Commercial Property for Sale in Saint Louis Missouri 63101

916 Olive is a unique multi-tenant condo property that serves as a Medical, Office, Retail, Airbnb, and Event Center. Formerly known as the "Truman Building," it was constructed in 1884. The building was purchased in 2008 for $1.1 million and underwent over $2.2 million in renovations, transforming it from a law office primarily into a medical facility.

The Urgent Care, which is now closed, occupied 4,059 square feet on the ground floor and mezzanine, paying $48.78 per square foot (NNN). Currently, a Chiropractor occupies 698 square feet, paying $42.98 per square foot (NNN), while an additional 618 square feet of retail space is vacant. All three suites are located on the ground floor and the mezzanine.

The upper floors and basement have been converted into unique Airbnb and event spaces, with units ranging from 611 to 4,653 square feet, each featuring a full kitchen and bath decorated in various sports themes, providing a distinctive experience. In 2015, the building was condominiumized into 12 individually metered condo units. It is an elevator-served building and has an updated fire alarm system along with a wet sprinkler system. Notably, the City of St. Louis has designated the parking in front of the building for ambulance service only.

The property at 916 Olive is more than just a building; it serves as a gateway to a vibrant and bustling neighborhood. Conveniently located near 10 parking garages and surface lots, and across the street from the historic Old Post Office, this property boasts unparalleled accessibility. It is situated at the heart of the action, just a short walk from restaurants, shops, sporting venues, the convention center, hotels, and more. In 2008, when the building was purchased for medical use, that use continued to grow in the downtown Central Business District (CBD), coinciding with the expansion of residential living, sports, and entertainment events.

Location:

Located in the Central Business District of Downtown St. Louis, the geographic center of the USA and the St. Louis region, the area is experiencing a resurgence of development with over $2.2 billion in real estate investments underway in both public and private sectors. Several major projects are nearing completion, bringing new economic opportunities, including the Jefferson Arms Building—a $135 million project featuring a 225-room hotel, 235 luxury apartments, and retail space. The Victor, a $130 million development, opened in 2024 with 384 apartments. With its strategic location and proposed new developments, including the AT&T Tower ($300 million) and the Millennium Hotel Mixed-use Development ($670 million), Downtown St. Louis CBD is poised for high returns, making this an ideal time to invest.