Crawford Rising Apartments
100% Leased | 24 Units | Vermillion, SD
Marketing description
Crawford Rising Apartments offers a rare combination of immediate income and long-term upside in a market that rarely disappoints. This stabilized 24-unit multifamily property in Vermillion, South Dakota is 100% occupied, nearly fully renovated, and supported by consistent demand from the University of South Dakota and the broader surrounding region.
The offering is priced at $2,080,000 and features a 7.00% cap rate, current NOI of $145,553, and pro forma NOI of $162,370. The property includes two buildings on 0.72 acres with a unit mix of 22 two-bedroom/one-bath and 2 one-bedroom/one-bath residences. With limited capital needs and rents currently below market, this asset presents a clear value-add opportunity for investors who want dependable performance and room to grow from day one.
Investment highlights
100% Occupied | Fully leased asset generating immediate, stable cash flow from day one of ownership
Value-Add Momentum Already Underway | 17 of 24 units have been renovated, with 7 remaining units presenting a clear path to increased rents and enhanced asset value
Proven Renovation Premium | Completed unit upgrades demonstrate tenant demand for improved product in the Vermillion market, reducing execution risk for the next owner
Individual HVAC Per Unit | Each unit features its own in-wall AC and furnace, keeping utility costs tenant-responsible and minimizing owner exposure on mechanical expenses
Common Area Laundry Income | On-site laundry facility provides an additional ancillary income stream with minimal management overhead
University of South Dakota Demand Driver | Located in a college town with consistent enrollment-driven rental demand, supporting strong occupancy through market cycles
Dominant Two-Bedroom Unit Mix | 22 of 24 units are two-bedroom layouts, commanding stronger rental rates and delivering superior income potential relative to comparable one-bedroom product
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