Back to Previous Page 748 Main St

Key City Manor Apartments is a 32-unit affordable-housing investment near downtown Sturgis, South Dakota, operating under a project-based Section 8 HAP contract through July 31, 2034. The property is suited to multifamily and affordable-housing investors seeking an established asset with documented operating history and long-term rental assistance. 

The unit mix 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, with shared common space, coin-operated laundry, and 30 surface parking spaces. The roof was replaced in 2022. 

Average occupancy is 94%. T-12 NOI of $126,648 supports a 7.0% cap rate at the $1,799,000 asking price. Contract rents effective August 1, 2026 are $814 for one-bedroom units and $719 for efficiencies. Financials are available through NDA. 

• 32 units with balanced one-bedroom/efficiency mix 
• 7.0% cap rate on $126,648 T-12 NOI 
• HAP contract through July 31, 2034 
• 94% average occupancy 
• $814 / $719 contract rents effective August 2026 
• $56,219 per unit asking price 
• 22,706 SF across two connected brick buildings 
• 2022 roof replacement

• Main St location near downtown Sturgis
• Meade County, western South Dakota
• Sturgis sits at the edge of the northern Black Hills