400 1St StFlorence, SD 57235

Property Details for 400 1St St

Year built

1920

Lot size

0.28 AC

Property type

Commercial real estate

APN

4694

APU

4694

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,171,980

  6.5%

  $2,004,900

  7%

  $1,861,690

• Comparable approach

  Method

  Valuation

  Relative Method

  $633,304

  Geo Method

  $633,304

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $4,172,380

  Retail / Commercial

  $2,095,490

  Mixed-Use / Specialty

  $2,053,280

  Hospitality / Lodging

  $1,461,200

  Office

  $2,004,900

  Institutional / Educational

  $2,122,170

  Residential Income

  $2,482,940

  Multifamily

  $3,170,490

  Automotive / Energy

  $1,819,000

  Parking / Income-Based Land

  $662,037

  Restaurant / Food Service

  $993,789

  Healthcare / Senior Housing

  $2,141,220

Location Insight

City

Florence

County

Codington

State

South Dakota

Latitude

45.0517

Longitude

-97.3238

CBSA code

47980

CBSA name

WATERTOWN, SD MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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