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

3-cabins-edited

5-main-office

6-main-office

7-cabins-edited

8-cabins-edited

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

Thank you for your request!
We'll get in touch with you soon.

Talk to an Expert

Thank you for your request!
We'll get in touch with you soon.