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Key Details
Property Type Multi-Family
Sub Type Multiplex
Listing Status Active
Purchase Type For Sale
Subdivision Conway
MLS Listing ID 179607
Year Built 1979
Property Sub-Type Multiplex
Property Description
Listed by TJ Wojtanowicz at Black Hills Realty | 605-863-1920. Outstanding investment opportunity in West Rapid City! This 27-unit apartment complex offers an excellent mix of units including 24 studio apartments, one 2-bedroom/1-bath unit, one 1-bedroom/1-bath unit, and one efficiency unit. The property also features an on-site laundry facility with washers and dryers, six rentable garages providing additional income, plus one dedicated management garage. Tenants pay their own electricity while ownership pays water, sewer, boiler heat, and other common area expenses, creating a straightforward management structure with strong upside potential. Located in a desirable west side neighborhood near Canyon Lake, shopping, restaurants, medical facilities, schools, and major employers, the property benefits from a highly sought-after rental location with convenient access throughout Rapid City. Current ownership has maintained strong occupancy, and there is significant opportunity to increase rental income through future rent adjustments, operational efficiencies, and continued property improvements. This is an excellent value-add opportunity for investors seeking stable cash flow with long-term appreciation potential in one of Rapid City's strongest rental markets. Whether you are expanding your portfolio or completing a 1031 Exchange, this well-located multifamily investment offers immediate income, additional garage revenue, and substantial upside. Financial information available to qualified buyers upon execution of a confidentiality agreement. Call today for additional information or to schedule your private tour.
Location
State SD
County Pennington
Area Southwest
Zoning Conforming
Interior
Heating Natural Gas, Radiant
Cooling Electric, Wall
Exterior
Roof Type Composition
Building
Foundation Concrete Block, Crawl Space, Slab
Sewer City
Water City
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Listed by BLACK HILLS REALTY
Nearby Locations
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Nick Dowling
Broker Associate | License ID: 16307
Broker Associate License ID: 16307