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3843 Gravois Ave StSt. Louis, MO 63116

St. Louis retail center, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
116
Gravois Plaza, a 129,093-square-foot shopping center in St. Louis, Missouri, presents a compelling value-add investment opportunity. Built in 1970 and renovated in 2002 and 2020, this multi-tenant property sits on 13.07 acres at 3843 Gravois Ave, zip code 63116. Currently boasting 76.2% occupancy and a Net Operating Income (NOI) of $834,576 (pro-forma NOI also $834,576), the center benefits from a high-performing grocery anchor tenant, Aldi, whose 2023 sales exceeded $721 per square foot, resulting in a favorable health ratio of 1.6%. The property features a weighted average lease term (WALT) of 6.4 years and a tenant base comprised of 88% national retailers, with 57% of revenue stemming from necessity-based, e-commerce-resistant businesses. A significant portion of the in-line tenants (46% of occupied GLA) have over 15 years of operational history at the property. The center's location along Gravois Avenue near its intersection with Grand Avenue provides high visibility and accessibility, with a combined 40,000 vehicles per day and seven points of ingress/egress. The surrounding area has a dense residential population (nearly 30,000 within a 1-mile radius) and limited retail competition, creating a strong captive audience. Significant upside potential exists through leasing up approximately 16,560 square feet of available space (excluding existing dark anchor space). The property's strong leasing momentum, with no lease expirations until November 2026, further enhances its investment appeal.

Highlights

  • Significant upside potential: Lease up 16,560 sq. ft. to increase annual revenue by $343,627 (21% increase).
  • High-performing credit grocer anchor: Aldi generates nearly $19.2 million in annual sales ($721/SF) with a strong health ratio of 1.6%, providing exceptional credit and consistent traffic.
  • 6.4-year weighted average lease term (WALT).
  • Infill location in a supply-constrained trade area: Dense residential population (155,220 within 3 miles) and limited competition create a strong captive audience.
  • High-performing tenants: Above-average sales for several tenants, including Aldi, Dollar Tree, Hollywood Beauty, America's Best, Octapharma, and City Gear.
  • Tenured tenancy: Six tenants (46% of in-line GLA, 48% of in-line Year-1 revenue) have operated at the property for over 15 years.

Property Details for 3843 Gravois Ave St

Property type
Lifestyle centers, Power centers
Square Feet
129,093 SF
Year Built/Renovated
1970/2002
Lot Size (sq. ft)
569,329 SF

Location Insight

City
St. Louis
County
State
Missouri
Latitude
38.5927512
Longitude
-90.25026014
3843 Gravois Ave St, St. Louis, Missouri

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3843 Gravois Ave St
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