For Sale
$255,000

400 1St St Florence, SD 57235

High-return multifamily, fully occupied.

Overview

Added:
Dec 11, 2024
Days on market:
138
This meticulously maintained 5-unit apartment building in Florence, South Dakota, presents a compelling investment opportunity. Located at 400 1st St, 57235, this two-story, 3,735 square foot property sits on a 12,408 square foot lot and boasts a 100% occupancy rate. Built in 1920 and extensively renovated in 2024, the property features a new roof, fresh exterior paint, new decks, and updated flooring in most units. The strong financial performance is highlighted by a $255,000 asking price, a low price per unit of $51,000, and an impressive 9.88% cap rate, generating a net operating income (NOI) of $25,199. The current lease terms ensure a stable income stream. This stabilized investment offers a rare combination of strong cash flow, recent upgrades, and a desirable location in Codington County. The property's financial metrics, coupled with its excellent condition and high occupancy, make it an attractive addition to any investment portfolio. Serious inquiries are encouraged to schedule a viewing and explore this exceptional opportunity to acquire a fully occupied, income-generating asset in a thriving community.

Highlights

  • Extensive recent renovations including new decks, roof, exterior and interior paint, and flooring in most units.
  • 100% occupancy.
  • 10% capitalization rate.
  • $51,000 per unit price.

Property Details for 400 1St St

Property type
Apartment buildings
Square Feet
3,735 SF
Year Built/Renovated
1920/2024
Buildings
1
Stories
2
Units
5

Location Insight

City
Florence
County
Codington
State
South Dakota
Latitude
45.05167
Longitude
-97.3239282

FAQs

What type of property is this?
Apartment building - High-return multifamily, fully occupied.
Where is the apartment building located?
The property is located at 400 1St St Florence, SD.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Extensive recent renovations including new decks, roof, exterior and interior paint, and flooring in most units.; 100% occupancy.; 10% capitalization rate.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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400 1St St
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