Renovated Retail Building For
For Sale
Contact for pricing
10004 Gravois Rd St., Saint Louis, MO 63123
Value-add opportunity with stable NNN lease and high visibility.
Property Size5,453 SF
Price / SF$164.86
Days on Market712
Property Features for 10004 Gravois Rd St.
General Information
Standard status
Active
Size
5,453 SF
Total Parking Spaces
27
Property subtype
Retail
Zoning
C2
Occupancy
31%
Lease Type
NNN
Building Details
Year Built
1960
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Manor Real Estate
(314) 647-6611
Listed By:
Ben Cherry, CCIM · License #MO 2006018085
Source:
Crexi
Added: Sep 8, 2024
Changed: Aug 13
Last Checked: Aug 18 at 5:53PM
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 Manor Real Estate
Investment Insights
Based on property information with market context.
This value-add opportunity features a recently renovated building with new electrical systems, HVAC, roof, plumbing, and parking lot. The property is currently 31% occupied with leases through 3/31/2029. Located at a signalized hard corner, the building benefits from high visibility, with over 20,000 cars passing daily. Situated in a densely populated area with 289,459 residents within a 5-mile radius, the location is approximately 25 minutes by car from downtown St. Louis and St. Louis Lambert International Airport. The property includes a stable NNN corporate lease with ACE Cash Express. The surrounding area has an affluent demographic with an average household income exceeding $91,000.
Key Highlights
- Value‑add opportunity with significant upside potential due to 31% occupancy.
- Recently renovated building** with new electrical, HVAC, roof, plumbing, and parking lot.
- Located at a signalized hard corner with high visibility** to over 20,000 cars daily.
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
$73,355
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
8.16%
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%
$1,467,100
$1.5M
Cap Rate 7%
$1,047,929
$1.0M
Cap Rate 9%
$815,056
$815.1K
Market Conditions
NOI Build-Up for 5,453 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
$121.7K $22.32/SF
− Vacancy
−$16.9K −$3.10/SF
EGI
$104.8K $19.22/SF
− OpEx
−$31.4K −$5.77/SF
NOI
$73.4K $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%
$1,467,100
Cap Rate 7%
$1,047,929
Cap Rate 9%
$815,056
Alternative Uses
Best Use
Retail
$1.05M
$916.9K – $1.22M
NOI $73,355 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.02M – $1.37M
NOI $81,922 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
509
Businesses Nearby
117k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Groceries 33%
Shops & Services 17%
Home Improvements & Furnishings 5%
Schnucks
Groceries
38,911 visits/mo
0.5 miles
Panera Bread
Dining
19,989 visits/mo
0.5 miles
Starbucks
Dining
15,274 visits/mo
0.3 miles
Popeyes Louisiana Kitchen
Dining
12,816 visits/mo
0.4 miles
O'Reilly Auto Parts
Shops & Services
6,095 visits/mo
0.4 miles
Demographics for 63123, MO
50,989
Population
23,208
Households
2.2
Avg Household Size
41
Median Age
36%
College-Educated
92%
High-School Grad
12.5 sq mi
ZIP Area
4,079
Density / Sq Mi
$74,187
Median Household Income
$43,458
Median Earnings
$987
Median Rent
$205,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Value-add opportunity with stable NNN lease and high visibility.
Where is this strip mall located?
The property is located at 10004 Gravois Rd St. Saint Louis, MO.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Value‑add opportunity with significant upside potential due to 31% occupancy.; Recently renovated building** with new electrical, HVAC, roof, plumbing, and parking lot.; Located at a signalized hard corner with high visibility** to over 20,000 cars daily.
