1601 Evanston Ave Ave Hot Springs, SD 57747

This multifamily property in Hot Springs, SD, operates under a HUD Section 8 HAP Contract. The unit mix comprises four one-bedroom/one-bathroom units, twelve two-bedroom/one-bathroom units, and four three-bedroom/one-bathroom units. Each unit is equipped with a stove, refrigerator, air conditioning, electric baseboard/cove heat, carpet/vinyl floor coverings, and mini-blinds. Property amenities include off-street parking, two laundry rooms, a playground with a new fence planned for installation around the playground in October 2025, a picnic area, an on-site office (currently not in use), and an on-site maintenance room. The owner is responsible for water, sewer, trash removal, repairs/maintenance, lawn care, and snow removal. Tenants are responsible for electric, phone, cable, and internet services. The property has 20 units with 100% Section 8 coverage under contract number SD99-H001-066, renewal option 4, with a term expiring on April 30, 2040, and designated for family occupancy. A Management Occupancy Review (MOR) in July 2025 rated the property as Above-Average, and a REAC score of 97c was recorded in December 2022. The property benefits from a 100% Project-Based Section 8 rental subsidy. The property is currently financed through a HOME Loan, and there may be an opportunity for the purchaser to assume the existing HOME debt, subject to approval by the South Dakota Housing Development Authority (SDHDA).