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Riverview Townhouses 302 E Pine St 10 Unit Apartment Building $530,000 ($53,000/Unit) 8.52% Cap Rate Philip, SD 57567
INVESTMENT HIGHLIGHTS
- Strong, Long-Term Government-Backed Income / 60% Section 8
- Recent Capital Improvements & Insurance-Funded Renovations
- Part of a Two-Property Portfolio in Philip, SD (Senechal Apartments)
- Operational Quality & Compliance
- Strategic Repositioning Through HUD Section 8(bb)
EXECUTIVE SUMMARY
HUD Section 8 (HAP Contract) property for sale in Philip, SD! Unit Mix: One (1) one-bedroom/one-bathroom unit, eight (8) two-bedroom/one-bathroom unit, and one (1) three-bedroom/one bathroom unit. Owner Responsibility: Water, sewer, trash removal, repairs/maintenance, lawn care, and snow removal. Tenant Responsibility: Electric, phone, cable, and internet. Unit Amenities: Stove, refrigerator, air conditioner, electric baseboard heat, washer & dryer hookups, carpet/vinyl floor coverings, and mini-blinds. Property Amenities: Off-street parking and separate individual entrances. A new roof was installed in October 2022 following a wind and hail damage insurance claim. Insurance proceeds covered both the roof and siding; however, while the roof was replaced, the siding was not. On December 13, 2022, a tenant-caused fire in Unit #4 resulted in a complete, insurance-funded restoration of the unit. The parking lot was chip sealed in June 2024. Section 8 Coverage (# units / %): 6 units / 60%. Section 8 Contract #: SD99-H001-074. Renewal Option: Option 4. Term / Expiration: 20 Years / May 31, 2040. Elderly / Family: Family. Management Occupancy Review (MOR): Above-Average (July 2025). NSPIRE: 92 (June 2025)60% Project-Based Section 8 rental subsidy. In July 2025, the property completed a HUD Section 8(bb) transaction, resulting in the removal of four (4) units from the HAP Contract and associated budget authority. This strategic use of the 8(bb) program allowed the owner to reposition the asset by converting these units to market-rate, with the goal of enhancing occupancy performance and better aligning with community housing needs. HUD’s Section 8(bb) program permits the transfer of budget authority from one property with a Project-Based Section 8 HAP contract to another eligible property. Stewart Avenue Improvement Project: City of Philip. Expected completion date is October 15, 2025. Contact listing broker for details. The Riverview Townhouses are being offered as part of a portfolio transaction and must be acquired together with the Senechal Apartments, located at 125 Pine Street, Philip, SD 57567. Please contact the listing broker for additional details. Jeff Brooks is a licensed real estate broker in the State of South Dakota and part of the selling entity.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$107,700
|
$5.39
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,770
|
$0.54
|
| Effective Gross Income |
$96,930
|
$4.85
|
| Taxes |
$5,951
|
$0.30
|
| Operating Expenses |
$45,846
|
$2.29
|
| Total Expenses |
$51,797
|
$2.59
|
| Net Operating Income |
$45,133
|
$2.26
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $107,700 |
| Annual Per SF | $5.39 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,770 |
| Annual Per SF | $0.54 |
| Effective Gross Income | |
|---|---|
| Annual | $96,930 |
| Annual Per SF | $4.85 |
| Taxes | |
|---|---|
| Annual | $5,951 |
| Annual Per SF | $0.30 |
| Operating Expenses | |
|---|---|
| Annual | $45,846 |
| Annual Per SF | $2.29 |
| Total Expenses | |
|---|---|
| Annual | $51,797 |
| Annual Per SF | $2.59 |
| Net Operating Income | |
|---|---|
| Annual | $45,133 |
| Annual Per SF | $2.26 |
PROPERTY FACTS
| Price | $530,000 | Apartment Style | Low-Rise |
| Price Per Unit | $53,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.38 AC |
| Cap Rate | 8.52% | Building Size | 8,308 SF |
| Gross Rent Multiplier | 4.92 | Average Occupancy | 80% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1979 |
| Property Subtype | Apartment | ||
| Zoning | Commercial | ||
| Price | $530,000 |
| Price Per Unit | $53,000 |
| Sale Type | Investment |
| Cap Rate | 8.52% |
| Gross Rent Multiplier | 4.92 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.38 AC |
| Building Size | 8,308 SF |
| Average Occupancy | 80% |
| No. Stories | 2 |
| Year Built | 1979 |
| Zoning | Commercial |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Carpet
- Lawn
- Smoke Free
- Window Coverings
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | $773.00 | - |
| 2+1 | 8 | $866.00 | - |
| 3+1 | 1 | $1,274 | - |
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PROPERTY TAXES
| Parcel Number | 008902 | Total Assessment | $333,780 |
| Land Assessment | $28,480 | Annual Taxes | $5,951 ($0.72/SF) |
| Improvements Assessment | $305,300 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
008902
Land Assessment
$28,480
Improvements Assessment
$305,300
Total Assessment
$333,780
Annual Taxes
$5,951 ($0.72/SF)
Tax Year
2025
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Riverview Townhouses | 302 E Pine St
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