2215 Mount Rushmore Rd, Rapid City, SD 57701
25 Unit Apartment Building | $1,265,000 ($50,600/Unit) | 14.33% Cap Rate | Rapid City, SD 57701
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $1,265,000
- Property Type
-
Multifamily
- Square Feet
- 9,410 SF
Listing Contacts
Timothy Jewell
Verified Profile
- Property Info
Property Overview
Investing in commercial property apartments/hotels in the Black Hills can be a highly lucrative venture, thanks to the region's thriving tourism industry, growing regional airport, and growth of Ellsworth Airforce Base, home to the B-21 Stealth Bomber. With its captivating natural landscapes, including the renowned Badlands National Park and the picturesque Black Hills National Forest (home to Mount Rushmore), the area attracts millions of visitors annually. This influx of tourists and expanding economy creates a constant demand for accommodations, making apartment/ hotel investments a promising opportunity. Additionally, the region's numerous attractions and events, such as Custer State Park and the annual Sturgis Motorcycle Rally, contribute to a year-round influx of tourists along with the steady stream of commercial workers, ensuring a steady stream of occupancy for apartments and hotel owners. Investing in commercial property in the Black Hills not only taps into the region's vibrant tourism market but also allows investors to be part of an enriching experience, providing tenants and guests with a memorable stay in this breathtaking destination. Property has maintained approx 90% occupancy rate with weekly and monthly renters. You have the option of keeping some units for hotel guest and maximizing your return as the peak times of tourism allows for nearly twice the return over monthly rentals. The options are available to whatever the owner wants.
Property Details
- Class
- C
- Year Built
- 1957
- Stories
- 1
- Lot Size (sq. ft)
- 25,265 SF
- Units
- 25
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