Listing Agency: CBRE j***@cbre.com Show Phone

Listed By: Matt Bukhshtaber · License #2011029892 Show Phone

Source: Exprealty

Added: Oct 16 Changed: Oct 19 Last Checked: Oct 19 at 2:42PM

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Investment Insights

Based on property information with market context.

This 9,000-square-foot apartment property contains 12 units, each configured with one bedroom and one bathroom. Constructed in the 1960s, the building has updated interiors; renovated units include stainless steel appliances, contemporary cabinetry, and in-unit washers and dryers. Off-street parking is also available, and the property is currently 100% occupied.

The building is on Morganford Road in St. Louis’s Tower Grove South neighborhood, near Tower Grove Park, local shopping and dining, public transportation, and major employment centers. I-44 provides access toward Downtown St. Louis and the wider metro area.

Key Highlights

• 12 apartment units, each with 1 bedroom and 1 bathroom
• 9,000 square feet
• Currently 100% occupied

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$83,754

Cap Rate

5.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,675,080 $1.7M

Cap Rate 7%

$1,196,486 $1.2M

Cap Rate 9%

$930,600 $930.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,000 SF

Gross rent

$162.0K $18.00/SF

− Vacancy

−$9.7K −$1.08/SF

EGI

$152.3K $16.92/SF

− OpEx

−$68.5K −$7.61/SF

NOI

$83.8K $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 Rate 5%

$1,675,080

Cap Rate 7%

$1,196,486

Cap Rate 9%

$930,600

Alternative Uses

Best Use

Apartment 5plus

$1.20M

$1.05M – $1.40M (±1% cap)

NOI $83,754 @ 7.0% cap · market cap 5.08%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.93M

$1.69M – $2.25M (±1% cap)

NOI $135,209 @ 7.0% cap · market cap 8.19%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Lease Details

12

Residential units

100%

Occupancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

590

Businesses Nearby

Explore this area Business Placement

Demographics for 63116, MO

41,959

Population

22,394

Households

1.9

Avg Household Size

37

Median Age

37%

College-Educated

90%

High-School Grad

5.4 sq mi

ZIP Area

7,770

Density / Sq Mi

$60,193

Median Household Income

$42,012

Median Earnings

$946

Median Rent

$161,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - The fully occupied property offers one-bedroom layouts, in-unit laundry, and off-street parking.

Where is this apartment building located?

The property is located at 3119 Morganford Rd Saint Louis, MO.

What is the asking price?

The asking price for this property is $1,650,000.

What are key features of this property?

This property features: 12 apartment units, each with 1 bedroom and 1 bathroom; 9,000 square feet; Currently 100% occupied