Property Listing No Longer Available for Sale

200 East 3rd Street, Colton, SD

Multi-family for Sale - $350,000 - 6,640 Sq. Ft. on 0.64 acres


Property Info

CIMLS#971310
Location
  200 East 3rd Street
  Colton SD 57018
UpdatedDecember 21st, 2017
TypeMulti-family
Price$350,000
Building6,640 Sq. Ft.
Land0.64 acres

Property Description

The Colton Apartments (aka Community Housing), 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. Unit features include fully equipped kitchens, vinyl flooring and kitchens, through-the-wall air conditioners and hot water (boiler) baseboard heat. 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 Islands and Guam.

Location Description:

Colton, SD is located in Minnehaha county and has a population of 687 (2010 Census). Colton, SD is nestled just 20 minutes northwest of Sioux Falls, SD (South Dakota's largest city). Colton is within a short distance from the best regional shopping, dining, commerce, agriculture and outdoor sporting.

Highlights:

>> Tenants pay for electric, phone, cable and internet.

>> Landlord pays gas, water, sewer, trash, repairs and grounds.

>> Through the wall air conditioning. Baseboard boiler heat.

>> Stackable washer and dryer in each unit.


Financials