Updated Four-Unit Brick Apartment
New
For Sale
$650,000
1309 Shenandoah Ave, Saint Louis, MO 63104
Two distinct apartment layouts are fully occupied, with laundry and contemporary finishes in every unit.
Property Size4,512 SF
Price / SF$144.06
Days on Market3
Property Features for 1309 Shenandoah Ave
General Information
Standard status
Active
Size
4,512 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA, 2 x 2BR/2BA
Multifamily Units
4
Amenities
in-unit laundry
backyard
deck
Building Details
Year Built
1892
Construction
brick
Listing Agency:
The Agency
Listed By:
Justin Taylor · License #2007032934
(314) 280-9996
Source:
Gracestreetrealty
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 4 at 1:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Agency
Investment Insights
Based on property information with market context.
Built in 1892, this four-unit brick apartment building contains 4,512 square feet. The unit mix includes two 1-bedroom/1-bath apartments and two 2-bedroom/2-bath apartments; all are tenant-occupied. Interior features include high ceilings, historic millwork, custom cabinetry, granite countertops, luxury vinyl flooring, stainless steel appliances, and in-unit laundry. One of the two-bedroom apartments is furnished.
The property has a private, level backyard with a deck. Its address is 1309 Shenandoah Ave in St. Louis, Missouri.
The property has a private, level backyard with a deck. Its address is 1309 Shenandoah Ave in St. Louis, Missouri.
Key Highlights
- Four tenant‑occupied apartments: two 1‑bedroom/1‑bath units and two 2‑bedroom/2‑bath units
- 4,512 square feet; brick construction; built in 1892
- In‑unit laundry and stainless steel appliances in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$48,250
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$965,000
$965.0K
Cap Rate 7%
$689,286
$689.3K
Cap Rate 9%
$536,111
$536.1K
Market Conditions
NOI Build-Up for 4,512 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$73.1K $16.20/SF
− Vacancy
−$4.2K −$0.92/SF
EGI
$68.9K $15.28/SF
− OpEx
−$20.7K −$4.58/SF
NOI
$48.2K $10.69/SF
Area
St. Louis County, MO
Vacancy
5.70%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$965,000
Cap Rate 7%
$689,286
Cap Rate 9%
$536,111
Alternative Uses
Best Use
Multifamily LT 5
$689.3K
$603.1K – $804.2K
NOI $48,250 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$599.8K
$524.9K – $699.8K
NOI $41,989 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$968.4K
$847.3K – $1.13M
NOI $67,785 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,122
Businesses Nearby
Explore this area
Business Placement
Demographics for 63104, MO
19,317
Population
10,958
Households
1.8
Avg Household Size
34
Median Age
54%
College-Educated
94%
High-School Grad
3.4 sq mi
ZIP Area
5,681
Density / Sq Mi
$70,127
Median Household Income
$53,693
Median Earnings
$1,054
Median Rent
$249,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Two distinct apartment layouts are fully occupied, with laundry and contemporary finishes in every unit.
Where is this quadplex located?
The property is located at 1309 Shenandoah Ave Saint Louis, MO.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four tenant‑occupied apartments: two 1‑bedroom/1‑bath units and two 2‑bedroom/2‑bath units; 4,512 square feet; brick construction; built in 1892; In‑unit laundry and stainless steel appliances in each unit
