748 MAIN

Sturgis, SD 57785

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.

Listing courtesy of DAN LOGAN of KELLER WILLIAMS REALTY BLACK HILLS



Listing information is provided by Participants of the Black Hills Association of REALTORS MLS. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. Copyright 2026, Black Hills Association of REALTORS MLS.
Data last updated at: 2026-10-02 08:54 PM UTC