8404 Halls Ferry Road
Property Description
Sandalwood Apartments is a 41-unit, garden-style multifamily community at 8404 Halls Ferry Road in the established Baden neighborhood of north St. Louis City. Built in 1964, the asset comprises five brick buildings on a 1.316-acre site with 25 surface parking spaces, offering an all one-bedroom/one-bathroom unit mix that appeals to the area's steady renter base. Occupancy recovery - The offering represents a compelling occupancy-recovery story. Following a January 2025 fire and a substantial redevelopment of the affected units, the property has returned to stabilized performance: the June 2026 tenant roster documents 40 of 41 units leased - 97.6% occupancy - at in-place rents of $700 to $750 per month. That recovery reverses the 2022-2024 downtrend and re-establishes durable in-place cash flow, with in-place rents sitting at or slightly above the Baden submarket asking benchmark. At the proposed list price of $1,999,000, or $47,595 per unit, Sandalwood delivers an 10.95% in-place cap rate on a stabilized net operating income of $218,952.40 and a gross rent multiplier of 5.72x. The per-unit basis sits within the confirmed non-distressed comparable range of $30,952 to $66,500 in the submarket - below the recent high - and is supported by the property's restored occupancy and demonstrated cash flow rather than a speculative turnaround. The Baden location offers strong fundamentals: frontage on Halls Ferry Road carries 18,787 vehicles per day on a primary north St. Louis City corridor, with roughly 15 minutes to Lambert International Airport and convenient access to regional commuter rail. Zoning is F - Neighborhood Commercial. Sandalwood is well-positioned for stabilized-income buyers, portfolio acquirers, and 1031 exchange investors seeking cash-flowing multifamily in the St. Louis market. The property is offered on an all-cash, 1031 exchange, or portfolio basis, providing acquisition flexibility across a range of buyer profiles.
Broker Details
Manor Brokerage, LLC (314) 647-6611
MLS ID: BCHERRY State License Number: 2006018085
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,999,000 |
| No. of Units: | 41 |
| Year Built: | 1964 |
| Lot Size: | 15,800.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $48,756 |
| Property Website | Click Here |
| Number of Bedrooms: | 0 |
| Number of Bathrooms: | 0 |
ID: 3yd-MARISMO-26052146
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