200 E 3rd St
Colton, SD 57018
Colton Apartments · Multifamily Property For Sale · 10 Units

The Colton Apartments (aka Community Housing, Inc.), located in Colton, SD, were built in 1969 and 1971. The Colton Apartments consists of two locations: 200 E. 3rd Street (5 units) and 502 S. Minnesota Avenue (5 units). There are 10 units total. In 2000, both buildings were remodeled. The remodel included new windows, new doors, new A/C units, new appliances, new floor coverings, added stackable washers and dryers to each unit and at E. 3rd Street, a new pitched roof was added. In 2014, the roof was replaced at the S. Minnesota Avenue building. The landlord pays for heat (hot water boiler baseboard), water, sewer, trash, repairs/ maintenance and grounds. The Tenants are responsible for electric, phone, cable and internet. The Colton Apartments were developed under the USDA Rural Development Section 515 Program. The USDA provides project-based Rental Assistance for over 250,000 apartment units throughout the nation. Tenants receiving Rental Assistance pay no more than 30% of their adjusted income for rent. Eligibility is determined by income standards set at the state and county level. The USDA subsidizes over 15,000 section 515 rural multifamily apartment complexes throughout the 50 states, Puerto Rico, the Virgin Island and Guam. With an acceptable offer, the current owner intends to prepay the existing USDA Rural Development loan and take the property out of the government program. USDA Housing Vouchers will be made available to existing tenants. Please be aware that this process may take a few months to complete. Please contact the listing broker for further information and details.