36-Unit Apartment Building with
For Sale
$3,800,000
36-7128 Manchester Ave, Saint Louis, MO 63110
Fully occupied apartment property with one- and two-bedroom units and private garages.
Property Size25,288 SF
Price / SF$150.27
Days on Market22
Property Features for 36-7128 Manchester Ave
General Information
Standard status
Active
Size
25,288 SF
Total Parking Spaces
22
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
28 x 1BR, 8 x 2BR
Multifamily Units
36
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$22,066
Building Details
Buildings
1
Listing Agency:
Apartment Advisors of America LLC
(314) 517-0903
Listed By:
Michael Zangara
(314) 517-0903
Source:
Exprealty
Added: Jul 21
Changed: Aug 3
Last Checked: Aug 10 at 8:03AM
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 Apartment Advisors of America LLC
Investment Insights
Based on property information with market context.
This 25,288-square-foot apartment building contains 36 units, including 28 one-bedroom apartments and 8 two-bedroom apartments. The property is reported at 100% occupancy and includes tile flooring upgrades along with 22 private garages that provide additional on-site functionality.
Located at 36-7128 Manchester Ave in Saint Louis, the property sits near the Manchester Road corridor in Maplewood. Local breweries, MetroLink access, and top-rated schools are identified among the surrounding amenities. The asset is also within the 63143 zip code.
Located at 36-7128 Manchester Ave in Saint Louis, the property sits near the Manchester Road corridor in Maplewood. Local breweries, MetroLink access, and top-rated schools are identified among the surrounding amenities. The asset is also within the 63143 zip code.
Key Highlights
- 36 apartment units with a mix of 28 one‑bedroom and 8 two‑bedroom apartments
- 100% occupied multifamily property
- 25,288 square feet
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
$235,330
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
6.19%
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%
$4,706,600
$4.7M
Cap Rate 7%
$3,361,857
$3.4M
Cap Rate 9%
$2,614,778
$2.6M
Market Conditions
NOI Build-Up for 25,288 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
$455.2K $18.00/SF
− Vacancy
−$27.3K −$1.08/SF
EGI
$427.9K $16.92/SF
− OpEx
−$192.5K −$7.61/SF
NOI
$235.3K $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%
$4,706,600
Cap Rate 7%
$3,361,857
Cap Rate 9%
$2,614,778
Alternative Uses
Best Use
Apartment 5plus
$3.36M
$2.94M – $3.92M
NOI $235,330 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.43M
$4.75M – $6.33M
NOI $379,907 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
36
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,631
Businesses Nearby
Explore this area
Business Placement
Demographics for 63110, MO
18,199
Population
10,260
Households
1.8
Avg Household Size
33
Median Age
64%
College-Educated
97%
High-School Grad
6.6 sq mi
ZIP Area
2,757
Density / Sq Mi
$73,809
Median Household Income
$55,340
Median Earnings
$1,183
Median Rent
$314,600
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 - Fully occupied apartment property with one- and two-bedroom units and private garages.
Where is this apartment building located?
The property is located at 36-7128 Manchester Ave Saint Louis, MO.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 36 apartment units with a mix of 28 one‑bedroom and 8 two‑bedroom apartments; 100% occupied multifamily property; 25,288 square feet
