Mixed-Use Investment
For Sale
$1,390,000
203 Elm St, Washington, MO 63090
Renovated mixed-use building with three ground-floor commercial suites and seven occupied apartments above.
Property Size11,847 SF
Price / SF$117.33
Days on Market46
Property Features for 203 Elm St
General Information
Standard status
Active
Size
11,847 SF
Zoning
C-3
Additional Details
Multifamily Units
7
Building Details
Year Built
1944
Listing Agency:
ELS Real Estate Group, LLC
Listed By:
Jacob Stallmann · License #2007016834
(636) 629-9800
Source:
Nations-network
Added: Jul 25
Changed: Sep 8
Last Checked: Sep 7 at 2:48PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ELS Real Estate Group, LLC
Investment Insights
Based on property information with market context.
The Schroeder Building at 203 Elm Street is a renovated downtown mixed-use property featuring three ground-floor commercial suites and seven one-bedroom apartments on the upper floors. The commercial component includes Suite 100, Suite 100A, and Suite 101, with Suite 101 offering a multi-office floor plan and a ground-floor address on Elm Street. The apartment units are fully occupied, and each lease includes automatic 12-month renewal provisions. All appliances are included with the sale, and one commercial suite (Suite 101) is vacant and ready.
The property is zoned C-3. A city occupancy inspection passed in December 2025.
For 2025, reported net operating income is $70,299. The full financial package is available on request.
The property is zoned C-3. A city occupancy inspection passed in December 2025.
For 2025, reported net operating income is $70,299. The full financial package is available on request.
Key Highlights
- Downtown Washington, MO mixed‑use building with 10 total units and 11,847 total SF
- Three ground‑floor commercial suites: Suite 100 (2,650 SF), Suite 100A (2,250 SF), Suite 101 (2,100 SF)
- Seven fully occupied one‑bedroom apartments above, ranging from 635 to 812 SF, renting $850 to $920/month with automatic 12‑month lease renewals
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
$117,285
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
8.44%
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%
$2,345,700
$2.3M
Cap Rate 7%
$1,675,500
$1.7M
Cap Rate 9%
$1,303,167
$1.3M
Market Conditions
NOI Build-Up for 11,847 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
$213.2K $18.00/SF
− Vacancy
−$25.6K −$2.16/SF
EGI
$187.7K $15.84/SF
− OpEx
−$70.4K −$5.94/SF
NOI
$117.3K $9.90/SF
Area
Franklin County, MO
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,345,700
Cap Rate 7%
$1,675,500
Cap Rate 9%
$1,303,167
Alternative Uses
Best Use
Office B
$2.28M
$2.00M – $2.66M
NOI $159,679 @ 7.0% cap · market cap 11.49%
Second Best
Mixed Use
$1.68M
$1.47M – $1.95M
NOI $117,285 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$3.49M
$3.05M – $4.07M
NOI $244,144 @ 7.0% cap · market cap 17.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
822
Businesses Nearby
Explore this area
Business Placement
Demographics for 63090, MO
22,843
Population
9,745
Households
2.3
Avg Household Size
43
Median Age
33%
College-Educated
94%
High-School Grad
81.5 sq mi
ZIP Area
280
Density / Sq Mi
$83,966
Median Household Income
$46,556
Median Earnings
$873
Median Rent
$260,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated mixed-use building with three ground-floor commercial suites and seven occupied apartments above.
Where is this apartment building located?
The property is located at 203 Elm St Washington, MO.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: Downtown Washington, MO mixed‑use building with 10 total units and 11,847 total SF; Three ground‑floor commercial suites: Suite 100 (2,650 SF), Suite 100A (2,250 SF), Suite 101 (2,100 SF); Seven fully occupied one‑bedroom apartments above, ranging from 635 to 812 SF, renting $850 to $920/month with automatic 12‑month lease renewals
