200 E 3rd St, Colton, SD 57018

Ten (10) unit multifamily portfolio for sale in Colton, SD! The Colton Apartments (aka Community Housing, Inc.) were built in 1969 and 1971. The portfolio is comprised of six (6) one-bedroom, one-bathroom units and four (4) two-bedroom, one-bathroom units. Both properties were renovated in 2000. The Colton Apartments consists of two properties: 200 E. 3rd Street (5 units) (Parcel ID #: 21556) and 502 S. Minnesota Avenue (5 units) (Parcel ID #: 21659). Tenants pay for electric, phone, cable & internet. Landlord pays for gas, water, sewer, trash, repairs and grounds. Through the wall air conditioners and gas (boiler) baseboard heat. Stackable washer and dryer in each unit. Off-street parking. The Montrose Apartments were developed under the USDA Rural Development Section 515 Program. Tenants receiving Rental Assistance pay no more than 30% of their adjusted income for rent. With an acceptable offer, the property can be taken out of the USDA Rural Development program.