Key City Manor Apartments

Key City Manor Apartments is a 32-unit project-based Section 8 multifamily property near downtown Sturgis. The HUD HAP contract extends through July 31, 2034, providing a defined rental-assistance structure and documented operating history.  The property includes 16 one-bedroom units at approximately 500 SF and 16 efficiency units at approximately 420 SF. Two connected brick buildings total 22,706 SF on 1.16 acres and include shared common space, coin-operated laundry, and 30 surface parking spaces.  Average occupancy is 94%. T-12 NOI of $126,648 supports a 7.0% cap rate at the $1,799,000 asking price. Current contract rents are $814 for one-bedroom units and $719 for efficiency units. Financials are available through NDA.