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Spirit of St Louis 1310 E Saint Louis St 53 Unit Apartment Building $7,000,000 ($132,075/Unit) Springfield, MO 65802
Investment Highlights
- Design & Amenity Differentiation Drives Leasing, Tenant Retention, and Sustained Rent Growth
- Walkable to Downtown Employers, Universities, and Entertainment
- Durable, Recession-Resistant Employment Base
- 0.5 Miles from Missouri State University (23K+ Students / 3.4% Annual Enrollment Growth)
Executive Summary
Spirit of St. Louis offers investors the ability to acquire institutional-quality new construction at a compelling basis relative to replacement cost, with no development risk and stabilized operations. The property is currently 100% occupied at discounted lease-up rents, with in-place rents approximately $200–$250 below comparable properties, providing a clearly identifiable and executable mark-to-market opportunity. As leases roll to market, ownership can capture organic NOI growth while maintaining strong occupancy in a high demand, supply constrained housing rental market.
Springfield functions as the dominant economic and healthcare hub of Southwest Missouri, supported by a diversified employment base anchored by healthcare, higher education, and logistics. The market exhibits characteristics more typical of secondary markets - including economic depth, institutional quality employers, and durable renter demand - while continuing to trade at tertiary-level pricing. Elevated construction costs, constrained development capital, and elongated entitlement timelines have materially reduced forward supply, reinforcing long-term fundamentals for existing high-quality assets.
The property is strategically located less than one-half mile from Missouri State University (approximately 23,000+ total enrollment), providing proximity to a significant academic and employment anchor while maintaining a boutique, non-student housing positioning attractive to young professionals, faculty, healthcare employees, and workforce renters.
Offered below current replacement cost in a supply-constrained and economically resilient regional hub, Spirit of St. Louis represents a rare opportunity to acquire newly constructed Class A product with stabilized cash flow and embedded rent growth at an attractive risk-adjusted yield profile.
Springfield functions as the dominant economic and healthcare hub of Southwest Missouri, supported by a diversified employment base anchored by healthcare, higher education, and logistics. The market exhibits characteristics more typical of secondary markets - including economic depth, institutional quality employers, and durable renter demand - while continuing to trade at tertiary-level pricing. Elevated construction costs, constrained development capital, and elongated entitlement timelines have materially reduced forward supply, reinforcing long-term fundamentals for existing high-quality assets.
The property is strategically located less than one-half mile from Missouri State University (approximately 23,000+ total enrollment), providing proximity to a significant academic and employment anchor while maintaining a boutique, non-student housing positioning attractive to young professionals, faculty, healthcare employees, and workforce renters.
Offered below current replacement cost in a supply-constrained and economically resilient regional hub, Spirit of St. Louis represents a rare opportunity to acquire newly constructed Class A product with stabilized cash flow and embedded rent growth at an attractive risk-adjusted yield profile.
Property Facts
| Price | $7,000,000 | Building Class | B |
| Price Per Unit | $132,075 | Lot Size | 1.00 AC |
| Sale Type | Investment | Building Size | 56,000 SF |
| No. Units | 53 | Average Occupancy | 98% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 2024 |
| Apartment Style | Mid-Rise | ||
| Zoning | INC | ||
| Price | $7,000,000 |
| Price Per Unit | $132,075 |
| Sale Type | Investment |
| No. Units | 53 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 1.00 AC |
| Building Size | 56,000 SF |
| Average Occupancy | 98% |
| No. Stories | 4 |
| Year Built | 2024 |
| Zoning | INC |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Clubhouse
- Fitness Center
- Package Service
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 9 | - | 419 |
| 1+1 | 44 | - | 418 - 569 |
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Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 12-19-211-020 | Improvements Assessment | $750,670 |
| Land Assessment | $42,220 | Total Assessment | $792,890 |
Property Taxes
Parcel Number
12-19-211-020
Land Assessment
$42,220
Improvements Assessment
$750,670
Total Assessment
$792,890
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