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    Property profile & analytics

    721-723 2Nd St St. Louis, MO 63102

    • Office Properties & Spaces
    • 5,184 SF
    • 0.15 lot acres
    For Lease
    View listing
    Last Sale
    Feb 01, 2022
    $600,000
    Value Estimations
    $595,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US48-0933974
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 721-723 2Nd St

    Year built
    1896
    Construction
    BRICK
    Lot size
    0.15 lot acres
    Property size
    5,184 SF
    Zone code
    L
    Property type
    Office Properties & Spaces
    APN
    006700-00910
    APU
    670000910

    Description

    This exceptional turn-key opportunity presents a historic three-story building ideally situated in St. Louis' vibrant Laclede's Landing Riverfront District at 721-723 N 2nd St, zip code 63102. The property, encompassing 15,552 square feet on a 6,765 square foot lot (0.15 acres), boasts a rich history, dating back to 1896. The building features a single suite spread across three stories, serviced by a passenger elevator. The zoning is designated as L (Jefferson Memorial District). The property's versatile layout includes two floors dedicated to restaurant space, each equipped with multiple bars and kitchens, perfectly suited for a thriving food and beverage operation. The expansive third floor offers significant potential as a private event space, or alternatively, could be utilized for ample office space and storage. A complete inventory of restaurant and brewery furniture, fixtures, and equipment (FF&E) is available for purchase or lease, providing a seamless transition for a new owner or operator. This unique property presents a rare chance to acquire a fully operational establishment in a highly desirable location, with the potential for significant returns. The APN is 0067-9-091.000. Available space ranges from 1,900 to 4,000 square feet.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $625,000
      ML approach
      $555,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $421,000
      Market price range: $421k - $1.46M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $945,000
      Current use
      RETAIL STORES
      $810,000
      Change: -14% Conversion: Easy
      MEDICAL BUILDING
      $800,000
      Change: -15% Conversion: Easy
      OFFICE BUILDING
      $775,000
      Change: -18% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Saint Louis
    County
    Saint Louis City
    State
    Missouri
    Longitude
    -90.1848
    Latitude
    38.6308
    CBSA code
    41180
    CBSA name
    ST. LOUIS, MO-IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $19,289
    $71,200
    $94,700
    $165,900
    -
    $222,500
    $295,900
    $518,400

    Comparable in this City

    • Value Estimation
      $2,275,000
      12,956 SF

      1 Memorial Dr, Unit 99

      OFFICE (GENERAL) • 12,956 SF
      1 Memorial Dr, Saint Louis, MO 63102-2425
      View Details
    • Value Estimation
      $4,465,000
      23,188 SF

      900 Spruce St, Unit 914

      OFFICE (GENERAL) • 23,188 SF
      900 Spruce St, Saint Louis, MO 63102-1105
      View Details
    • Value Estimation
      $1,335,000
      11,656 SF

      705 2nd St, Unit 719

      OFFICE (GENERAL) • 11,656 SF
      705 2nd St, Saint Louis, MO 63102-2518
      View Details
    • Value Estimation
      $965,000
      19,767 SF

      601 Broadway

      OFFICE (GENERAL) • 19,767 SF
      601 Broadway, Saint Louis, MO 63102-2104
      View Details
    • Value Estimation
      $3,145,000
      18,944 SF

      500 Broadway

      OFFICE (GENERAL) • 18,944 SF
      500 Broadway, Saint Louis, MO 63102-2110
      View Details
    • Value Estimation
      $2,700,000
      15,803 SF

      101-117 9th St

      OFFICE (GENERAL) • 15,803 SF
      101-117 9th St, Saint Louis, MO 63102
      View Details

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    St. Louis, MO 63102
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    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
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