Building Details

Year Built 1927

Buildings 1

Stories 2

Units 16

Listing Agency: Brooks Commercial Real Estate

Listed By: Jeff Brooks · License #12173

Source: Crexi

Added: Nov 16, 2025 Changed: Aug 8 Last Checked: Jul 24 at 10:12AM

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Investment Insights

Based on property information with market context.

This apartment building for sale includes sixteen one-bedroom, one-bath units and three commercial spaces. Unit amenities include stoves, refrigerators, air conditioners, electric baseboard heat, and carpet/vinyl floor coverings. Building amenities feature a community room, a main floor laundry room, an elevator, an onsite property management office, and off-street parking. Parking lot is included in the sale.

The property is described as an elderly Section 8 (HAP contract) building with 100% project-based rental subsidy coverage for 16 units. The Section 8 contract is listed as SD99-H001-070, with a term of 20 years expiring May 31, 2040, and a stated renewal option (Option 4). Management Occupancy Review is noted as above-average (July 2025).

Owner responsibilities are listed as electric, water, sewer, trash removal, repairs/maintenance, and snow removal. Tenant responsibilities are listed as phone, cable, and internet. Three commercial tenants are identified with monthly rents provided in the remarks.

Key Highlights

• HUD Section 8 (HAP Contract) property in Philip, SD with 100% project‑based subsidy covering 16 units (100%).
• Unit mix includes sixteen 1‑bedroom/1‑bath units and three commercial spaces.
• Section 8 contract #: SD99‑H001‑070; 20‑year term with expiration May 31, 2040 and renewal option (Option 4).

Property Analytics

Current Use

Apartment buildings

Location Intelligence

Trade Area within ½ mile

Explore this area Business Placement

Demographics for 57567, SD

1,376

Population

556

Households

2.5

Avg Household Size

45

Median Age

14%

College-Educated

97%

High-School Grad

968.7 sq mi

ZIP Area

1

Density / Sq Mi

$55,542

Median Household Income

$40,125

Median Earnings

$739

Median Rent

$181,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Includes sixteen one-bedroom units and three commercial spaces with 100% project-based Section 8 coverage.

Where is this apartment building located?

The property is located at 101 Center Ave Philip, SD.

What are key features of this property?

This property features: HUD Section 8 (HAP Contract) property in Philip, SD with 100% project‑based subsidy covering 16 units (100%).; Unit mix includes sixteen 1‑bedroom/1‑bath units and three commercial spaces.; Section 8 contract #: SD99‑H001‑070; 20‑year term with expiration May 31, 2040 and renewal option (Option 4).