42-Unit Garden-Style Apartment
For Sale
$1,999,000
Pending
8404 Halls Ferry Road St, Louis, MO 63147
Residential Income, St Louis, MO
Property Size15,800 SF
Lot Size1.32 Acres
Days on Market15
Property Features for 8404 Halls Ferry Road St
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
City/St Louis
Elementary school
Earl Nance Sr. Elem.
Middle school
Fanning Middle Community Ed.
High school
Beaumont Cte High School
Elementary school district
St. Louis City
Middle school district
St. Louis City
High school district
St. Louis City
Directions
GPS
Standard status
Pending
APN
4281-00-0165-0
Size
15,800 SF
Lot size
1.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8755
Building Details
Year built
1964
Number of units
42
Building materials
Brick
Listing Agency:
Manor Real Estate
(314) 647-6611
Listed By:
Ben Cherry · License #2006018085
(314) 647-6611
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 28 at 6:06AM
MLS# 26052146
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.
Sandalwood Apartments is a 42-unit garden-style multifamily property arranged across five brick buildings on a 1.316-acre site. Constructed in 1964, the community offers an entirely one-bedroom, one-bathroom unit mix and 25 surface parking spaces. Units affected by a January 2025 fire underwent substantial redevelopment, and the property has since returned to stabilized occupancy performance.
The property fronts Halls Ferry Road in north St. Louis City’s Baden neighborhood, where the corridor records 18,787 vehicles per day. Lambert International Airport is approximately 15 minutes away, and regional commuter rail is conveniently accessible. The property is zoned F - Neighborhood Commercial.
The June 2026 tenant roster shows 40 of 42 units leased, representing 95.2% occupancy. In-place performance reflects an 11.08% cap rate on stabilized net operating income of $221,319, with a 5.72x gross rent multiplier.
The property fronts Halls Ferry Road in north St. Louis City’s Baden neighborhood, where the corridor records 18,787 vehicles per day. Lambert International Airport is approximately 15 minutes away, and regional commuter rail is conveniently accessible. The property is zoned F - Neighborhood Commercial.
The June 2026 tenant roster shows 40 of 42 units leased, representing 95.2% occupancy. In-place performance reflects an 11.08% cap rate on stabilized net operating income of $221,319, with a 5.72x gross rent multiplier.
Key Highlights
- 42‑unit multifamily community across five brick buildings
- 40 of 42 units leased as of June 2026; 95.2% occupancy
- All one‑bedroom, one‑bathroom unit mix
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
$147,035
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
7.36%
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%
$2,940,700
$2.9M
Cap Rate 7%
$2,100,500
$2.1M
Cap Rate 9%
$1,633,722
$1.6M
Market Conditions
NOI Build-Up for 15,800 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
$284.4K $18.00/SF
− Vacancy
−$17.1K −$1.08/SF
EGI
$267.3K $16.92/SF
− OpEx
−$120.3K −$7.61/SF
NOI
$147.0K $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%
$2,940,700
Cap Rate 7%
$2,100,500
Cap Rate 9%
$1,633,722
Alternative Uses
Best Use
Apartment 5plus
$2.10M
$1.84M – $2.45M
NOI $147,035 @ 7.0% cap · market cap 7.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.39M
$2.97M – $3.96M
NOI $237,367 @ 7.0% cap · market cap 11.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
42
Residential units
95.2%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
Explore this area
Business Placement
Demographics for 63147, MO
8,499
Population
4,542
Households
1.9
Avg Household Size
44
Median Age
12%
College-Educated
86%
High-School Grad
5.9 sq mi
ZIP Area
1,441
Density / Sq Mi
$39,119
Median Household Income
$27,956
Median Earnings
$926
Median Rent
$70,300
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 - Brick multifamily community with renovated units, surface parking, and a fully one-bedroom, one-bathroom layout.
Where is this apartment building located?
The property is located at 8404 Halls Ferry Road St Louis, MO.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: 42‑unit multifamily community across five brick buildings; 40 of 42 units leased as of June 2026; 95.2% occupancy; All one‑bedroom, one‑bathroom unit mix
