3862 S Spring Ave · St. Louis, MO 63116

$1,195,000

432 bd · 324.0 ba · 15,312 sqft · MultiFamily public records · 110 Days on market

Built 1931 0.50 ac lot $78/sqft · 5% above area Est $1135k · 5% over

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +5.1/15.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 18 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Salient Realty Group is pleased to present 3862 S Spring Avenue, an 18-unit apartment complex located in South City. The property consists of twelve, 1 bed/1 bath and six, 2 bed/1 bath units. The property also has 12 garages and a large side lot that is included in the sale. It is positioned near major local employers and the Grand Boulevard corridor. The heavy-duty masonry construction and traditional St. Louis architecture provide a durable foundation for predictable maintenance. This neighborhood is known for its historic architecture and steady demand for rental housing. This asset represents a straightforward opportunity to enter or expand within the South City market.

Key facts

• Large side lot
• 0.5 acre lot
• 12 garage spots

Tags

• 18 UNIT APARTMENT COMPLEX
• LARGE SIDE LOT
• HISTORIC ARCHITECTURE

What this means for you Summary

Snapshot

• This is a 12×1bd/1ba + 6×2bd/1ba units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $5k ($60k/yr) — positive. Per door: $279/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.20M).
• Recommended offer: $1.09M (9.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 5.0% in St. Louis — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• St. Louis City (urban): math 10% / reading 18% proficiency, ranked #312 of 324 in MO (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 260 active listings in the ZIP; 294 units permitted in St. Louis city in 2024 (227 in 5+ unit buildings).
• At $15,668/mo this rent would consume 306% of the median local household income ($61k/yr) (locally 1923% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• St. Louis County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $335k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($1.09M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $450k; list at $1.20M implies a 166% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,087,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 11.33%
• Cash-on-cash: 17.99%
• DSCR: 1.80
• GRM: 6.4

CMA / ARV

• ARV (median comp): $1,135,000
• List price: $1,195,000
• Delta: 5.29%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.62% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.36×
• Total profit: $119,581
• Equity at exit: $178,178

10-year hold

• IRR: 18.0%
• Equity multiple: 2.46×
• Total profit: $489,962
• Equity at exit: $103,322

Cash invested: $334,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 81 Strongly Landlord-Friendly
• State Missouri: 81 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

Generally landlord-friendly; St Louis has some habitability requirements.

Methodology + full state rankings →

ZIP-level market 63116

• Rents YoY: 2.6%
• Active inventory: 260
• Price-to-rent: 116.4×

Monthly cashflow live

• Estimated rent: $15,668 high
• Mortgage (P&I): −$6,267
• Tax from tax record: −$597 /mo · $7,159/yr
• Insurance: −$498
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,290
• Net cashflow: $5,017

Break-even live

Break-even rent $9,318

Max offer price $1,195,000

Occupancy floor 63%

Sensitivity live

Price	-10% $5,693	-5% $5,355	+0% $5,017	+5% $4,678	+10% $4,340
Rent	-10% $3,779	-5% $4,398	+0% $5,017	+5% $5,635	+10% $6,254
Rate	-1.0pp $5,618	-0.5pp $5,320	base $5,017	+0.5pp $4,707	+1.0pp $4,392

18-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$10,272
▸ 6× units	2	1	$5,400
Total (18 units)			$15,668

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $298,750
• Closing costs: $35,850
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-03-17
   price $1,195,000 683-char remark

   Show marketing remark (683 chars)

   Salient Realty Group is pleased to present 3862 S Spring Avenue, an 18-unit apartment complex located in South City. The property consists of twelve, 1 bed/1 bath and six, 2 bed/1 bath units. The property also has 12 garages and a large side lot that is included in the sale. It is positioned near major local employers and the Grand Boulevard corridor. The heavy-duty masonry construction and traditional St. Louis architecture provide a durable foundation for predictable maintenance. This neighborhood is known for its historic architecture and steady demand for rental housing. This asset represents a straightforward opportunity to enter or expand within the South City market.

2. 2026-02-20
   status Active 683-char remark

   Show marketing remark (683 chars)

   Salient Realty Group is pleased to present 3862 S Spring Avenue, an 18-unit apartment complex located in South City. The property consists of twelve, 1 bed/1 bath and six, 2 bed/1 bath units. The property also has 12 garages and a large side lot that is included in the sale. It is positioned near major local employers and the Grand Boulevard corridor. The heavy-duty masonry construction and traditional St. Louis architecture provide a durable foundation for predictable maintenance. This neighborhood is known for its historic architecture and steady demand for rental housing. This asset represents a straightforward opportunity to enter or expand within the South City market.

3. 2026-02-16
   historical Active Under Contract 683-char remark

   Show marketing remark (683 chars)

   Salient Realty Group is pleased to present 3862 S Spring Avenue, an 18-unit apartment complex located in South City. The property consists of twelve, 1 bed/1 bath and six, 2 bed/1 bath units. The property also has 12 garages and a large side lot that is included in the sale. It is positioned near major local employers and the Grand Boulevard corridor. The heavy-duty masonry construction and traditional St. Louis architecture provide a durable foundation for predictable maintenance. This neighborhood is known for its historic architecture and steady demand for rental housing. This asset represents a straightforward opportunity to enter or expand within the South City market.

