Quadplex with Outdoor
For Sale
$374,900
5504 Devonshire Ave, Saint Louis, MO 63109
Four fully rented apartments feature a 2023 roof, basement electrical updates, and multiple private outdoor areas.
Property Size3,094 SF
Price / SF$121.17
Days on Market27
Property Features for 5504 Devonshire Ave
General Information
Standard status
Active
Size
3,094 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,637
Amenities
fenced backyard
second-floor front balconies
rear decks
bonus room
Building Details
Buildings
1
Listing Agency:
Homecoming Realty, LLC
(314) 484-6396
Listed By:
Amber Cook · License #2004002812
(314) 484-6396
Source:
Exprealty
Added: Aug 4
Changed: Aug 30
Last Checked: Aug 30 at 12:24AM
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 Homecoming Realty, LLC
Investment Insights
Based on property information with market context.
This four-unit residential property contains four shotgun-style apartments, each configured with one bedroom and one bathroom. All units are rented to long-term tenants. Recent improvements include a roof installed in 2023 and updated electrical breaker panels in the basement. The property also includes a fenced backyard, second-floor front balconies, and rear decks serving two units. Bonus rooms in both east-side units add flexible space for storage, a home office, or other supported uses.
The building occupies a corner lot in Southampton, with restaurants, shops, and everyday conveniences along Macklind Avenue within walking distance. Ample street parking is available in the surrounding area. The address is 5504 Devonshire Ave in Saint Louis, Missouri.
The building occupies a corner lot in Southampton, with restaurants, shops, and everyday conveniences along Macklind Avenue within walking distance. Ample street parking is available in the surrounding area. The address is 5504 Devonshire Ave in Saint Louis, Missouri.
Key Highlights
- Quadplex with four 1‑bedroom, 1‑bathroom apartments
- All four units are fully rented to long‑term tenants
- Roof installed in 2023
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
$33,086
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
8.83%
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%
$661,720
$661.7K
Cap Rate 7%
$472,657
$472.7K
Cap Rate 9%
$367,622
$367.6K
Market Conditions
NOI Build-Up for 3,094 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
$50.1K $16.20/SF
− Vacancy
−$2.9K −$0.92/SF
EGI
$47.3K $15.28/SF
− OpEx
−$14.2K −$4.58/SF
NOI
$33.1K $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%
$661,720
Cap Rate 7%
$472,657
Cap Rate 9%
$367,622
Alternative Uses
Best Use
Multifamily LT 5
$472.7K
$413.6K – $551.4K
NOI $33,086 @ 7.0% cap · market cap 8.83%
Second Best
Apartment 5plus
$411.3K
$359.9K – $479.9K
NOI $28,793 @ 7.0% cap · market cap 7.68%
Theoretical Best
Office A
$664.0K
$581.0K – $774.7K
NOI $46,482 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
915
Businesses Nearby
Explore this area
Business Placement
Demographics for 63109, MO
26,777
Population
14,963
Households
1.8
Avg Household Size
39
Median Age
52%
College-Educated
96%
High-School Grad
3.5 sq mi
ZIP Area
7,651
Density / Sq Mi
$71,563
Median Household Income
$52,245
Median Earnings
$929
Median Rent
$244,900
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?
Quadplex - Four fully rented apartments feature a 2023 roof, basement electrical updates, and multiple private outdoor areas.
Where is this quadplex located?
The property is located at 5504 Devonshire Ave Saint Louis, MO.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: Quadplex with four 1‑bedroom, 1‑bathroom apartments; All four units are fully rented to long‑term tenants; Roof installed in 2023
