Mixed-Use Building With
For Sale
$449,000
Pending
1615 South 9th Street St., Louis, MO 63104
Ground-floor salon space is paired with two loft-style apartments and deeded off-street parking.
Property Size3,600 SF
Days on Market73
Property Features for 1615 South 9th Street St.
General Information
Standard status
Pending
Size
3,600 SF
Property subtype
Residential Income / 2-4 Units
Taxes and HOA fees
Annual Taxes
$4,499
Amenities
Central Air
Forced Air
No
Electric Cooktop, Dryer, Oven, Refrigerator, Washer, Water Heater
Blinds, Skylight(s)
Public Records
Breakfast Bar, Ceiling Fan(s), Dining/Living Room Combo, High Ceilings, Open Floorplan, Recessed Lighting
1
Building Details
Year Built
1890
Listing Agency:
EXP Realty, LLC
(314) 220-3786
Listed By:
Mona Parsley · License #1999080021
(314) 220-3786
Source:
Compass
Added: Jun 19
Changed: Aug 30
Last Checked: Aug 30 at 6:57AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 3,600-square-foot mixed-use property combines an operating hair salon on the ground floor with two residential units above. Each apartment offers one bedroom and 1.5 baths, along with in-unit laundry and lofted ceilings; the occupied unit is larger than the vacant unit. Interior features include central air, forced air, a skylight, breakfast bars, and open living and dining areas.
The property includes nine deeded off-street parking spaces and ownership of half of the adjacent vacated side street, with marked private parking beside the building. Built in 1890, the property is located at 1615 South 9th Street in St. Louis, near Soulard Farmers Market and within a historic district.
The property includes nine deeded off-street parking spaces and ownership of half of the adjacent vacated side street, with marked private parking beside the building. Built in 1890, the property is located at 1615 South 9th Street in St. Louis, near Soulard Farmers Market and within a historic district.
Key Highlights
- 3,600‑square‑foot mixed‑use building with an operating ground‑floor hair salon
- Two 1 bed / 1.5 bath residential units above the commercial space
- Nine deeded off‑street parking spaces included
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
$38,497
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
8.57%
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%
$769,940
$769.9K
Cap Rate 7%
$549,957
$550.0K
Cap Rate 9%
$427,744
$427.7K
Market Conditions
NOI Build-Up for 3,600 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
$58.3K $16.20/SF
− Vacancy
−$3.3K −$0.92/SF
EGI
$55.0K $15.28/SF
− OpEx
−$16.5K −$4.58/SF
NOI
$38.5K $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%
$769,940
Cap Rate 7%
$549,957
Cap Rate 9%
$427,744
Alternative Uses
Best Use
Retail
$691.8K
$605.4K – $807.1K
NOI $48,428 @ 7.0% cap · market cap 10.79%
Second Best
Mixed Use
$632.6K
$553.5K – $738.0K
NOI $44,279 @ 7.0% cap · market cap 9.86%
Theoretical Best
Office A
$772.6K
$676.1K – $901.4K
NOI $54,084 @ 7.0% cap · market cap 12.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,099
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor salon space is paired with two loft-style apartments and deeded off-street parking.
Where is this mixed-use property located?
The property is located at 1615 South 9th Street St. Louis, MO.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 3,600‑square‑foot mixed‑use building with an operating ground‑floor hair salon; Two 1 bed / 1.5 bath residential units above the commercial space; Nine deeded off‑street parking spaces included
