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$1,799,000

748 MAIN, Sturgis SD, 57785

Built in1970
Property typeMulti-family

Overview

Active

Listed Sep 29, 2026

Updated 6 days ago

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.

$11,969/mo

Est. mortgage payment based on a $1,799,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

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Listed by DAN LOGAN with KELLER WILLIAMS REALTY BLACK HILLS
Listing Contact:  

The IDX display contains information sourced from the Black Hills Association of REALTORS® as of 9/30/2026. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

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Data last updated on 9/30/2026 at 3:09 AM UTC

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