$2,650,000
$2,875,000
7.8%For more information regarding the value of a property, please contact us for a free consultation.
SOLD DATE : 08/07/2023
Key Details
Sold Price $2,650,000
Property Type Multi-Family
Sub Type Multiplex
Listing Status Sold
Purchase Type For Sale
Subdivision Owen Mann Tract
MLS Listing ID 164006
Sold Date 08/07/23
Style Side/Side,1 Story
Year Built 1974
Property Sub-Type Multiplex
Property Description
51 Unit affordable apartment community located in desirable northwest Rapid City. This property has a mix of one, two and three bedroom units with a unique townhome style layout across 11 buildings. 15 apartments were recently remodeled to include new cabinetry, flooring, lighting and appliances. Very well maintained buildings with all new roofs installed in 2019. All 2BD and 3BD units include washers/dryers in the units and the 1BD building has common laundry facilities on the lower level. LIHTC covenants are in place through 2033. New market rates will be going into effect in August 2023 (estimated 10% increase). The property has a long history of strong occupancy with onsite property manager and maintenance.
Location
State SD
County Pennington
Area Northwest
Zoning Conforming
Interior
Heating Forced Air, Gas
Cooling Central, Wall
Exterior
Roof Type Composition
Building
Foundation Basement, Poured Concrete
Sewer City
Water City
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