What is the asking price for Key City Manor Apartments?

The lease rate for space here is $1,799,000.

What type of property tenancy can you find at Key City Manor Apartments?

This property is listed as Multi-Tenant.

What is the total size of Key City Manor Apartments?

The property has a total square footage of 22,706 SF.

When was this property built?

Key City Manor Apartments was built in 1970.

How many parking spaces are available at Key City Manor Apartments?

Parking information for the property isn't currently listed. However, other nearby parking options include Staff Parking, located 1.53 miles away , and Deadman Trailhead, which is 1.85 miles away.

748 Main Street, Sturgis, SD 57785

For Sale $1,799,000
Property Type Multi-Family
Property Size 22,706 SF
Lot Size 1.16 Acre
Parking Spaces Avail. 30
Property Tenancy Multi-Tenant
Year Built 1970
Date Updated Nov 6, 2026

Description

Key City Manor Apartments is a 32-unit project-based Section 8 multifamily property near downtown Sturgis. The HUD HAP contract extends through July 31, 2034, providing a defined rental-assistance structure and documented operating history. The property 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 and include shared common space, coin-operated laundry, and 30 surface parking spaces. Average occupancy is 94%. T-12 NOI of $126,648 supports a 7.0% cap rate at the $1,799,000 asking price. Current contract rents are $814 for one-bedroom units and $719 for efficiency units. Financials are available through NDA.