824 Havens AveMitchell, SD 57301

Property Details for 824 Havens Ave

Year built

1969

Property size (Sq ft)

5,276 SF

Property type

Office properties

Property subtype

Other retail properties

Description

This exceptional mixed-use property, the Wheel-In Plaza, presents a compelling investment opportunity in Mitchell, South Dakota. Located at 824 W Havens Ave, this 5,276 square foot building boasts a prime location on a well-traveled thoroughfare, surrounded by a thriving mix of grocery stores, retail outlets, fast-food restaurants, hotels, motels, and residential areas. The property, built in 1969 and extensively renovated in 2023 (including new siding and pavement), comprises eleven units across a single-story building, currently housing eight tenants under a modified lease structure. With a 100% occupancy rate as of January 14, 2024, and a strong rental history, this stabilized investment offers a pro-forma cap rate of 6.85% and a pro-forma NOI of $51,345. The asking price is $750,000, translating to $142.15 per square foot and $68,181.82 per unit. The 19,185 square foot lot provides ample space, complemented by 15 parking spaces. The property is zoned for Highway Oriented Business, ensuring versatility and future development potential. Professional management is already in place, simplifying ownership and maximizing returns. This is a rare opportunity to acquire a well-maintained, high-performing asset at a price significantly below replacement cost.

Location Insight

City

Mitchell

County

Davison

State

South Dakota

Latitude

43.702

Longitude

-98.0365

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