Furnished 7-Unit Apartment
New
For Sale
Contact for pricing
922 ALLEN AVE, Saint Louis, MO 63104
Fully leased residential package with updated interiors, private outdoor areas, parking, and basement storage.
Property Size7,732 SF
Price / SF$185.46
Days on Market5
Property Features for 922 ALLEN AVE
General Information
Standard status
Active
Size
7,732 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$103,934
Financials
Asking Price
$1,434,000
Cap Rate
7.25%
Gross Income
$142,510
Additional Details
Furnished
Yes
Multifamily Units
7
Amenities
in-unit laundry
updated kitchens
hardwood floors
central air
private decks/patios
off-street parking
basement storage
Building Details
Year Built
1893
Year Renovated
2018
Buildings
2
Stories
3
Units
7
Tenancy
Multi
Construction
all-brick
Listing Agency:
The Agency
(314) 517-1925
Listed By:
Anthony Klier · License #MO 2022012991
Source:
Crexi
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 10 at 4:08AM
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 The Agency
Investment Insights
Based on property information with market context.
The property comprises seven furnished apartment units across three all-brick residences at 922–926 Allen Avenue in St. Louis. The buildings underwent a studs-out renovation in 2018, including replacement of HVAC, electrical, plumbing, and roofing systems. Unit features include updated kitchens, hardwood floors, central air, in-unit laundry, and private decks or patios. Off-street parking and basement storage are also included.
The residences are 100% leased, with tenants consisting of traveling nurses and corporate professionals whose housing costs are paid through employer stipends. The property contains 7,732 square feet and carries a 7.25% cap rate based on actual T-12 performance. Nearby medical institutions include SSM Health SLU and BJC/Barnes-Jewish hospitals, while the Soulard setting offers access to McGurk’s, Molly’s, the Soulard Farmers Market, and the Anheuser-Busch Brewery.
The residences are 100% leased, with tenants consisting of traveling nurses and corporate professionals whose housing costs are paid through employer stipends. The property contains 7,732 square feet and carries a 7.25% cap rate based on actual T-12 performance. Nearby medical institutions include SSM Health SLU and BJC/Barnes-Jewish hospitals, while the Soulard setting offers access to McGurk’s, Molly’s, the Soulard Farmers Market, and the Anheuser-Busch Brewery.
Key Highlights
- 7,732‑square‑foot apartment property with 7 furnished units
- 100% leased to traveling nurses and corporate professionals
- Three all‑brick residences at 922–926 Allen Avenue
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
$71,954
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
5.02%
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%
$1,439,080
$1.4M
Cap Rate 7%
$1,027,914
$1.0M
Cap Rate 9%
$799,489
$799.5K
Market Conditions
NOI Build-Up for 7,732 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
$139.2K $18.00/SF
− Vacancy
−$8.4K −$1.08/SF
EGI
$130.8K $16.92/SF
− OpEx
−$58.9K −$7.61/SF
NOI
$72.0K $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%
$1,439,080
Cap Rate 7%
$1,027,914
Cap Rate 9%
$799,489
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$899.4K – $1.20M
NOI $71,954 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,160 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
966
Businesses Nearby
Explore this area
Business Placement
Demographics for 63104, MO
19,317
Population
10,958
Households
1.8
Avg Household Size
34
Median Age
54%
College-Educated
94%
High-School Grad
3.4 sq mi
ZIP Area
5,681
Density / Sq Mi
$70,127
Median Household Income
$53,693
Median Earnings
$1,054
Median Rent
$249,500
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 - Fully leased residential package with updated interiors, private outdoor areas, parking, and basement storage.
Where is this apartment building located?
The property is located at 922 ALLEN AVE Saint Louis, MO.
What is the asking price?
The asking price for this property is $1,434,000.
What are key features of this property?
This property features: 7,732‑square‑foot apartment property with 7 furnished units; 100% leased to traveling nurses and corporate professionals; Three all‑brick residences at 922–926 Allen Avenue
