Fully Renovated Four-Unit
For Sale
$359,900
3956 Pennsylvania Avenue St, Louis, MO 63118
MULTI_FAMILY - Other - St Louis, MO
Property Size2,886 SF
Lot Size0.06 Acres
Price / SF$124.71
Days on Market88
Property Features for 3956 Pennsylvania Avenue St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bathroom 2, Bedroom 7, Bedroom 6, Basement, Bedroom 5, Bedroom 3, Bathroom 4, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 1
Basement
Unfinished
Appliances
Stainless Steel Appliance(s)
Subdivision
Richards
Elementary school
Meramec Elem.
Middle school
Fanning Middle Community Ed.
High school
Roosevelt High
Elementary school district
St. Louis City
Middle school district
St. Louis City
High school district
St. Louis City
Directions
GPS Friendly :-)
Standard status
Active
APN
2570-00-0005-0
Size
2,886 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
671
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1927
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
EXP Realty, LLC
(866) 224-1761
Listed By:
Anthony Schreiber · License #2023017404
(913) 908-8001
Added: May 26
Changed: Aug 3
Last Checked: Aug 21 at 3:06PM
MLS# 26027413
Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully renovated four-unit multifamily building offers consistent two-bed, one-bath layouts across the property. The interior improvements include luxury vinyl plank flooring, updated kitchens with butcher block countertops, and stainless steel appliances. Bathrooms feature tile floors and tile shower surrounds. All major systems were replaced in 2024–2025, including plumbing, electrical, HVAC, windows, and water heaters, and the roof was repaired in 2024. Heating is forced air and cooling is central air. The building is constructed with brick and was built in 1927.
The property includes public water service and is located at 3956 Pennsylvania Avenue in St. Louis City (63118). Three units are currently leased, and one tenant will be vacating prior to closing, creating the option for an owner-occupant to move in while the remaining units continue to generate rental coverage.
With four units in a compact lot setting, this is designed for straightforward operations with a repeatable unit layout and recent capital improvements to key building systems.
The property includes public water service and is located at 3956 Pennsylvania Avenue in St. Louis City (63118). Three units are currently leased, and one tenant will be vacating prior to closing, creating the option for an owner-occupant to move in while the remaining units continue to generate rental coverage.
With four units in a compact lot setting, this is designed for straightforward operations with a repeatable unit layout and recent capital improvements to key building systems.
Key Highlights
- Four‑unit multifamily with two‑bed, one‑bath layouts
- All major systems replaced in 2024–2025: plumbing, electrical, HVAC, windows, water heaters
- Roof repaired in 2024
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
$30,862
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
8.58%
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%
$617,240
$617.2K
Cap Rate 7%
$440,886
$440.9K
Cap Rate 9%
$342,911
$342.9K
Market Conditions
NOI Build-Up for 2,886 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
$46.8K $16.20/SF
− Vacancy
−$2.7K −$0.92/SF
EGI
$44.1K $15.28/SF
− OpEx
−$13.2K −$4.58/SF
NOI
$30.9K $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%
$617,240
Cap Rate 7%
$440,886
Cap Rate 9%
$342,911
Alternative Uses
Best Use
Multifamily LT 5
$440.9K
$385.8K – $514.4K
NOI $30,862 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$383.7K
$335.7K – $447.6K
NOI $26,857 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$619.4K
$542.0K – $722.6K
NOI $43,357 @ 7.0% cap · market cap 12.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
971
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 - Fully renovated four-unit building with two-bedroom layouts and central air in St. Louis City.
Where is this quadplex located?
The property is located at 3956 Pennsylvania Avenue St Louis, MO.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Four‑unit multifamily with two‑bed, one‑bath layouts; All major systems replaced in 2024–2025: plumbing, electrical, HVAC, windows, water heaters; Roof repaired in 2024
