Listed by Berkadia Commercial Mortgage St. Louis
Unpriced
Hawthorne School Apartments
Details
Property Type Multifamily
Sub Type Apartment Building
Net Rentable (SqFt) 46,940
Units 47
Occupancy 94%
Class B
Year Built 2020
Year Renovated 2020
Buildings 2
Stories 3
Investment Type Stabilized
Occupancy Date 03/01/2026
Ground Lease No
Attractive HUD assumable loan with 3.32% interest rate
Marketing description
Hawthorne School at 1351 N Hanley Rd, St. Louis, MO 63130 is a one-of-a-kind multifamily investment blending historic character, modern design, and future growth potential in the heart of University City. This adaptive reuse of a former school features 47 total units, including 35 distinctive apartment homes within the historic building and 12 newly constructed townhomes, all delivered through a 2020 multifamily conversion.
Residents are drawn to oversized windows, soaring ceilings, exposed brick, original architectural details, and spacious floor plans, complemented by upscale finishes such as quartz countertops, stainless steel appliances, in-unit washers and dryers, and high-speed internet. Community amenities include a dramatic clubroom in the former gymnasium, fitness center, business center, covered picnic and grilling area, controlled access, and ample on-site parking.
Positioned adjacent to Millar Park and minutes from Downtown Clayton, Washington University, the Delmar Loop, Forest Park, and major employment hubs, the property offers exceptional connectivity and renter appeal. Hawthorne School also includes additional high-density residential land, creating a rare opportunity to pair in-place cash flow with future expansion potential. An assumable fixed-rate HUD loan at 3.32% further enhances the offering.
Investment highlights
- Attractive Assumable Debt: Fixed-rate HUD loan at 3.32%, current loan balance ~$5.9 million, loan maturity in 2060.
- Desirable Unit Mix: Adaptive reuse conversion of a former school into 35 multifamily units plus 12 newly developed townhomes offer a blend of historic charm with large floor plans and modern amenities.
- Turnkey Rental Community with Operational Upside: Hawthorne School is a well-maintained community that allows a new owner to step into stable, in-place operations while pursuing targeted efficiency gains. With minimal immediate capital needs, an investor can focus on optimizing rents, expenses, and management practices rather than funding a heavy renovation program. This "plug-and-play" profile supports a capital-light business plan, creating an attractive opportunity to drive outsized returns through strategic operational calibration rather than large upfront investment.
- Employment Arterial: The property is centrally located five minutes north of the downtown Clayton business district, the county seat of St. Louis County. Clayton features a daytime population of over 46,000 and 3,400+ businesses. Major nearby employers include Washington University, Enterprise Holdings World HQ, Emerson Electric HQ, Boeing Defense HQ, BJC HealthCare, Centene Corporation, Edward Jones, Graybar Electric, Olin, and Energizer Holdings.
- Expansion Opportunity / Underutilized Land: The Hawthorne School offering includes an additional land parcel directly to the south of the existing school building, presenting a compelling, built-in development opportunity. Already zoned for high-density residential, the site provides a clear path for a future phase of multifamily construction, enabling an investor to meaningfully increase unit county and scale on an in-place, proven asset. By leveraging the existing identity, infrastructure, and leasing momentum of Hawthorne School, a new owner can pursue a complementary expansion that enhances overall economies of scale, operating efficiency, and long-term value creation - without the entitlement risk typically associated with ground-up development. This rare combination of stabilized income and ready-to-develop land delivers significant optionality for both immediate and future growth.
Listing Contacts
Listed by Berkadia Commercial Mortgage St. Louis
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Zoning
HR ResidentialMulti FamilyHigh Density Residential
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View all 25 uses Last updated Jun 2, 2026 For deeper zoning details, reports are available at Zoneomics
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