32-Unit Apartment Building
For Sale
$1,700,000
4 Bruce Drive, Florissant, MO 63031
Four apartment buildings offer one-bedroom units, updated infrastructure, off-street parking, and washer/dryer hookups.
Property Size8,379 SF
Days on Market152
Property Features for 4 Bruce Drive
General Information
Standard status
Active
Size
8,379 SF
Property subtype
Residential Income
Occupancy
93%
Units
Unit Mix
32 x 1BR
Multifamily Units
32
Taxes and HOA fees
Annual Taxes
$20,168
Amenities
washer/dryer hookups
Building Details
Building Size
8,379 SF
Year Built
1963
Buildings
4
Listing Agency:
Invest St. Louis
(314) 255-5117
Listed By:
Jordan Schoen · License ##2009024331
(314) 255-5117
Source:
Exit2newbeginningz
Added: Mar 16
Changed: Aug 13
Last Checked: Aug 13 at 1:01PM
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 Invest St. Louis
Investment Insights
Based on property information with market context.
This multifamily property comprises four eight-unit buildings with 32 one-bedroom apartments at 4–16 Bruce Drive in Florissant. Built in 1963, the buildings include pitched roofs, common areas, off-street parking, and washer/dryer hookups in each building. Electrical improvements, central air installation, and other infrastructure updates were completed across the broader seven-building apartment community between 2023 and 2026. Occupancy is currently 93%, and select apartments are vacant for showings.
The property is located minutes from Lambert International Airport and near major employers including Boeing and Amazon. Nearby land is planned for future city park development. A shared maintenance agreement covers exterior common areas, landscaping, lawn care, snow removal, parking, and shared electric for the 44-unit cul-de-sac community. The 32-unit property controls the shared budget and vendors and is responsible for 72.73% of shared costs, allocated by unit count.
The property is located minutes from Lambert International Airport and near major employers including Boeing and Amazon. Nearby land is planned for future city park development. A shared maintenance agreement covers exterior common areas, landscaping, lawn care, snow removal, parking, and shared electric for the 44-unit cul-de-sac community. The 32-unit property controls the shared budget and vendors and is responsible for 72.73% of shared costs, allocated by unit count.
Key Highlights
- 32 units across four eight‑unit apartment buildings
- One‑bedroom apartments with washer/dryer hookups in each building
- 93% current occupancy
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
$77,975
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
4.59%
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%
$1,559,500
$1.6M
Cap Rate 7%
$1,113,929
$1.1M
Cap Rate 9%
$866,389
$866.4K
Market Conditions
NOI Build-Up for 8,379 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
$150.8K $18.00/SF
− Vacancy
−$9.0K −$1.08/SF
EGI
$141.8K $16.92/SF
− OpEx
−$63.8K −$7.61/SF
NOI
$78.0K $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%
$1,559,500
Cap Rate 7%
$1,113,929
Cap Rate 9%
$866,389
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$974.7K – $1.30M
NOI $77,975 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,880 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
93%
Occupancy
Location Intelligence
Trade Area within ½ mile
887
Businesses Nearby
Explore this area
Business Placement
Demographics for 63031, MO
47,609
Population
21,159
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
15.1 sq mi
ZIP Area
3,153
Density / Sq Mi
$71,783
Median Household Income
$42,920
Median Earnings
$1,351
Median Rent
$144,500
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 - Four apartment buildings offer one-bedroom units, updated infrastructure, off-street parking, and washer/dryer hookups.
Where is this apartment building located?
The property is located at 4 Bruce Drive Florissant, MO.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 32 units across four eight‑unit apartment buildings; One‑bedroom apartments with washer/dryer hookups in each building; 93% current occupancy
