Renovated Office Flex
For Sale
$499,000
6609 Olive Boulevard, University City, MO 63130
Commercial Sale, University City, MO
Property Size9,158 SF
Lot Size0.24 Acres
Price / SF$54.49
Days on Market78
Property Features for 6609 Olive Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
West Chamberlain Park
Directions
GPS
Standard status
Active
APN
17H-11-0204
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5333
Building Details
Year built
1945
Floors in Building
1
Building materials
Brick
Listing Agency:
Manor Real Estate
(314) 647-6611
Listed By:
Ben Cherry · License #2006018085
(314) 647-6611
Added: Jun 9
Changed: Aug 24
Last Checked: Aug 25 at 11:06AM
MLS# 26002708
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 brick flex property contains 9,158 square feet arranged between office and warehouse areas. Approximately 1,200 square feet, or 13%, consists of newly renovated office space and restrooms, while the remaining 7,958 square feet, or 87%, is configured for warehouse storage. Two front dock doors measure 12' x 10' and 12' x 12', supporting loading and receiving functions. Existing racking may be included with the property.
Built in 1945, the building is located in University City, Missouri, approximately 3 miles from I-70 and 2 miles from I-64. Its central position provides access across the St. Louis MSA. The property also occupies a 0.2399-acre lot.
Built in 1945, the building is located in University City, Missouri, approximately 3 miles from I-70 and 2 miles from I-64. Its central position provides access across the St. Louis MSA. The property also occupies a 0.2399-acre lot.
Key Highlights
- 9,158‑square‑foot flex building with office and warehouse areas
- Approximately 1,200 square feet of newly renovated office space and restrooms
- Warehouse storage area totals 7,958 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
$44,084
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
8.83%
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%
$881,680
$881.7K
Cap Rate 7%
$629,771
$629.8K
Cap Rate 9%
$489,822
$489.8K
Market Conditions
NOI Build-Up for 9,158 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
$54.3K $5.93/SF
− Vacancy
−$2.4K −$0.27/SF
EGI
$51.9K $5.66/SF
− OpEx
−$7.8K −$0.85/SF
NOI
$44.1K $4.81/SF
Area
St. Louis County, MO
Vacancy
4.50%
Lease Rate
$5.93 /SF/Yr
Expense Ratio
15.00%
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%
$881,680
Cap Rate 7%
$629,771
Cap Rate 9%
$489,822
Alternative Uses
Best Use
Warehouse
$629.8K
$551.1K – $734.7K
NOI $44,084 @ 7.0% cap · market cap 8.83%
Second Best
Industrial
$518.6K
$453.8K – $605.1K
NOI $36,304 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$1.97M
$1.72M – $2.29M
NOI $137,583 @ 7.0% cap · market cap 27.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
Location Intelligence
Trade Area within ½ mile
851
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 63130, MO
29,454
Population
14,106
Households
2.1
Avg Household Size
35
Median Age
64%
College-Educated
97%
High-School Grad
5.0 sq mi
ZIP Area
5,891
Density / Sq Mi
$81,103
Median Household Income
$50,407
Median Earnings
$1,199
Median Rent
$285,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Brick flex property combining renovated office accommodations with warehouse storage and dock access.
Where is this flex space located?
The property is located at 6609 Olive Boulevard University City, MO.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 9,158‑square‑foot flex building with office and warehouse areas; Approximately 1,200 square feet of newly renovated office space and restrooms; Warehouse storage area totals 7,958 square feet
