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
Listing Agent
Commercial Broker