Renovated 27-Unit Apartment
For Sale
$4,500,000
3600 Texas Ave, Saint Louis, MO 63118
Two contiguous multifamily properties feature updated interiors, gated access, and off-street parking.
Property Size21,955 SF
Price / SF$204.96
Days on Market176
Property Features for 3600 Texas Ave
General Information
Standard status
Active
Size
21,955 SF
Property subtype
Residential Income
Listing Agency:
CBRE
(314) 632-6685
Listed By:
Matt Bukhshtaber
(314) 632-6685
Source:
Exprealty
Added: Feb 26
Changed: Aug 18
Last Checked: Aug 20 at 10:04AM
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 CBRE
Investment Insights
Based on property information with market context.
This multifamily offering combines two contiguous properties that must be purchased together, with 27 units across a 0.64-acre site. The portfolio includes a historic redevelopment at 3600 Texas Ave. with 15 units, originally built in 1884 and renovated in 2018, along with a 12-unit property at 3620 Texas Ave. completed in 2022.
Both buildings feature renovated interiors with updated kitchens, stainless steel appliances, and quartz countertops. Shared site improvements include a courtyard, controlled gated entry, a private outdoor terrace, and off-street gated parking.
The properties are positioned on Texas Ave. between Cherokee Street and Chippewa Street in the Gravois Park neighborhood of St. Louis, Missouri.
Both buildings feature renovated interiors with updated kitchens, stainless steel appliances, and quartz countertops. Shared site improvements include a courtyard, controlled gated entry, a private outdoor terrace, and off-street gated parking.
The properties are positioned on Texas Ave. between Cherokee Street and Chippewa Street in the Gravois Park neighborhood of St. Louis, Missouri.
Key Highlights
- 27‑unit multifamily portfolio comprising two contiguous properties
- 3600 Texas Ave. includes 15 units in a redevelopment originally built in 1884 and renovated in 2018
- 3620 Texas Ave. is a 12‑unit property built in 2022
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
$204,313
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
4.54%
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%
$4,086,260
$4.1M
Cap Rate 7%
$2,918,757
$2.9M
Cap Rate 9%
$2,270,144
$2.3M
Market Conditions
NOI Build-Up for 21,955 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
$395.2K $18.00/SF
− Vacancy
−$23.7K −$1.08/SF
EGI
$371.5K $16.92/SF
− OpEx
−$167.2K −$7.61/SF
NOI
$204.3K $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%
$4,086,260
Cap Rate 7%
$2,918,757
Cap Rate 9%
$2,270,144
Alternative Uses
Best Use
Apartment 5plus
$2.92M
$2.55M – $3.41M
NOI $204,313 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.71M
$4.12M – $5.50M
NOI $329,835 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,180
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 - Two contiguous multifamily properties feature updated interiors, gated access, and off-street parking.
Where is this apartment building located?
The property is located at 3600 Texas Ave Saint Louis, MO.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 27‑unit multifamily portfolio comprising two contiguous properties; 3600 Texas Ave. includes 15 units in a redevelopment originally built in 1884 and renovated in 2018; 3620 Texas Ave. is a 12‑unit property built in 2022
