302 E Pine St, Philip, SD 57567

HUD Section 8 (HAP Contract) property for sale in Philip, SD! Unit Mix: One (1) one-bedroom/one-bathroom unit, eight (8) two-bedroom/one-bathroom unit, and one (1) three-bedroom/one bathroom unit. Owner Responsibility: Water, sewer, trash removal, repairs/maintenance, lawn care, and snow removal. Tenant Responsibility: Electric, phone, cable, and internet. Unit Amenities: Stove, refrigerator, air conditioner, electric baseboard heat, washer & dryer hookups, carpet/vinyl floor coverings, and mini-blinds. Property Amenities: Off-street parking and separate individual entrances. A new roof was installed in October 2022 following a wind and hail damage insurance claim. Insurance proceeds covered both the roof and siding; however, while the roof was replaced, the siding was not. On December 13, 2022, a tenant-caused fire in Unit #4 resulted in a complete, insurance-funded restoration of the unit. The parking lot was chip sealed in June 2024. Section 8 Coverage (# units / %): 6 units / 60%. Section 8 Contract #: SD99-H001-074. Renewal Option: Option 4. Term / Expiration: 20 Years / May 31, 2040. Elderly / Family: Family. Management Occupancy Review (MOR): Above-Average (July 2025). NSPIRE: 92 (June 2025). 60% Project-Based Section 8 rental subsidy. In July 2025, the property completed a HUD Section 8(bb) transaction, resulting in the removal of four (4) units from the HAP Contract and associated budget authority. This strategic use of the 8(bb) program allowed the owner to reposition the asset by converting these units to market-rate, with the goal of enhancing occupancy performance and better aligning with community housing needs. HUD’s Section 8(bb) program permits the transfer of budget authority from one property with a Project-Based Section 8 HAP contract to another eligible property. Stewart Avenue Improvement Project: City of Philip. Expected completion date is October 15, 2025. Contact listing broker for details. The Riverview Townhouses are being offered as part of a portfolio transaction and must be acquired together with the Senechal Apartments, located at 125 Pine Street, Philip, SD 57567. Please contact the listing broker for additional details. Jeff Brooks is a licensed real estate broker in the State of South Dakota and part of the selling entity.