1608 Broadway St St. Louis, MO 63104

Property Details for 1608 Broadway St

Year built

1970

Lot size

0.48 lot acres

Property size

5,610 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 5,610 square foot, fee-simple interest storefront located at 1608 S Broadway, St. Louis, MO 63104. The property is currently 100% occupied by a Sherwin-Williams store under a Net Lease agreement with a credit-rated, corporate guarantor. The lease commenced January 31, 2023, and has a remaining term of approximately 8.2 years, expiring January 31, 2033, with two 5-year lease options. Rent bumps of 7.70% are built in every five years. The property boasts a strong Net Operating Income (NOI) of $60,966, yielding a 7.00% cap rate on the asking price of $871,000. Built in 1970, this Class B building sits on a 0.48-acre lot within a dense retail corridor, featuring 6.1 million square feet of retail space within a two-mile radius. Its strategic location is less than 0.25 miles from I-55, a major highway with a daily vehicle count of 127,400. The area also benefits from a significant industrial presence, with 14.6 million square feet within two miles, and proximity to the Union Pacific Lesperance Yard, a busy rail yard. The property's location is further enhanced by a densely populated area, with 225,977 residents within a five-mile radius. This stabilized, institutional-grade investment is ideal for a 1031 exchange. The tenant, Sherwin-Williams, is a Fortune 500 company with a BBB credit rating (S&P) and over $20 billion in annual revenue, demonstrating financial strength and long-term stability. This is a rare opportunity to acquire a high-performing, net-leased property in a prime St. Louis location.

Location Insight

City

St. Louis

County

St. Louis

State

Missouri

Longitude

-90.1988

Latitude

38.6094