Medary Village Estates

324 Medary Avenue South, Brookings, SD
Download Spec Sheet
  • Lot Size: 6.82 acres
  • Year Built: 1970
  • Sale Price: $2,500,000

NAI Sioux Falls is pleased to present Medary Village: The property is located in Brookings, SD, and consists of 81 lots and an on-site laundromat. The park is serviced by public utilities. Buyers can infill vacant lots and reduce current operating expenses to realize significant upside with this value-add opportunity. The property is located just outside of downtown Brookings, offering residents access to shopping, restaurants and employment. Brookings, SD has experienced a population growth of 9.3% since 2020. The average rent for a 2-bedroom apartment in Brookings is $792 with a median home price of $220,800.

Property Description

  • Lots: 81
  • Occupied Lots: 62
  • 20 POH with avg rent of $485
  • Lot rent of $255 scheduled for Spring 2022
  • Laundromat on site
  • Water and Sewer are public and serviced with Brookings Municipal Utilities
  • Trash is a dumpster and serviced with Brookings Dumpster Service

Pricing

  • Offering price: $2,550,000
  • Park Value: $2,375,000
  • POH Inventory: $175,000
  • Cap rate: 5%
  • Pro Forma Cap Rate: 7.58%
  • Pro Forma NOI: $180,020

Comparable Lot Rents

  • $285 – Sunny Meadows Estates – 900 15th St S, Brookings, SD
  • $285 – Prairie Ridge Estates – 600 5th Ave S, Brookings, SD
  • $250 – Broadacre Mobile Home Park – 120 2nd St S, Brookings, SD

Property Broker