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Here's your prime investment opportunity! Welcome to Key City Manor Apartments, located just blocks from downtown Sturgis. This property is a 32-unit HUD apartment building (with an HAP contract) featuring 16 one bedroom, one bathroom units and 16 efficiency, one bathroom units. Four sets of coin-op... washer and dryers are located on the property, offering an additional income source, both an indoor and outdoor common area for tenants and ample off-street parking for each unit. This property has a record of a low vacancy rate of 93% and historic rent increases through HUD. Various capital improvements have been made in recent years including updated flooring and appliances in some units, new water heaters and boiler pumps, new exterior doors, one new coin-op washing machine, extensive concrete work in sidewalks and a new roof in 2022. Maintenance, management and vendors in place should a buyer choose to continue with the current operations team. Enjoy a 7% cap rate.
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MLS#
168141
Property Type
Other
Year Built
1970
Stories
2.0
Sewer
City Sewer
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