Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3009 Pennsylvania Ave St St. Louis, MO 63118

    • Apartment buildings
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 3009 Pennsylvania Ave St

    Year built
    1893
    Property type
    Apartment buildings

    Description

    This exceptional 27-unit apartment building, the Grant School Apartments, presents a compelling value-add investment opportunity in St. Louis, Missouri. Originally constructed in 1893 and completely redeveloped in 2005, the property boasts 27,300 square feet of net rentable space. The unit mix includes ten 1-bedroom/1-bathroom units, one 2-bedroom/1-bathroom unit, and sixteen 2-bedroom/2-bathroom units. Six units have recently undergone cosmetic renovations, featuring updated kitchens with stainless steel appliances and quartz countertops, renovated bathrooms, new appliances, central air conditioning, and new flooring. Common areas have also been recently updated. The property offers significant rental upside potential, with market rents for 1-bedroom units at $1,013 and 2-bedroom units at $1,407. Currently, the property is in a decontrol period until approximately December 14, 2025, allowing for market-rate leasing as units become vacant. Off-street secured parking is available. The asking price is $2,600,000, representing a price per unit of $96,296.30 and a pro-forma cap rate of 10.75% with a pro-forma NOI of $279,620. The sale is subject to Missouri Housing Development Commission transfer procedures. Located in the desirable Tower Grove East neighborhood at 3009 Pennsylvania Ave, St. Louis, MO 63118, this property offers a strong return on investment and significant growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    St. Louis
    County
    State
    Missouri
    Longitude
    -90.2322
    Latitude
    38.602

    Comparable in this City

    • Value Estimation by Request
      8,610 SF

      4139 Grand Blvd St

      Restaurants • 8,610 SF
      4139 Grand Blvd St, St. Louis, MO 63118
      View Details
    • Value Estimation by Request
      4,311 SF

      2930 Michigan Ave St

      Multifamily properties • 4,311 SF
      2930 Michigan Ave St, St. Louis, MO 63118
      View Details
    • Value Estimation by Request
      5,481 SF

      3548 Magnolia Ave St

      Multifamily properties • 5,481 SF
      3548 Magnolia Ave St, St. Louis, MO 63118
      View Details
    • Value Estimation by Request
      0.15 Acres

      3417 Minnesota Ave St

      Multifamily properties • 1 SF
      3417 Minnesota Ave St, St. Louis, MO 63118
      View Details
    • Value Estimation by Request

      3294 Gravois Ave St

      Multifamily properties
      3294 Gravois Ave St, St. Louis, MO 63118
      View Details
    • Value Estimation by Request
      3,196 SF

      3306 Louisiana Ave St

      Multifamily properties • 3,196 SF
      3306 Louisiana Ave St, St. Louis, MO 63118
      View Details

    Similar Nearby for Sale

    • $625,000
      15,064 SF

      Mixed-Use Building in Dutchtown

      Turnkey 11-unit mixed-use building in the Downtown Dutchtown business district.
      3312-3320 Meramec St St, Louis, MO 63118
      View Details
    • Contact for pricing

      Historic Mixed-Use Redevelopment Opportunity

      Mixed-use property with retail income and apartment redevelopment potential.
      2317 Cherokee St, Saint Louis, MO 63118
      View Details
    • $750,000
      5,600 SF

      Tower Grove East Apartments

      Eight-unit apartment building in the Tower Grove East neighborhood.
      3166 Arkansas Ave St, Louis, MO 63118
      View Details
    • $3,700,000
      17,131 SF

      Historic St Louis Apartment Building

      Meticulously restored historic schoolhouse apartments in Tower Grove East.
      3530 Utah St, Louis, MO 63118
      View Details
    • $229,000
      8,610 SF

      Historic St. Louis Mixed-Use

      Prime Redevelopment Opportunity, High Traffic
      4139 Grand Blvd St, St. Louis, MO 63118
      View Details
    • New
      $264,900
      2,448 SF

      St Louis Income Property

      Residential income property with two units and a two-car garage.
      3521 Hartford St St, Louis, MO 63118
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      26,100 SF

      St. Louis Executive Office Suites

      Prime St. Louis office space available.
      2727 Jefferson Ave St, St. Louis, MO 63118
      View Details
    • Contact for pricing
      26,100 SF

      Jefferson Ave Office & Warehouse

      St. Louis industrial space for lease.
      2727 Jefferson Ave St, St. Louis, MO 63118
      View Details
    • Contact for pricing
      21,700 SF

      Freestanding Building Near Downtown St. Louis

      21,700 SF freestanding building with flexible multi-use configurations.
      3857 S Grand Blvd, Saint Louis, MO 63118
      View Details
    • $6 SF/Yr
      1,500 SF

      South Grand Retail Space Available

      Prime Retail Space, Tower Grove Area
      3137 Grand Blvd St, St. Louis, MO 63118
      View Details
    • $20 SF/Yr
      3,292 SF

      St. Louis Auto Body Shop For Sale

      Turnkey Auto Body Shop - Excellent Location
      2855 Magnolia Ave St, St. Louis, MO 63118
      View Details
    • $1,325,000

      DaVita Dialysis Center For Rent

      DaVita Dialysis Center in St. Louis, Missouri available for rent.
      3740 S Jefferson Ave, Saint Louis, MO 63118
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3009 Pennsylvania Ave St
    St. Louis, MO 63118
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.