Historic Mixed-Use
For Sale
$2,030,000
Pending
1900 Locust Street St, Louis, MO 63101
Commercial Sale, St Louis, MO
Property Size21,390 SF
Lot Size0.25 Acres
Days on Market123
Property Features for 1900 Locust Street St
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Lucas & Hunt Add
Directions
GPS
Standard status
Pending
APN
0900-00-0020-0
Lot size
0.25 Acres
Amenities
elevator
dedicated HVAC
Building Details
Year built
1890
Floors in Building
3
Building materials
Brick
Listing Agency:
Manor Real Estate
(314) 647-6611
Listed By:
Ben Cherry · License #2006018085
(314) 647-6611
Added: Apr 28
Changed: Aug 24
Last Checked: Aug 28 at 6:06AM
MLS# 25081392
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 1890, this three-story brick building contains approximately 21,390 SF of mixed-use space at 1900 Locust Street in St. Louis. The property includes a 7,100+/- SF restaurant with a full kitchen and high ceilings, along with flexible event and office areas connected by an elevator. Dedicated HVAC serves each floor, supporting distinct areas within the building.
A private outdoor patio of approximately 2,600+/- SF extends the usable space. The property is located in Downtown West, steps from Union Station and the MLS Stadium, with a combination of restaurant, event, and office improvements already in place.
A private outdoor patio of approximately 2,600+/- SF extends the usable space. The property is located in Downtown West, steps from Union Station and the MLS Stadium, with a combination of restaurant, event, and office improvements already in place.
Key Highlights
- 21,390+/- SF, three‑story brick building built in 1890
- 7,100+/- SF restaurant with full kitchen and high ceilings
- Elevator‑served event and office spaces
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
$91,924
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
4.53%
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%
$1,838,480
$1.8M
Cap Rate 7%
$1,313,200
$1.3M
Cap Rate 9%
$1,021,378
$1.0M
Market Conditions
NOI Build-Up for 21,390 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
$128.3K $6.00/SF
− Vacancy
−$5.8K −$0.27/SF
EGI
$122.6K $5.73/SF
− OpEx
−$30.6K −$1.43/SF
NOI
$91.9K $4.30/SF
Area
St. Louis County, MO
Vacancy
4.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,838,480
Cap Rate 7%
$1,313,200
Cap Rate 9%
$1,021,378
Alternative Uses
Best Use
Mixed Use
$3.76M
$3.29M – $4.38M
NOI $263,089 @ 7.0% cap · market cap 12.96%
Second Best
Office B
$3.73M
$3.26M – $4.35M
NOI $261,032 @ 7.0% cap · market cap 12.86%
Theoretical Best
Office A
$4.59M
$4.02M – $5.36M
NOI $321,347 @ 7.0% cap · market cap 15.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,730
Businesses Nearby
Explore this area
Business Placement
Demographics for 63101, MO
4,171
Population
2,457
Households
1.7
Avg Household Size
35
Median Age
61%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
10,428
Density / Sq Mi
$92,708
Median Household Income
$68,079
Median Earnings
$1,295
Median Rent
$228,300
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?
Mixed-use property - Three-story brick property with a built-out restaurant, elevator-served spaces, and a private outdoor patio.
Where is this mixed-use property located?
The property is located at 1900 Locust Street St Louis, MO.
What is the asking price?
The asking price for this property is $2,030,000.
What are key features of this property?
This property features: 21,390+/- SF, three‑story brick building built in 1890; 7,100+/- SF restaurant with full kitchen and high ceilings; Elevator‑served event and office spaces
