See all 8 photos
8 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$1,999,000
Est. payment /mo
15,800 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type 5 Family or More
Listing Status Active
Purchase Type For Sale
Square Footage 15,800 sqft
Price per Sqft $126
Subdivision City/St Louis
MLS Listing ID 26052146
Style Other
Year Built 1964
Annual Tax Amount $8,755
Lot Size 1.316 Acres
Acres 1.316
Property Sub-Type 5 Family or More
Property Description
Sandalwood Apartments is a 42-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 42 units leased - 95.2% 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 11.08% in-place cap rate on a stabilized net operating income of $221,319 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.
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 42 units leased - 95.2% 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 11.08% in-place cap rate on a stabilized net operating income of $221,319 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.
Location
State MO
County St Louis City
Area 5 - North
Interior
Cooling Other
Fireplace N
Exterior
View Y/N No
Building
Structure Type Brick
Schools
Elementary Schools Earl Nance Sr. Elem.
Middle Schools Fanning Middle Community Ed.
High Schools Beaumont Cte High School
School District St. Louis City
Others
Acceptable Financing 1031 Exchange, Cash
Listing Terms 1031 Exchange, Cash
Special Listing Condition Standard
Read Less Info
Listed by Ben Cherry • Manor Real Estate
Nearby School & Business
Get More Information