5-Unit Historic Townhome
For Sale
$2,250,000
2315 Tennessee Ave, Saint Louis, MO 63104
Five distinct residences feature loft-style interiors, gated access and covered parking.
Property Size11,911 SF
Price / SF$188.90
Days on Market31
Property Features for 2315 Tennessee Ave
General Information
Standard status
Active
Size
11,911 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$13,363
Listing Agency:
Epique Realty
(888) 893-3537
Listed By:
Todd Murray · License #2020041827
(314) 409-3320
Source:
Exprealty
Added: Sep 2
Changed: Sep 30
Last Checked: Oct 1 at 4:30PM
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 Epique Realty
Investment Insights
Based on property information with market context.
This five-residence townhome property encompasses 11,911 square feet and was redeveloped in 2014. Original beams and high ceilings complement updated building systems, kitchens, bathrooms, windows, appliances and fixtures. Floor plans range from 2,098 to 2,748 square feet, with two or three bedrooms and 2.5 baths; select homes include lofts, dens or clerestory windows. The largest residence has three bedrooms and granite countertops.
A gated entrance serves 10 covered parking spaces, or two per residence. Homes face the shared parking and common area rather than the street, and solar panels are installed on both the roof and carport. Two residences are occupied by the owner; the others comprise a long-term rental, a short-term rental and a recently vacated home. Condominium documents have been created for the association.
The property is a few blocks from Tower Grove Park and the Botanical Gardens, with restaurants and shops in the Tower Grove, Shaw, Fox Park and South Grand areas within walking distance.
A gated entrance serves 10 covered parking spaces, or two per residence. Homes face the shared parking and common area rather than the street, and solar panels are installed on both the roof and carport. Two residences are occupied by the owner; the others comprise a long-term rental, a short-term rental and a recently vacated home. Condominium documents have been created for the association.
The property is a few blocks from Tower Grove Park and the Botanical Gardens, with restaurants and shops in the Tower Grove, Shaw, Fox Park and South Grand areas within walking distance.
Key Highlights
- Five townhomes totaling 11,911 square feet
- Redeveloped in 2014 with state and federal historic tax credits
- Individual homes range from 2,098 to 2,748 square feet, with 2–3 bedrooms and 2.5 baths
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
$110,844
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
4.93%
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%
$2,216,880
$2.2M
Cap Rate 7%
$1,583,486
$1.6M
Cap Rate 9%
$1,231,600
$1.2M
Market Conditions
NOI Build-Up for 11,911 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
$214.4K $18.00/SF
− Vacancy
−$12.9K −$1.08/SF
EGI
$201.5K $16.92/SF
− OpEx
−$90.7K −$7.61/SF
NOI
$110.8K $9.31/SF
Area
St. Louis County, MO
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,216,880
Cap Rate 7%
$1,583,486
Cap Rate 9%
$1,231,600
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.39M – $1.85M
NOI $110,844 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.56M
$2.24M – $2.98M
NOI $178,942 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
853
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five distinct residences feature loft-style interiors, gated access and covered parking.
Where is this apartment building located?
The property is located at 2315 Tennessee Ave Saint Louis, MO.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Five townhomes totaling 11,911 square feet; Redeveloped in 2014 with state and federal historic tax credits; Individual homes range from 2,098 to 2,748 square feet, with 2–3 bedrooms and 2.5 baths
