Riverview Apartments

618 7th Avenue West, Mobridge, SD, USA
Download Spec Sheet
  • Total Available Space: 33 units
  • Lot Size: 0.96 acres
  • Year Built: 1969/ 1970
  • Sale Price: $1,350,000

Property Features

  • 33 units
  • Zoning: Residential R-2
  • Lot size: 42,000 sq. ft.
  • 612 7th Avenue
    • Building size: 8,988 sq. ft.
    • Garden style 3 stories
    • Unit mix: 17 – two bedroom one bath; 1 one bedroom
    • Laundry room – two washers and two dryer
    • Year built: 1970
  • 618 7th Avenue
    • Building size: 6,908 sq. ft.
    • Garden style 3 stories
    • Unit mix: 3 efficiency; 4 one bedroom; 8 two bedroom one bath
    • Laundry room – two washers and two dryers
    • Year built: 1969
  • Site Improvements: paved surface parking, tool storage shed 8’x 28’
  • Current owners have spent approximately $4,000 per unit over last 4 years on new windows, appliances, one new boiler, carpet, LED lighting, and partial new roof on each building

Pricing

  • List price: $1,350,000 ($40,909.09/ unit)
  • 2020 Real Estate Taxes Total: $13,221
  • Financials available upon request
  • Cap rate based on current rents – 5.5%
  • Cap rate based on potential rents – 7%
  • Current owners have not raised rents for 5 years
  • Competitive projects rent at $550 for 2 bedroom, $500 for 1 bedroom

Location

  • Located next to newer storage facility, one block north of main commercial street, as it transitions to well-kept residential neighborhood.
  • West side units have spectacular view of the Missouri River

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