32-Unit Apartment
New
For Sale
$1,799,000
748 Main, Sturgis, SD 57785
Project-based Section 8 assistance is covered by a contract through July 31, 2034.
Property Size22,706 SF
Lot Size1.16 Acres
Price / SF$79.23
Days on Market6
Property Features for 748 Main
General Information
Standard status
Active
Size
22,706 SF
Total Parking Spaces
30
Lot size
1.16 Acres
Property subtype
Multi-Family
Occupancy
94%
Net Operating Income
$126,648
Units
Unit Mix
16 x 1BR, 16 x Efficiency
Multifamily Units
32
Additional Details
Cap Rate
7%
Amenities
Common Space
Coin-Operated Laundry
Building Details
Year Built
1970
Buildings
2
Construction
Brick
Listing Agency:
Oak & Key Realty, LLC
Listed By:
Brittni Bjorum, Realtor & Megan Hildebra
(605) 670-8030
Source:
Realestateblackhillssd
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 4 at 9:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Oak & Key Realty, LLC
Investment Insights
Based on property information with market context.
Key City Manor Apartments comprises 32 units in two connected brick buildings at 748 Main in Sturgis. The mix is evenly divided between 16 one-bedroom apartments and 16 efficiency units. Built in 1970, the property contains 22,706 SF on 1.16 acres; the roof was replaced in 2022. Shared features include common space, coin-operated laundry, and 30 surface parking spaces. Utilities are paid by ownership, and average occupancy is 94%.
The project-based Section 8 HAP contract runs through July 31, 2034, with a contract rent increase scheduled for August 2026. The property is near downtown Sturgis. Its current cap rate is 7.0%, with a projected 7.4% following the scheduled rent increase.
The project-based Section 8 HAP contract runs through July 31, 2034, with a contract rent increase scheduled for August 2026. The property is near downtown Sturgis. Its current cap rate is 7.0%, with a projected 7.4% following the scheduled rent increase.
Key Highlights
- 32 apartments across two connected brick buildings
- Equal mix of 16 one‑bedroom units and 16 efficiency units
- Project‑based Section 8 HAP contract extends through July 31, 2034
Property Analytics
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Current Use
Lease Details
32
Residential units
94%
Occupancy
Location Intelligence
Trade Area within ½ mile
367
Businesses Nearby
Explore this area
Business Placement
Demographics for 57785, SD
9,895
Population
4,879
Households
2
Avg Household Size
46
Median Age
23%
College-Educated
93%
High-School Grad
570.2 sq mi
ZIP Area
17
Density / Sq Mi
$59,311
Median Household Income
$34,403
Median Earnings
$842
Median Rent
$263,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Project-based Section 8 assistance is covered by a contract through July 31, 2034.
Where is this apartment building located?
The property is located at 748 Main Sturgis, SD.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: 32 apartments across two connected brick buildings; Equal mix of 16 one‑bedroom units and 16 efficiency units; Project‑based Section 8 HAP contract extends through July 31, 2034
