Log In/Sign Up
Your email has been sent.
Heritage High Apartments 210 W Center St 31 Unit Apartment Building $3,513,250 CAD ($113,331 CAD/Unit) 8% Cap Rate Madison, SD 57042
Investment Highlights
- Historically significant former high school converted into quality multifamily housing.
- Recent improvements include a new roof, updated garage facilities, and operational systems.
- Stable tenant base with institutional-quality construction that supports long-term durability.
- Historically significant former high school converted into quality multifamily housing.
- Located steps from Main Street, near local retail, restaurants, and essential services.
- Large, secure underground parking garage offering 31 stalls for resident convenience.
Executive Summary
Heritage High Apartments offers investors the opportunity to acquire a historically significant property in Madison, South Dakota, that has been thoughtfully repurposed into multifamily housing. Originally constructed in 1920 as Madison High School, the property has been transformed into 31 residential units, combining architectural character with modern functionality. The mix includes variations of one- and two-bedroom units, some with vaulted ceilings on the top floor, appealing to a range of tenant profiles.
The property benefits from recent upgrades, including roof improvements in 2023–2024 and a renovated underground parking garage in Fall 2024, which provides 31 stalls for tenant use. A passenger elevator serves all levels, ensuring accessibility. The building has an established tenant base, many aged 55 and older, creating long-term stability and predictable occupancy rates. The central location near Madison’s Main Street delivers convenience with immediate access to dining, retail, and essential services within walking distance.
This asset represents a rare combination of historical charm, strong community presence, and robust income potential, with projected performance delivering an 8.00% cap rate.
The property benefits from recent upgrades, including roof improvements in 2023–2024 and a renovated underground parking garage in Fall 2024, which provides 31 stalls for tenant use. A passenger elevator serves all levels, ensuring accessibility. The building has an established tenant base, many aged 55 and older, creating long-term stability and predictable occupancy rates. The central location near Madison’s Main Street delivers convenience with immediate access to dining, retail, and essential services within walking distance.
This asset represents a rare combination of historical charm, strong community presence, and robust income potential, with projected performance delivering an 8.00% cap rate.
Property Facts
| Price | $3,513,250 CAD | Building Class | B |
| Price Per Unit | $113,331 CAD | Lot Size | 0.74 AC |
| Sale Type | Investment | Building Size | 32,000 SF |
| Cap Rate | 8% | No. Stories | 2 |
| No. Units | 31 | Year Built | 2020 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | Parcel Number | 21040-00500-090-10 |
| Apartment Style | Low-Rise |
| Price | $3,513,250 CAD |
| Price Per Unit | $113,331 CAD |
| Sale Type | Investment |
| Cap Rate | 8% |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.74 AC |
| Building Size | 32,000 SF |
| No. Stories | 2 |
| Year Built | 2020 |
| Opportunity Zone |
Yes |
| Parcel Number | 21040-00500-090-10 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
| 2+1 | 24 | - | - |
Fairly walkable
50/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
1 of 12
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Presented by
Heritage High Apartments | 210 W Center St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.