Back to Previous Page 705 Hickory Street

Gateway Apartments

$1,250,000

Bldg 24,222 SF | Land 1.53 Acre | 1 Story

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Property Information

Listing #75407

List Price $1,250,000

Bldg SF 24,222

Bldg $/SF $52

Year Built 1980

County Jackson

Acres 1.53

Property Overview

Affordable senior housing facility with 30 units, professional management, on-site facility manager and maintenance staff in place. Located just off Main Street in Downtown Kadoka.

HAP contract. Recent $23K investment in building renovations. New roof/fascia/gutters/downspouts in 2022 ($150K). Average monthly rent is $831 and is adjusted annually. Significant upside opportunity with improved operations now that renovations are complete. Limited competition in the market.

Listed by Chris Long, 605-335-8100, and Dan Logan, 605-593-7980, Keller Williams Realty Black Hills, KW Commercial.

Highlights

  • Professionally managed by RAM Housing
  • Common room cafeteria leased to Feeding South Dakota and available for resident use
  • No HUD financing, limited oversight
  • Current REAC score 90+ with inspection and repairs completed in 2022
  • Recent $23K investment in building renovation/repair
  • New roof/fascia/gutters/downspouts in 2022 ($150K)
  • Two coin operated shared laundry facilities
  • Owner paid utilities (All electric)
  • Financials available with signed NDA

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