Historic Apartment
For Sale
$2,250,000
2315 Tennessee Avenue St, Louis, MO 63104
Residential Income, St Louis, MO
Property Size11,911 SF
Price / SF$188.90
Days on Market12
Property Features for 2315 Tennessee Avenue St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
15
Full bathrooms
15
Rooms
Bathroom 11, Bathroom 8, Bedroom 7, Bathroom 7, Bathroom 6, Bedroom 3, Bathroom 1, Dining Room, Bathroom 12, Bedroom 8, Bathroom 2, Bathroom 14, Bathroom 3, Bedroom 6, Bathroom 4, Bathroom 9, Bedroom 10, Bathroom 10, Bedroom 4, Bathroom 15, Bathroom 5, Bedroom 12, Bedroom 5, Bathroom 13, Bedroom 2, Bedroom 1, Bedroom 11, Bedroom 9
Parking features
Assigned, Alley, Gated, Carport, Secured, Off Street
Window features
Insulated Windows, Blinds
Interior features
Beamed Ceilings, Breakfast Bar, Ceiling Fan(s), Custom Cabinetry, Dining/Living Room Combo, Double Vanity, Eat-in Kitchen, High Ceilings, Historic Millwork, Open Floorplan, Pantry, Recessed Lighting, Special Millwork, Walk-In Closet(s)
Exterior features
Private Entrance, Rain Barrel
Fencing
Gate
Fireplace
1
Subdivision
Compton Heights Stables
Lot features
City Lot, Landscaped, Some Trees
Elementary school
Shenandoah Elem.
Middle school
Fanning Middle Community Ed.
High school
Roosevelt High
Elementary school district
St. Louis City
Middle school district
St. Louis City
High school district
St. Louis City
Standard status
Active
APN
1440-00-0209-1
Size
11,911 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13363
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric, Central Air, Ceiling Fan(s)
Water source
Public
Amenities
Gated entry
Solar panels
Common space
Original beams
Soaring ceilings
Wood floors
Granite countertops
Clerestory windows
Open lofts
Dens
Building Details
Year built
1903
Number of units
5
Flooring type
Concrete, Hardwood, Tile - Ceramic
Building materials
Brick, Concrete
Roof type
Flat
Architectural style
Other
Listing Agency:
Epique Realty
(888) 893-3537
Listed By:
Todd Murray · License #2020041827
(314) 409-3320
Added: Sep 16
Changed: Sep 26
Last Checked: Sep 27 at 1:06PM
MLS# 26056328
Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit apartment property occupies a former 1903 horse stable and carriage house totaling 11,911 square feet. Redevelopment completed in 2014 incorporated state and federal historic tax credits while adding modern construction, systems, kitchens, baths, windows, appliances, fixtures, and wood flooring. The residences range from 2,098 to 2,748 square feet, with two to three bedrooms and 2.5 baths. Interior features include original beams, high ceilings, historic millwork, open floor plans, loft areas, dens, clerestory windows, and fireplaces. Unit E includes 2,748 square feet, three bedrooms, 2.5 baths, and granite countertops.
Two residences are owner-occupied, while the remaining units consist of a long-term rental, a short-term rental, and one recently vacated residence. The property includes recently created condominium documents, gated entry, 10 covered parking spaces, and a private interior arrangement oriented toward the parking and common area. Extensive solar panels are installed on the roof and carport. The property is a few blocks from Tower Grove Park and the Missouri Botanical Garden, with restaurants and shops in the Tower Grove, Shaw, Fox Park, and South Grand areas within walking distance.
Two residences are owner-occupied, while the remaining units consist of a long-term rental, a short-term rental, and one recently vacated residence. The property includes recently created condominium documents, gated entry, 10 covered parking spaces, and a private interior arrangement oriented toward the parking and common area. Extensive solar panels are installed on the roof and carport. The property is a few blocks from Tower Grove Park and the Missouri Botanical Garden, with restaurants and shops in the Tower Grove, Shaw, Fox Park, and South Grand areas within walking distance.
Key Highlights
- 5‑unit apartment property totaling 11,911 SF
- Former 1903 horse stable and carriage house redeveloped in 2014
- Units range from 2,098 to 2,748 SF 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
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
853
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?
Apartment building - Distinctive multi-unit property with preserved historic details, modern improvements, gated parking, and flexible residential occupancy.
Where is this apartment building located?
The property is located at 2315 Tennessee Avenue St 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: 5‑unit apartment property totaling 11,911 SF; Former 1903 horse stable and carriage house redeveloped in 2014; Units range from 2,098 to 2,748 SF with 2‑3 bedrooms and 2.5 baths
