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.
INVESTMENT OPPORTUNITY!! Pristine Side-by-Side Duplex in Desirable Cul-de-Sac Location! This exceptionally well-maintained duplex offers a fantastic investment opportunity with zero vacancy and tenants in place. Each side features 2 bedrooms and 1 bathroom, a comfortable layout, and all appliances included—washer and dryer included in each unit. Both units have been meticulously cared for and feature new siding, windows, gutters, and newer roof, providing peace of mind and excellent curb appeal. Each unit also has its own storage shed, plus a nice backyard with a sprinkler system for easy lawn maintenance. A rare opportunity to own a turn-key, low-maintenance duplex in a quiet cul-de-sac setting!
INVESTMENT OPPORTUNITY!! Pristine Side-by-Side Duplex in Desirable Cul-de-Sac Location! This exceptionally well-maintained duplex offers a fantastic investment opportunity with zero vacancy and tenants in place. Each side features 2 bedrooms and 1 bathroom, a comfortable layout, and all appliances included—washer and dryer included in each unit. Both units have been meticulously cared for and feature new siding, windows, gutters, and newer roof, providing peace of mind and excellent curb appeal. Each unit also has its own storage shed, plus a nice backyard with a sprinkler system for easy lawn maintenance. A rare opportunity to own a turn-key, low-maintenance duplex in a quiet cul-de-sac setting!
Exceptional Income property in excellent condition. 5 one level, townhomes with private front and back entrance. Units feature an open floor plan with 2 bedrooms, 1 bath and a single car garage. Kitchens have a pantry, breakfast bar, refrigerator, range, and dishwasher. Living area is open some with vaulted ceilings, patio doors onto a private cement patio. Bedrooms are large and bright with large closets. Each unit has a washer and dryer, Forced air natural gas heat and central air. Tenants are mostly long term. The exterior is maintenance free has lifetime 50 year shingles. The grounds are meticulously manicured complete with sprinkler system, Curb Creation edging for easy care and landscaped. Don't miss this great opportunity to own this turnkey business.
Exceptional Income property in excellent condition. 5 one level, townhomes with private front and back entrance. Units feature an open floor plan with 2 bedrooms, 1 bath and a single car garage. Kitchens have a pantry, breakfast bar, refrigerator, range, and dishwasher. Living area is open some with vaulted ceilings, patio doors onto a private cement patio. Bedrooms are large and bright with large closets. Each unit has a washer and dryer, Forced air natural gas heat and central air. Tenants are mostly long term. The exterior is maintenance free has lifetime 50 year shingles. The grounds are meticulously manicured complete with sprinkler system, Curb Creation edging for easy care and landscaped. Don't miss this great opportunity to own this turnkey business.
Call or text Anari Hoff - 605.900.1778 - to find out more about this prime downtown Sturgis location with excellent visibility and high traffic. This property features three single-family homes currently generating rental income from long-term tenants. The homes are in need of significant updates and repairs, making this a fixer-upper with strong potential. Since it is zoned single-family residential/commercial, buyers can continue the existing rental operation for immediate cash flow, renovate to boost value and rents, or pursue redevelopment/teardown for new construction. Buyer is responsible for verifying all information on MLS documents.
Sturgis is located in South Dakota. Sturgis, South Dakota has a population of 7,088. Sturgis is more family-centric than the surrounding county with 36.49% of the households containing married families with children. The county average for households married with children is 32.69%.
The median household income in Sturgis, South Dakota is $46,402. The median household income for the surrounding county is $68,242 compared to the national median of $69,021. The median age of people living in Sturgis is 40.9 years.
The average high temperature in July is 86.6 degrees, with an average low temperature in January of 16.3 degrees. The average rainfall is approximately 21 inches per year, with 52.5 inches of snow per year.
