Key City Manor Apartments
$1,799,000
748 Main Street, Sturgis, SD 57785
7
Cap Rate
22,706 sqft
Building Size
Details:
Description:
Key City Manor Apartments is a 32-unit project-based Section 8 multifamily property near downtown Sturgis. The HUD HAP contract extends through July 31, 2034, providing a defined rental-assistance structure and documented operating history. The property includes 16 one-bedroom units at approximately 500 SF and 16 efficiency units at approximately 420 SF. Two connected brick buildings total 22,706 SF on 1.16 acres and include shared common space, coin-operated laundry, and 30 surface parking spaces. Average occupancy is 94%. T-12 NOI of $126,648 supports a 7.0% cap rate at the $1,799,000 asking price. Current contract rents are $814 for one-bedroom units and $719 for efficiency units. Financials are available through NDA.
Main St location near downtown Sturgis
Meade County, western South Dakota
Sturgis sits at the edge of the northern Black Hills
32 units: 16 one-bedroom / 16 efficiency
Project-based Section 8 HAP contract through July 2034
7.0% cap rate on $126,648 T-12 NOI
$1,799,000 asking price | $56,219/unit
94% average occupancy
22,706 SF on 1.16 acres
Roof replaced in 2022
Documents:
| Title | ||
|---|---|---|
| 748 Main St_Information Packet |
Location
Gallery
