Renovated 6-Unit Multifamily
For Sale
Contact for pricing
Pending
2304 S 10th St St., Louis, MO 63104
Fully renovated 6-unit building in the heart of Soulard.
Property Size4,121 SF
Days on Market175
Property Features for 2304 S 10th St St.
General Information
Standard status
Pending
Size
4,121 SF
Property subtype
Multifamily
Zoning
D
Occupancy
83%
Building Details
Year Built
1897
Year Renovated
2016
Buildings
2
Stories
3
Units
6
Listing Agency:
Garcia Properties
Listed By:
Jenifer Garcia · License #MO 2011006921
Source:
Crexi
Added: Feb 27
Changed: Aug 8
Last Checked: Jul 24 at 4:38PM
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 Garcia Properties
Investment Insights
Based on property information with market context.
This renovated 6-unit building presents a real estate investment opportunity. The historic building underwent a complete renovation in 2016, including a new roof, HVAC system, plumbing, and electrical systems. The property features six units: one 2-bedroom unit and five 1-bedroom units. The unit mix is suited for young professionals and long-term renters. Three first-floor units offer single-level living, while the three upper units feature a townhome-style layout spanning the second and third floors. Two of the townhome units include a bonus room suitable for a home office. Every unit includes in-unit laundry. The building is set back from the street on a large front yard, providing privacy. It is located near Pontiac Park and in the Soulard neighborhood, surrounded by restaurants, bars, and nightlife. The property is in turnkey condition and located in a walkable neighborhood. The property size is 4121 square feet.
Key Highlights
- Fully renovated in 2016 with new roof, HVAC, plumbing, and electrical systems.
- Located in the heart of Soulard, a prime walkable neighborhood, close to restaurants, bars, nightlife, and Pontiac Park.
- Desirable unit mix: one 2‑bedroom and five 1‑bedroom units.
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
$38,350
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
6.34%
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%
$767,000
$767.0K
Cap Rate 7%
$547,857
$547.9K
Cap Rate 9%
$426,111
$426.1K
Market Conditions
NOI Build-Up for 4,121 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
$74.2K $18.00/SF
− Vacancy
−$4.5K −$1.08/SF
EGI
$69.7K $16.92/SF
− OpEx
−$31.4K −$7.61/SF
NOI
$38.4K $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%
$767,000
Cap Rate 7%
$547,857
Cap Rate 9%
$426,111
Alternative Uses
Best Use
Apartment 5plus
$547.9K
$479.4K – $639.2K
NOI $38,350 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$884.4K
$773.9K – $1.03M
NOI $61,911 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
914
Businesses Nearby
Explore this area
Business Placement
Demographics for 63104, MO
19,317
Population
10,958
Households
1.8
Avg Household Size
34
Median Age
54%
College-Educated
94%
High-School Grad
3.4 sq mi
ZIP Area
5,681
Density / Sq Mi
$70,127
Median Household Income
$53,693
Median Earnings
$1,054
Median Rent
$249,500
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 - Fully renovated 6-unit building in the heart of Soulard.
Where is this apartment building located?
The property is located at 2304 S 10th St St. Louis, MO.
What is the asking price?
The asking price for this property is $605,000.
What are key features of this property?
This property features: Fully renovated in 2016 with new roof, HVAC, plumbing, and electrical systems.; Located in the heart of Soulard, a prime walkable neighborhood, close to restaurants, bars, nightlife, and Pontiac Park.; Desirable unit mix: one 2‑bedroom and five 1‑bedroom units.
