Renovated Four-Unit
For Sale
$725,000
3215 Nebraska Ave, Saint Louis, MO 63118
Updated apartments feature spacious layouts, in-unit laundry, private upper-level decks, and alley-accessed off-street parking.
Property Size5,752 SF
Price / SF$126.04
Days on Market15
Property Features for 3215 Nebraska Ave
General Information
Standard status
Active
Size
5,752 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$1,922
Listing Agency:
Coldwell Banker Realty - Gundaker
(636) 219-6467
Listed By:
Kelley Hainline
(636) 219-6467
Source:
Exprealty
Added: Aug 6
Changed: Aug 18
Last Checked: Aug 19 at 11:29AM
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 Coldwell Banker Realty - Gundaker
Investment Insights
Based on property information with market context.
This four-unit residential income property contains 5,752 square feet of living space across two upper-level three-bedroom, one-bath apartments and two first-floor two-bedroom, one-bath apartments. Renovations include updated electrical and plumbing systems, newer mechanicals, windows, and roof, along with refreshed kitchens and bathrooms. Each kitchen has 42-inch shaker cabinetry, quartz countertops, and stainless steel appliances, while every apartment includes a high-efficiency washer and dryer.
Outdoor features include rear green space, private decks serving the upper apartments, and a four-car off-street parking pad with alley access. The property is in Benton Park West, near Benton Park and Cherokee Street in South St. Louis, with access to the restaurants, coffee shops, shops, galleries, music venues, and community events located along that commercial corridor.
Outdoor features include rear green space, private decks serving the upper apartments, and a four-car off-street parking pad with alley access. The property is in Benton Park West, near Benton Park and Cherokee Street in South St. Louis, with access to the restaurants, coffee shops, shops, galleries, music venues, and community events located along that commercial corridor.
Key Highlights
- Four‑unit configuration with two 3 bed/1 bath and two 2 bed/1 bath apartments
- 5,752 square feet of living space
- Renovated kitchens with 42‑inch shaker cabinets, quartz countertops, and stainless steel appliances
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
$61,510
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
8.48%
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%
$1,230,200
$1.2M
Cap Rate 7%
$878,714
$878.7K
Cap Rate 9%
$683,444
$683.4K
Market Conditions
NOI Build-Up for 5,752 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
$93.2K $16.20/SF
− Vacancy
−$5.3K −$0.92/SF
EGI
$87.9K $15.28/SF
− OpEx
−$26.4K −$4.58/SF
NOI
$61.5K $10.69/SF
Area
St. Louis County, MO
Vacancy
5.70%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,230,200
Cap Rate 7%
$878,714
Cap Rate 9%
$683,444
Alternative Uses
Best Use
Multifamily LT 5
$878.7K
$768.9K – $1.03M
NOI $61,510 @ 7.0% cap · market cap 8.48%
Second Best
Apartment 5plus
$764.7K
$669.1K – $892.1K
NOI $53,528 @ 7.0% cap · market cap 7.38%
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,414 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,631
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?
Quadplex - Updated apartments feature spacious layouts, in-unit laundry, private upper-level decks, and alley-accessed off-street parking.
Where is this quadplex located?
The property is located at 3215 Nebraska Ave Saint Louis, MO.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Four‑unit configuration with two 3 bed/1 bath and two 2 bed/1 bath apartments; 5,752 square feet of living space; Renovated kitchens with 42‑inch shaker cabinets, quartz countertops, and stainless steel appliances