4. 2026-02-05
   listed $1,250,000 Active 683-char remark

   Show marketing remark (683 chars)

   Salient Realty Group is pleased to present 3862 S Spring Avenue, an 18-unit apartment complex located in South City. The property consists of twelve, 1 bed/1 bath and six, 2 bed/1 bath units. The property also has 12 garages and a large side lot that is included in the sale. It is positioned near major local employers and the Grand Boulevard corridor. The heavy-duty masonry construction and traditional St. Louis architecture provide a durable foundation for predictable maintenance. This neighborhood is known for its historic architecture and steady demand for rental housing. This asset represents a straightforward opportunity to enter or expand within the South City market.

5. 2024-08-18
   historical $695
6. 2024-08-17
   listed $695
7. 2024-08-03
   historical $695
8. 2024-08-03
   listed $695
9. 2024-03-20
   historical $895
10. 2024-03-20
    historical $895
11. 2024-03-19
    listed $895
12. 2024-03-19
    listed $895
13. 2024-03-13
    historical $725
14. 2024-01-07
    listed $725
15. 2023-05-23
    historical $675
16. 2022-03-09
    price $675
17. 2017-03-09
    soldstatus $450,000
18. 2007-03-08
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $7,159 · $597/mo
• Projected year-2 tax: $11,592 · $966/mo
• Expected delta: +$4,433/yr (+$369/mo · 61.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $188,016
• − Mortgage interest: −$66,939
• − Property taxes: −$7,159
• − Insurance: −$5,975
• − Repairs & maintenance: −$15,041
• − Management: −$15,041
• − Depreciation: −$34,764
• Taxable income: $43,098
• Est. tax owed @ 24.0%: −$10,343
• After-tax cash flow: $49,855/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: St. Louis City
• NCES district ID: 2929280
• Math proficiency: 10% ▼ -6.00%
• Reading proficiency: 18% ▼ -3.00%
• Median HH income: $35,685
• Composite: 11.54/100
• National rank: #9699
• State rank: #312 of 324 in MO

Livability — St. Louis

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Louis, MO
• County: Saint Louis City · 254,015 people
• City population: 283,259
• Metro: St. Louis, MO-IL
• Population (ZIP): 42,170
• Household income: $61,433
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1923.0

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 315,737 people
• By 2030: 313,865 · -0.6%
• By 2040: 305,439 · -3.3%
• By 2050: 296,529 · -6.1%
• By 2075: 271,028 · -14.2%
• By 2100: 255,359 · -19.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 54% Black 27% Hispanic / Latino 10% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 4% Romanian 2% Italian 2%
• Foreign-born: 11% · Canada, Vietnam, Philippines
• Languages at home: 85% English-only · Spanish 6% Vietnamese 2% Arabic 2%

Political lean MEDSL · St. Louis

• 2024 margin: Solid D (+64.7) · D 81.4% · R 16.7% · Other 2.0%
• 2008→2024 swing: -3.5pp toward R · 2008: 68.2pp · 2024: 64.7pp
• All cycles: 2024: D+64.7 2020: D+66.2 2016: D+63.7 2012: D+66.6 2008: D+68.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -271.19%
• Current HPI: 215.7108
• Rent YoY: ▲ 2.62%
• Metro: St. Louis, MO-IL
• State GDP YoY: ▲ 1.84%
• F500 in state: 20

Industry mix (Fortune 500 HQ in MO)

Industry	F500 HQs	Revenue
▸Healthcare	1	$163B
▸Insurance	1	$21B
▸Industrial Technology	1	$17B
▸Retail	1	$16B
▸Industrial Distribution	1	$10B
▸Utilities	1	$9B

Price history

+165.6% since first listed

18 events — show timeline

• 2026-03-17 Price Changed $1,195,000 MARIS as Distributed by MLS Grid
• 2026-02-20 Relisted — MARIS as Distributed by MLS Grid
• 2026-02-16 Contingent — MARIS as Distributed by MLS Grid
• 2026-02-05 Listed $1,250,000 MARIS as Distributed by MLS Grid
• 2024-08-18 Rental Removed $695 APPFOLIO
• 2024-08-17 Listed for Rent $695 APPFOLIO
• 2024-08-03 Rental Removed $695 APPFOLIO
• 2024-08-03 Listed for Rent $695 APPFOLIO
• 2024-03-20 Rental Removed $895 APPFOLIO
• 2024-03-20 Rental Removed $895 APPFOLIO
• 2024-03-19 Listed for Rent $895 APPFOLIO
• 2024-03-19 Listed for Rent $895 APPFOLIO
• 2024-03-13 Rental Removed $725 APPFOLIO
• 2024-01-07 Listed for Rent $725 APPFOLIO
• 2023-05-23 Rental Removed $675 APPFOLIO
• 2022-03-09 Price Changed $675 RENT.
• 2017-03-09 Sold (Public Records) $450,000 Public Records
• 2007-03-08 Sold (Public Records) — Public Records

Property tax history

-0.6%/yr

Latest (2024): $7,159 · +5.2% YoY. Source: county tax records.