1351 Iowa AveHuron, SD 57350

Property Details for 1351 Iowa Ave

Year built

1951

Lot size

2.00 AC

Property type

Commercial real estate

APN

11455

APU

11455

Description

This exceptional investment opportunity presents a nearly completed redevelopment of the Green View Apartments, a 28-unit multifamily property located at 1351 Iowa Ave SE in Huron, South Dakota. The property, situated on a 1.14-acre lot, consists of five three-story buildings totaling between 22,000 and 28,000 square feet. Currently boasting an 85% occupancy rate, with 24 of the 28 units (four of the five buildings) already 100% occupied since completion of renovations. The remaining four units are slated for completion by December 31, 2024, promising a swift return on investment. The unit mix comprises 24 one-bedroom and 4 two-bedroom apartments. Extensive renovations, completed in 2024, include the replacement of outdated boilers with new HVAC systems, installation of new flooring, appliances, windows, and updated electrical and plumbing systems. The property offers 28 parking spaces and is zoned for residential use. Built in 1970, this Class B property features a pro-forma NOI of $154,188 and a pro-forma cap rate of 7.01%. The asking price is $2,200,000, translating to an attractive price per unit of $78,571. This redevelopment project is ideally positioned within a strong rental market, ensuring a promising future for the investor.

Location Insight

City

Huron

County

Beadle

State

South Dakota

Latitude

44.3507

Longitude

-98.2113

CBSA code

26700

CBSA name

HURON, SD MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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