Description
New to the market is a great cash-flowing, fully-occupied 16 apartment complex. This complex, located in bustling Hot Springs, SD has undergone extensive remodeling; new exterior paint, new roof, new apartment doors/locks, new commercial water heater, new electrical panel and other electrical improvements, new interior paint and flooring all within the last few months. Unit mix includes 15 fully-furnished studio apartments and one single one-bedroom fully furnished unit ideal for manager's or owners apartment. The studio apartments are roughly 330sf and feature a cooktop, microwave, refrigerator, TV, bed, dresser, couch/loveseat, chair and tables. This complex has ample paved parking for the tenants as well. Landlord pays for all utilities which include electric, water, sewer, internet, cable & garbage. Currently, leases are all month to month and new owner can operate in same manner or establish leases at varying lengths. Current business model allows flexibility for tenants and more so for property owners as the sellers can vary rents pending demand. There is often a considerable tenant wait list. New owners can convert to vacation nightly rentals, motel or continue with this business model. There are two (2 sided) rentable billboards on the property for additional income & a new monument sign in front.
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0BEDS
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1.07ACRES
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0BATHS
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01/2 BATHS
Description
New to the market is a great cash-flowing, fully-occupied 16 apartment complex. This complex, located in bustling Hot Springs, SD has undergone extensive remodeling; new exterior paint, new roof, new apartment doors/locks, new commercial water heater, new electrical panel and other electrical improvements, new interior paint and flooring all within the last few months. Unit mix includes 15 fully-furnished studio apartments and one single one-bedroom fully furnished unit ideal for manager's or owners apartment. The studio apartments are roughly 330sf and feature a cooktop, microwave, refrigerator, TV, bed, dresser, couch/loveseat, chair and tables. This complex has ample paved parking for the tenants as well. Landlord pays for all utilities which include electric, water, sewer, internet, cable & garbage. Currently, leases are all month to month and new owner can operate in same manner or establish leases at varying lengths. Current business model allows flexibility for tenants and more so for property owners as the sellers can vary rents pending demand. There is often a considerable tenant wait list. New owners can convert to vacation nightly rentals, motel or continue with this business model. There are two (2 sided) rentable billboards on the property for additional income & a new monument sign in front.
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