8-Unit Apartment
For Sale
Contact for pricing
2408 S 10th St St., Louis, MO 63104
Eight apartments offer one- and two-bedroom layouts, in-unit laundry, off-street parking, and distinctive interior details.
Property Size6,448 SF
Price / SF$141.13
Days on Market160
Property Features for 2408 S 10th St St.
General Information
Standard status
Active
Size
6,448 SF
Property subtype
Multifamily
Zoning
D
Occupancy
62%
Property Condition
Severity
Repairs Needed
Evidence
straightforward cosmetic updates
Units
Unit Mix
5 x 1BR, 3 x 2BR
Multifamily Units
8
Amenities
in-unit laundry
off-street parking
wood-burning stoves
exposed brick
Building Details
Year Built
1889
Buildings
1
Stories
3
Units
8
Listing Agency:
Garcia Properties
(314) 565-3583
Listed By:
Jenifer Garcia · License #MO 2011006921
Source:
Crexi
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 30 at 10:28AM
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 6,448-square-foot apartment property contains eight units, including five one-bedroom apartments and three two-bedroom apartments. Interior features include in-unit laundry, wood-burning stoves, and exposed brick. Three units are vacant, while the building was renovated in the early 2000s and received a new roof in 2019. Zoning is D.
Located at 2408 S 10th St in St. Louis, the property is in the Soulard area near the farmers market, bars, and restaurants. Off-street parking supports the residential layout, and the included vacant lot next door adds land to the offering.
The existing configuration combines smaller and larger apartment layouts within one multifamily building. The property’s unit mix, physical amenities, renovation history, and vacancy profile provide a clear basis for evaluating current operations and future leasing plans.
Located at 2408 S 10th St in St. Louis, the property is in the Soulard area near the farmers market, bars, and restaurants. Off-street parking supports the residential layout, and the included vacant lot next door adds land to the offering.
The existing configuration combines smaller and larger apartment layouts within one multifamily building. The property’s unit mix, physical amenities, renovation history, and vacancy profile provide a clear basis for evaluating current operations and future leasing plans.
Key Highlights
- 8‑unit apartment building with five 1‑bedroom and three 2‑bedroom units
- 6,448 SF property with three vacant units
- In‑unit laundry, off‑street parking, wood‑burning stoves, and exposed brick
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
$60,005
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
6.59%
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%
$1,200,100
$1.2M
Cap Rate 7%
$857,214
$857.2K
Cap Rate 9%
$666,722
$666.7K
Market Conditions
NOI Build-Up for 6,448 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
$116.1K $18.00/SF
− Vacancy
−$7.0K −$1.08/SF
EGI
$109.1K $16.92/SF
− OpEx
−$49.1K −$7.61/SF
NOI
$60.0K $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%
$1,200,100
Cap Rate 7%
$857,214
Cap Rate 9%
$666,722
Alternative Uses
Best Use
Apartment 5plus
$857.2K
$750.1K – $1.00M
NOI $60,005 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,870 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
853
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 - Eight apartments offer one- and two-bedroom layouts, in-unit laundry, off-street parking, and distinctive interior details.
Where is this apartment building located?
The property is located at 2408 S 10th St St. Louis, MO.
What is the asking price?
The asking price for this property is $910,000.
What are key features of this property?
This property features: 8‑unit apartment building with five 1‑bedroom and three 2‑bedroom units; 6,448 SF property with three vacant units; In‑unit laundry, off‑street parking, wood‑burning stoves, and exposed brick
