Union is the Franklin County seat, sitting along I-44 and Highway 50 roughly an hour from downtown St. Louis, which puts it far enough out to trade at exurban pricing while still drawing commuter and second-home demand from the metro. A 1031 exchange here typically works between county-government-adjacent office space, highway retail near the interstate interchange, and a growing supply of newer multifamily built for commuters.
Courthouse District Office And Professional Space
Union's role as the Franklin County seat supports a steady base of professional office tenants, attorneys, title companies, insurance agents, and county-adjacent service businesses, clustered near the historic courthouse square. These buildings tend to be smaller, often converted from older residential or mixed-use structures, so a condition assessment during diligence should note deferred maintenance that can be easy to miss on a drive-by inspection.
I-44 Interchange Retail
The commercial development around the Union interchange on I-44 has grown steadily as Franklin County's population has pushed west from the St. Louis metro, with grocery-anchored centers, quick-service restaurants, and hotel product serving both local residents and interstate traffic. Pricing here tracks closer to St. Louis exurban retail than to a purely rural county seat, which is worth noting when comparing a Union candidate against a property elsewhere in mid-Missouri.
Multifamily Growth Tied To Commuter Demand
Union has added newer apartment product over the past decade aimed at commuters willing to trade a longer I-44 drive into St. Louis for lower rent, alongside its older stock of duplexes and small apartment buildings near downtown. Investors should separate these two tiers when building a rent roll comparison, since newer commuter-focused product commands materially higher rents than the legacy in-town stock.
Managing The Franklin County Exchange Timeline
- Confirm whether a courthouse-district office building needs zoning or occupancy verification tied to its residential-to-commercial conversion history
- Compare I-44 interchange retail pricing against both St. Louis exurban and mid-Missouri rural benchmarks before finalizing the identification memo
- Separate newer commuter multifamily from legacy in-town stock when building the rent roll package
- Confirm Franklin County recording turnaround early if the closing date sits close to day 180
Union As A Bridge Between St. Louis And Mid-Missouri Pricing
Union occupies a pricing tier that sits between full St. Louis metro submarkets and the more rural counties further west along I-44, which makes it a common landing spot for exchangers whose relinquished property sold at a St. Louis price point but who want more yield than a suburban replacement typically offers. That middle position also means comparable sales data can be thinner than in either direction, so a broker or appraiser working the file should pull comparables from both sides of the market rather than relying on one dataset.
Franklin County's continued westward growth from the St. Louis metro has been gradual rather than explosive, which keeps Union's inventory turnover slower than a fast-growing exurb like Wentzville or O'Fallon, but also means pricing has been more stable and less prone to the sharp swings seen in faster-growing submarkets.
Common 1031 Exchange Questions
What kind of office tenants does Union typically attract
The county-seat role brings attorneys, title companies, insurance agents, and other professional service businesses to office space near the historic courthouse square, giving these buildings a fairly stable, locally-driven tenant base.
Is Union retail priced like St. Louis suburban retail or rural Missouri retail
It tends to sit closer to St. Louis exurban pricing, particularly near the I-44 interchange, since Franklin County has absorbed commuter growth pushing west from the metro area over the past decade.
Should older courthouse-district office buildings get extra diligence
Yes, many were converted from older residential structures, so confirming the commercial zoning and occupancy history, along with a condition assessment for deferred maintenance, is worth doing before the property is added to the identification memo.
How does newer commuter multifamily compare to older Union apartment stock
Newer product built for St. Louis commuters generally commands higher rents than the legacy duplexes and small apartment buildings near downtown, so a rent roll comparison should separate the two tiers rather than averaging them together.
Can a Union exchange pair with a property back in St. Louis County
Yes, like-kind treatment applies across county lines, so a Franklin County relinquished property can pair with a replacement anywhere in the St. Louis metro or elsewhere in Missouri.
Why does Union have thinner comparable sales data than a St. Louis suburb
Its middle position between full metro pricing and rural mid-Missouri pricing means transaction volume is lower than either direction, so a broker or appraiser should pull comparables from both sides of the market rather than relying on one dataset alone.
