Renovated Brick
For Sale
$220,000
3234 Michigan Ave, Saint Louis, MO 63118
Updated two-unit residence combines historic character with hardwood floors and decorative fireplaces.
Property Size1,824 SF
Price / SF$120.61
Days on Market42
Property Features for 3234 Michigan Ave
General Information
Standard status
Active
Size
1,824 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$795
Building Details
Year Built
1913
Construction
brick
Listing Agency:
Three Doors LLC
(314) 640-8271
Listed By:
Jay Cammon
(314) 640-8271
Source:
Exprealty
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:23PM
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 Three Doors LLC
Investment Insights
Based on property information with market context.
This renovated duplex contains two residential units within an all-brick structure built in 1913. The 1,824-square-foot property retains period details including hardwood flooring and decorative fireplaces, while updated interiors support continued residential use.
The building is located in Benton Park West, near the shops, restaurants, and nightlife associated with Cherokee Street and Benton Park. Highway access provides a connection to downtown St. Louis and other areas beyond the immediate neighborhood.
The building is located in Benton Park West, near the shops, restaurants, and nightlife associated with Cherokee Street and Benton Park. Highway access provides a connection to downtown St. Louis and other areas beyond the immediate neighborhood.
Key Highlights
- Two‑unit residential property in Benton Park West
- 1,824 SF duplex in an all‑brick 1913 building
- Renovated interiors with hardwood floors
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
$19,505
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
8.87%
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%
$390,100
$390.1K
Cap Rate 7%
$278,643
$278.6K
Cap Rate 9%
$216,722
$216.7K
Market Conditions
NOI Build-Up for 1,824 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
$29.5K $16.20/SF
− Vacancy
−$1.7K −$0.92/SF
EGI
$27.9K $15.28/SF
− OpEx
−$8.4K −$4.58/SF
NOI
$19.5K $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%
$390,100
Cap Rate 7%
$278,643
Cap Rate 9%
$216,722
Alternative Uses
Best Use
Multifamily LT 5
$278.6K
$243.8K – $325.1K
NOI $19,505 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$242.5K
$212.2K – $282.9K
NOI $16,974 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$391.5K
$342.5K – $456.7K
NOI $27,402 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,489
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?
Duplex - Updated two-unit residence combines historic character with hardwood floors and decorative fireplaces.
Where is this duplex located?
The property is located at 3234 Michigan Ave Saint Louis, MO.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑unit residential property in Benton Park West; 1,824 SF duplex in an all‑brick 1913 building; Renovated interiors with hardwood floors
