626 N 1st St - Ridgestone Apartments 8 Unit Apartment Building Offered at $925,000 at a 6% Cap Rate Rapid City, SD 57701

Excellent investment opportunity in Rapid City! This 8-unit multifamily apartment building features all 2-bedroom, 1-bathroom units — a highly desirable and consistent rental layout. The property is fully sprinkled and includes an exterior sprinkler system for added safety and functionality. The roof and siding have been replaced recently. Extensive exterior renovations have been completed, enhancing both curb appeal and long-term durability. All units have been renovated, with two units updated within the last year.
The building maintains a strong occupancy history, with vacancy rates historically ranging between 0–5%, demonstrating solid rental demand and stability. Two shared coin-operated laundry units are located in the common area, providing additional income potential. This turnkey asset offers consistent unit mix, modernized interiors, and proven performance — making it a strong addition to any investor’s portfolio.