Key City Manor Apartments — Sale in Sturgis, SD
- Price: $1.8M
- Listing type: For sale
- Asset type: Multifamily Property
- Location: Sturgis, SD 57785
- Size: 22,706 SF
- Year built: 1970
Photos
Investment Figures
- Cap rate
- 7.00%
- Price per square foot
- $79
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Key City Manor Apartments is a 32-unit project-based Section 8 multifamily property near downtown Sturgis. The HUD HAP contract extends through July 31, 2034, providing a defined rental-assistance structure and documented operating history. The property includes 16 one-bedroom units at approximately 500 SF and 16 efficiency units at approximately 420 SF. Two connected brick buildings total 22,706 SF on 1.16 acres and include shared common space, coin-operated laundry, and 30 surface parking spaces. Average occupancy is 94%. T-12 NOI of $126,648 supports a 7.0% cap rate at the $1,799,000 asking price. Current contract rents are $814 for one-bedroom units and $719 for efficiency units. Financials are available through NDA. Building SF: 22706 | Land Size: 1.16 Ac | Year Built: 1970 | Listing Type: FOR SALE
Market Context
This multifamily in Sturgis, SD is listed for sale at $1,799,000 across 22,706 SF. It is offered at an approximate 7.0% capitalization rate, a key benchmark for income-producing multifamily assets. The building dates to 1970. Compare it against other multifamily listings for sale in Sturgis, SD — view the full market.
First seen on CREHunt: Oct 4, 2026
Contact
- Dan Logan — KW Commercial | Black Hills · +16053358100 · dan@rapidcitycommercial.com
- Dan Logan · +16053358100 · dan@rapidcitycommercial.com
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