210 Center St West Madison, SD 57042

Property Details for 210 Center St West

Year built

1920

Property size

33,834 SF

Property type

Commercial real estate

APN

21011-00700-000-20

APU

210110070000020

Description

This exceptional investment opportunity presents a 31-unit apartment building located at 210 Center St W, Madison, South Dakota, 57042. The property, formerly Madison High School, boasts a total of 33,870 square feet situated on a 0.78-acre lot in the Central Business zoning district. Built in 1920, the building features a mix of unit sizes: seven one-bedroom, one-bathroom units; nine smaller two-bedroom, one-bathroom units; ten larger two-bedroom, one-bathroom units; and five two-bedroom, one-bathroom units with vaulted ceilings on the third level. A significant asset is the large underground garage with 31 stalls, currently undergoing a $200,000 upgrade and repair scheduled for completion in August 2024. A new roof was installed in 2023-2024. An elevator services all levels. The tenant mix is notably stable, with a majority of residents over 55 years old. The property offers a strong current annual revenue of $275,200, with a 5.45% cap rate and an asking price of $2,550,000 ($75.29/sq ft and $82,258.06/unit). This well-maintained Class C multifamily property presents a compelling investment opportunity in a desirable location. The building's solid construction and strong tenant base make it an attractive prospect for long-term growth and income generation.