Renovated 8-Unit Brick Apartment
For Sale
$699,000
2901 Nebraska Avenue St, Louis, MO 63118
Residential Income, St Louis, MO
Property Size6,400 SF
Lot Size0.14 Acres
Price / SF$109.22
Days on Market56
Property Features for 2901 Nebraska Avenue St
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street
Subdivision
Lanes Add 03
Elementary school
Shenandoah Elem.
Middle school
Long Middle Community Ed. Center
High school
Roosevelt High
Elementary school district
St. Louis City
Middle school district
St. Louis City
High school district
St. Louis City
Standard status
Active
APN
1999-00-0080-0
Size
6,400 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3578
Utilities
Utilities
Cable Available
Cooling system
Central Air
Amenities
in-unit washer/dryer
keyless locks
granite countertops
stainless steel appliances
Building Details
Year built
1927
Building materials
Brick
Architectural style
Other
Listing Agency:
Wood Brothers Realty
Listed By:
Patrick Wood · License #2004025204
(314) 353-8888
Added: Jul 22
Changed: Sep 12
Last Checked: Sep 15 at 6:06AM
MLS# 26038514
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 8-unit apartment property is a brick building originally constructed in 1927, with 6,400 square feet across a 6,288-square-foot lot. The unit mix consists entirely of 1-bedroom, 1-bathroom apartments, each offering 750 square feet. Renovations completed in 2021 added granite countertops, stainless steel appliances, gas stoves, refrigerators, microwaves, dishwashers, in-unit washers and dryers, and keyless locks. The property also received new condensers, PVC plumbing, sewer laterals, and a TPO roof during the same upgrade program.
Located at 2901 Nebraska Avenue in St. Louis, the building is 1.5 miles from Tower Grove Park and near the restaurants and coffee shops of the surrounding Tower Grove East area. Central air, off-street parking, cable availability, and brick construction are included among the property features.
Located at 2901 Nebraska Avenue in St. Louis, the building is 1.5 miles from Tower Grove Park and near the restaurants and coffee shops of the surrounding Tower Grove East area. Central air, off-street parking, cable availability, and brick construction are included among the property features.
Key Highlights
- 8‑unit apartment building with 6,400 square feet on a 0.1444‑acre lot
- All units are 1‑bedroom, 1‑bathroom apartments with 750 square feet each
- Complete unit renovations and major property upgrades completed in 2021
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
$59,558
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
8.52%
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%
$1,191,160
$1.2M
Cap Rate 7%
$850,829
$850.8K
Cap Rate 9%
$661,756
$661.8K
Market Conditions
NOI Build-Up for 6,400 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
$115.2K $18.00/SF
− Vacancy
−$6.9K −$1.08/SF
EGI
$108.3K $16.92/SF
− OpEx
−$48.7K −$7.61/SF
NOI
$59.6K $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%
$1,191,160
Cap Rate 7%
$850,829
Cap Rate 9%
$661,756
Alternative Uses
Best Use
Apartment 5plus
$850.8K
$744.5K – $992.6K
NOI $59,558 @ 7.0% cap · market cap 8.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,149 @ 7.0% cap · market cap 13.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
971
Businesses Nearby
Explore this area
Business Placement
Demographics for 63118, MO
25,194
Population
14,770
Households
1.7
Avg Household Size
34
Median Age
38%
College-Educated
87%
High-School Grad
3.4 sq mi
ZIP Area
7,410
Density / Sq Mi
$57,268
Median Household Income
$44,717
Median Earnings
$952
Median Rent
$210,900
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 modern one-bedroom residences feature updated kitchens, in-unit laundry, and keyless entry.
Where is this apartment building located?
The property is located at 2901 Nebraska Avenue St Louis, MO.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 8‑unit apartment building with 6,400 square feet on a 0.1444‑acre lot; All units are 1‑bedroom, 1‑bathroom apartments with 750 square feet each; Complete unit renovations and major property upgrades completed in 2021
