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Key Details
Property Type Multi-Family
Sub Type Multiplex
Listing Status Active
Purchase Type For Sale
Subdivision Mcmillians East
MLS Listing ID 181232
Year Built 1970
Property Sub-Type Multiplex
Property Description
32-UNIT MULTIFAMILY INVESTMENT | PROJECT-BASED SECTION 8 | 7.0% CAP RATE Key City Manor Apartments is a 32-unit multifamily investment property near downtown Sturgis. The property operates under a project-based Section 8 HAP contract extending through July 31, 2034, providing an established rental assistance structure and documented operating history. The current offering reflects a 7.0% cap rate based on T-12 NOI of $126,648, with a projected 7.4% cap rate following the August 2026 contract rent increase. The property includes 16 one-bedroom units and 16 efficiency units across two connected brick buildings, with an average occupancy of 94%. Current contract rents are $814 for one-bedroom units and $719 for efficiency units; utilities are owner-paid. Shared amenities include common space, coin-operated laundry, and 30 surface parking spaces. Situated on 1.16 acres, the 22,706 SF property was built in 1970 and had the roof replaced in 2022. Financial information is available through NDA. For more information, financials, or to schedule a showing, contact Dan Logan at 605.593.7980 or Chris Long, SIOR, CCIM at 605.939.4489.
Location
State SD
County Meade
Area Sturgis
Zoning Conforming
Interior
Heating Baseboard
Cooling Window
Exterior
Roof Type Composition
Building
Foundation Other (See Remarks)
Sewer City (at site)
Water City (at site)
Listed by KELLER WILLIAMS REALTY BLACK HILLS
NEARBY SCHOOL & PROPERTIES
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