Back to Previous Page 610 E North Street

Budget Inn

$1,900,000

Land 1.37 Acre | Class C

1-main-building

2-main-office

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5-main-office

6-main-office

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budget-inn-aerial

Property Information

Listing #77190

List Price $1,900,000

County Pennington

Acres 1.37

Bldg Class C

Property Overview

Great investment opportunity in the affordable rental market. Budget Inn currently operates as a weekly/monthly rental business with 38 total rental units. The main building consists of 26 fully furnished studio units on two levels with a full basement for laundry and storage of equipment/furniture. There are 11 stand alone cabins ranging in size from studio to 2 bedroom, most with kitchenette and dedicated parking. All rental units have fire sprinklers. The office building has the rental office on the main floor with a managers apartment on the upper level. Weekly rates range from $230-$250/unit, monthly rates range from $840-$880/unit. With reduced inventory in the north Rapid City rental market and the lack of affordable housing, the property runs near 100% occupancy at all times.

Highlights

 

  • Weekly and nightly rental property located in North Rapid City  

  • 26 Fully Furnished Studio Units 

  • 11 Cabin rentals ranging from Studio to 2BD 

  • Rental office with manager apartment on the 2nd floor 

  • Strong cap rate with onsite management in place

  • On-Site property manager with office 

  • 100% occupancy 

  • 17 residents with 1+ year of tenure 

  • All units have fire sprinkler protection

  • Full basement allows for on-site laundry and additional furniture storage 

  • New main building roof in 2022 

  • Financials and Rent Roll available with signed NDA

 

 

 


 


 

MESSAGE LISTING AGENT

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Paige Litz

Paige Litz

5 stars

Gina is an upbeat tireless advocate for her clients and a pleasure to work with. In our area, she’s the only agent that focuses exclusively on commercial leasing so she is clearly the only person to call.

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Jerad Tomac

Jerad Tomac

5 stars

Chris and his team made our experience absolutely outstanding. Will definitely use them again!

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Nicholas Adair

Nicholas Adair

5 stars

We had the pleasure of working with Dan when we were looking for a commercial property to rent. We had a few realtors technically looking but Dan was the only one that consistently kept finding properties for us and never gave up. We had a fairly decent demand list for what we needed and he found us the perfect location and landlord. When it came time to negotiate, he had our back and got us better than fair pricing. He stopped by to see how we were doing and how our business was going. He doesn't forget you after the deal is done.

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