42-Unit Garden-Style Apartment
New
For Sale
$1,999,000
8404 Halls Ferry Rd, Saint Louis, MO 63147
Brick multifamily community with one-bedroom residences, surface parking, and documented occupancy recovery.
Property Size15,800 SF
Lot Size1.32 Acres
Price / SF$126.52
Days on Market5
Property Features for 8404 Halls Ferry Rd
General Information
Standard status
Active
Size
15,800 SF
Total Parking Spaces
25
Lot size
1.32 Acres
Property subtype
Residential Income
Zoning
F - Neighborhood Commercial
Occupancy
95%
Financials
Asking Price
$1,999,000
Cap Rate
11.08%
Gross Rent Multiplier
5.72
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
42 x 1BR/1BA
Multifamily Units
42
Taxes and HOA fees
Annual Taxes
$8,755
Building Details
Year Built
1964
Buildings
5
Construction
garden-style
Listing Agency:
Manor Real Estate
(314) 647-6611
Listed By:
Ben Cherry · License #2006018085
(314) 647-6611
Source:
Exprealty
Added: Aug 13
Changed: Aug 16
Last Checked: Aug 16 at 3:22AM
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 Manor Real Estate
Investment Insights
Based on property information with market context.
Sandalwood Apartments is a 42-unit garden-style apartment community comprising five brick buildings on a 1.316-acre site. Built in 1964, the property contains 15,800 square feet and offers an all one-bedroom, one-bathroom unit mix with 25 surface parking spaces. Units affected by a January 2025 fire underwent substantial redevelopment, and the June 2026 tenant roster shows 40 of 42 units leased, representing 95.2% occupancy. In-place rents range from $700 to $750 per month, and the property reports an 11.08% in-place cap rate based on stabilized net operating income of $221,319.
Located at 8404 Halls Ferry Road in the Baden neighborhood of north St. Louis City, the property fronts a corridor carrying 18,787 vehicles per day. Lambert International Airport is approximately 15 minutes away, with access to regional commuter rail. The site is zoned F - Neighborhood Commercial.
Located at 8404 Halls Ferry Road in the Baden neighborhood of north St. Louis City, the property fronts a corridor carrying 18,787 vehicles per day. Lambert International Airport is approximately 15 minutes away, with access to regional commuter rail. The site is zoned F - Neighborhood Commercial.
Key Highlights
- 42‑unit apartment community with an all one‑bedroom/one‑bathroom unit mix
- Five brick buildings on a 1.316‑acre site; built in 1964
- 40 of 42 units leased as of June 2026, reflecting 95.2% occupancy
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
Property Profile
Current Use
Lease Details
42
Residential units
95.2%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
361
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 one-bedroom residences, surface parking, and documented occupancy recovery.
Where is this apartment building located?
The property is located at 8404 Halls Ferry Rd Saint 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 apartment community with an all one‑bedroom/one‑bathroom unit mix; Five brick buildings on a 1.316‑acre site; built in 1964; 40 of 42 units leased as of June 2026, reflecting 95.2% occupancy
