Historic Multi-Tenant Retail
For Sale
Contact for pricing
904-908 S 4th St St., Louis, MO 63102
Historic 1899 retail building renovated in 2020, offering multi-tenant space with 95% occupancy.
Property Size22,000 SF
Price / SF$179.55
Days on Market96
Property Features for 904-908 S 4th St St.
General Information
Standard status
Active
Size
22,000 SF
Property subtype
RETAIL
Occupancy
95%
Building Details
Year Built
1899
Year Renovated
2020
Construction
historic
Tenancy
Multi
Listing Agency:
SVN/Infinity Commercial Group
(314) 503-3344
Listed By:
Mark Zvibleman · License #MO 1999023724
(314) 503-3344
Source:
Moodyscre
Added: May 4
Changed: Jul 28
Last Checked: Aug 6 at 7:50AM
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 SVN/Infinity Commercial Group
Investment Insights
Based on property information with market context.
This historic multi-tenant retail building was built in 1899 and was renovated in 2020 for modern functionality. The property contains approximately 22,000 square feet and is configured as a multi-tenant mix, supporting diverse rental potential. Current performance is reflected in an impressive 95% occupancy rate.
The building is located at 904-908 S 4th St in downtown St. Louis, Missouri, placing the asset within a vibrant downtown setting. The combination of original historic character and recent renovation makes it well-suited for tenants seeking a distinctive storefront environment within an active urban retail corridor.
The building is located at 904-908 S 4th St in downtown St. Louis, Missouri, placing the asset within a vibrant downtown setting. The combination of original historic character and recent renovation makes it well-suited for tenants seeking a distinctive storefront environment within an active urban retail corridor.
Key Highlights
- 22,000 SF historic building built in 1899
- Beautifully renovated in 2020 for modern functionality
- Multi‑tenant mix designed for diverse rental potential
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
$295,950
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
7.49%
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%
$5,919,000
$5.9M
Cap Rate 7%
$4,227,857
$4.2M
Cap Rate 9%
$3,288,333
$3.3M
Market Conditions
NOI Build-Up for 22,000 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
$491.0K $22.32/SF
− Vacancy
−$68.3K −$3.10/SF
EGI
$422.8K $19.22/SF
− OpEx
−$126.8K −$5.77/SF
NOI
$295.9K $13.45/SF
Area
St. Louis County, MO
Vacancy
13.90%
Lease Rate
$22.32 /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%
$5,919,000
Cap Rate 7%
$4,227,857
Cap Rate 9%
$3,288,333
Alternative Uses
Best Use
Retail
$4.23M
$3.70M – $4.93M
NOI $295,950 @ 7.0% cap · market cap 7.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.72M
$4.13M – $5.51M
NOI $330,511 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
95%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,519
Businesses Nearby
49k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 64%
Shops & Services 35%
Home Improvements & Furnishings 1%
White Castle
Dining
15,917 visits/mo
0.1 miles
BP
Shops & Services
14,364 visits/mo
0.1 miles
Taco Bell
Dining
11,689 visits/mo
0.0 miles
Rally's
Dining
3,276 visits/mo
0.1 miles
Public Storage
Shops & Services
1,888 visits/mo
0.3 miles
Demographics for 63102, MO
2,508
Population
1,986
Households
1.3
Avg Household Size
34
Median Age
48%
College-Educated
93%
High-School Grad
1.4 sq mi
ZIP Area
1,791
Density / Sq Mi
$60,313
Median Household Income
$50,063
Median Earnings
$1,253
Median Rent
$179,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Historic 1899 retail building renovated in 2020, offering multi-tenant space with 95% occupancy.
Where is this retail space located?
The property is located at 904-908 S 4th St St. Louis, MO.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 22,000 SF historic building built in 1899; Beautifully renovated in 2020 for modern functionality; Multi‑tenant mix designed for diverse rental potential
