41-Unit Garden-Style Apartment
For Sale
$1,999,000
8404 Halls Ferry Road St, Louis, MO 63147
Residential Income, St Louis, MO
Property Size15,800 SF
Lot Size1.32 Acres
Price / SF$126.52
Days on Market52
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
Active
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
41
Building materials
Brick
Listing Agency:
Manor Real Estate
(314) 647-6611
Listed By:
Ben Cherry · License #2006018085
3146476611x11
Added: Aug 14
Changed: Sep 25
Last Checked: Oct 4 at 9:06PM
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 41-unit garden-style apartment community comprising five brick buildings constructed in 1964. The property contains 15,800 square feet on 1.316 acres and provides 25 surface parking spaces. All units are configured as one-bedroom, one-bathroom residences, creating a consistent unit mix across the community.
Following a January 2025 fire and redevelopment of the affected units, the June 2026 tenant roster shows 40 of 41 apartments leased, representing 97.6% occupancy. In-place rents are reported between $700 and $750 per month. The property fronts Halls Ferry Road, which carries 18,787 vehicles per day, and is approximately 15 minutes from Lambert International Airport. Zoning is F - Neighborhood Commercial.
Following a January 2025 fire and redevelopment of the affected units, the June 2026 tenant roster shows 40 of 41 apartments leased, representing 97.6% occupancy. In-place rents are reported between $700 and $750 per month. The property fronts Halls Ferry Road, which carries 18,787 vehicles per day, and is approximately 15 minutes from Lambert International Airport. Zoning is F - Neighborhood Commercial.
Key Highlights
- 41‑unit apartment community with an all one‑bedroom, one‑bathroom unit mix
- Five brick buildings constructed in 1964
- 1.316‑acre site with 15,800 square feet of property size
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
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Open Analytics
Current Use
Lease Details
41
Residential units
97.6%
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five brick residential buildings offer an all one-bedroom, one-bathroom unit mix with surface parking and neighborhood commercial zoning.
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: 41‑unit apartment community with an all one‑bedroom, one‑bathroom unit mix; Five brick buildings constructed in 1964; 1.316‑acre site with 15,800 square feet of property size
