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    For Sale (57)

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    5 Acre Lot with Views
    $173,900
    5.00 Acres

    5 Acre Lot with Views

    5 acre lot with access to thousands of acres.

    Tbd Elk Run Rd, Hot Springs, SD 57747
    View details
    113 Acres with Forest Border
    $1,695,000
    113.00 Acres

    113 Acres with Forest Border

    Scenic 113-acre property bordering US Forest Service land.

    Tbd Joy Dr, Hot Springs, SD 57747
    View details
    Ready Lot in Star Valley
    $219,900
    1.87 Acres

    Ready Lot in Star Valley

    Prepared lot with foundation, utilities, and RV site near Custer.

    12290 South Star Dr, Custer, SD 57730
    View details
    Custer Commercial Land For Sale
    $299,000
    0.34 Acres

    Custer Commercial Land For Sale

    High-visibility commercial land in Custer's downtown area.

    Tbd Mt. Rushmore Rd, Custer, SD 57730
    View details
    Black Hills Secluded Acreage Retreat
    $1,990,000
    150.00 Acres

    Black Hills Secluded Acreage Retreat

    Secluded 150+ acre Black Hills sanctuary bordering Custer State Park.

    Tbd Vip Rd, Hermosa, SD 57744
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    Hermosa Acreage with No Covenants
    $429,900
    11.57 Acres

    Hermosa Acreage with No Covenants

    11.57 acres of pasture near Keystone and Hermosa, SD.

    13604 Ghost Canyon Rd, Hermosa, SD 57744
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    Residential Land in Custer, SD
    $159,999
    2.47 Acres

    Residential Land in Custer, SD

    2.47 acre residential lot with shared well access.

    Tbd Beaver Lk Rd, Custer, SD 57730
    View details
    Hermosa SD Land with Views
    $125,000
    5.00 Acres

    Hermosa SD Land with Views

    Five acre residential land parcel near Hermosa, South Dakota.

    Tbd White Tail Rdg Rd, Hermosa, SD 57744
    View details
    Wind Cave Estates Building Site
    $149,520
    5.34 Acres

    Wind Cave Estates Building Site

    Generously sized building site near Hot Springs, South Dakota.

    Lot 1 Hwy 385, Hot Springs, SD 57747
    View details
    Highway Frontage Land Opportunity
    $674,900
    30.12 Acres

    Highway Frontage Land Opportunity

    30+ acres near Rushmore Cave with highway access.

    13660 Highway 40, Keystone, SD 57751
    View details
    Rapid City Commercial Land I-90
    $1,700,000
    6.19 Acres

    Rapid City Commercial Land I-90

    Exceptional commercial land with unmatched I-90 potential in Rapid City.

    Tbd Latrobe Ave, Rapid City, SD 57701
    View details
    Residential Land in Lakota Lakes
    $249,000
    1.00 Acre

    Residential Land in Lakota Lakes

    Meadow lot in Lakota Lakes Community near Lakota Lake.

    Tract Campfire 3 Mdws Rd, Keystone, SD 57751
    View details
    Wind Cave Estates Building Site
    $147,280
    5.26 Acres

    Wind Cave Estates Building Site

    Generously sized residential building site near Hot Springs, South Dakota.

    Lot 2 Hwy 385, Hot Springs, SD 57747
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    Commercial Land in Downtown Custer
    $299,000
    0.34 Acres

    Commercial Land in Downtown Custer

    High-visibility commercial lots in downtown Custer, ready to build.

    Tbd Mt. Rushmore Rd, Custer, SD 57730
    View details
    Pristine Black Hills Acreage
    $399,000
    40.00 Acres

    Pristine Black Hills Acreage

    40-acre property with Black Hills views and utilities.

    40 Acres Hwy 40, Hermosa, SD 57744
    View details
    Keystone Acreage Bordering Forest Service
    $446,100
    14.87 Acres

    Keystone Acreage Bordering Forest Service

    14.87 acres near Mount Rushmore with no covenants!

    3 Old Hill City Rd, Keystone, SD 57751
    View details
    Black Hills Acreage Surrounded by USFS
    $2,499,000
    67.28 Acres

    Black Hills Acreage Surrounded by USFS

    68+ acres of pristine Black Hills land near Deadwood.

    11709 Old Ironhorse Rd, Deadwood, SD 57732
    View details
    Renovated Days Inn in Custer
    $1,600,000
    14,918 SF

    Renovated Days Inn in Custer

    Completely renovated 48-unit hotel in the Black Hills.

    519 Crook St, Custer, SD 57730
    View details
    Hot Springs Building Site Available
    $115,000
    4.09 Acres

    Hot Springs Building Site Available

    Generously sized building site near Hot Springs, South Dakota.

    Lot 3 Hwy 385, Hot Springs, SD 57747
    View details
    Custer Land with Expansive Views
    $249,900
    7.50 Acres

    Custer Land with Expansive Views

    7.5-acre lot with access to thousands of acres.

    11675 Cyn Rim Rnch, Custer, SD 57730
    View details
    Milesville Ranch with Custom Lodge
    $3,500,000
    1,100.00 Acres

    Milesville Ranch with Custom Lodge

    1100-acre ranch featuring a custom-built lodge and hunting amenities.

    21627 Hardingrove Rd, Milesville, SD 57553
    View details
    Keystone Acreage Bordering Forest Service
    $745,000
    25.17 Acres

    Keystone Acreage Bordering Forest Service

    25+ acres near Mount Rushmore with no covenants!

    4 Old Hill City Rd, Keystone, SD 57751
    View details
    Keystone SD Land Opportunity
    $674,900
    22.83 Acres

    Keystone SD Land Opportunity

    22.83 acres of commercial land in Keystone, South Dakota.

    1201A Old Hill City Rd, Keystone, SD 57751
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    Prime Development Land Opportunity
    $5,800,000
    24.95 Acres

    Prime Development Land Opportunity

    High-traffic, high-visibility land for commercial development in Rapid City.

    Tbd Elk Vale Rd, Rapid City, SD 57703
    View details
    Improved Lot Near Angostura Reservoir
    $175,000
    1.21 Acres

    Improved Lot Near Angostura Reservoir

    1.21 acre lot with utilities near Angostura Reservoir.

    28019 Evening Star Trl, Hot Springs, SD 57747
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    Custer SD Land For Sale
    $120,000
    2.00 Acres

    Custer SD Land For Sale

    2-acre residential land in Homestead Addition, near USFS lands.

    Lot G Cold Spg Trl, Custer, SD 57730
    View details
    5 Acres with Approved House Plan
    $169,900
    5.00 Acres

    5 Acres with Approved House Plan

    5-acre lot with approved house plan and recreational access.

    26771 Elk Run Rd, Hot Springs, SD 57747
    View details
    Established T-Shirt Business Opportunity
    $367,499

    Established T-Shirt Business Opportunity

    Well-established T-shirt business for sale in the Southern Hills.

    707 Baltimore Ave, Hot Springs, SD 57747
    View details
    Black Hills Land with Views
    $259,000
    6.66 Acres

    Black Hills Land with Views

    6.66 acres bordering US forest service land near Rapid City.

    Tbd Cosmos Rd, Rapid City, SD 57702
    View details
    Prime Custer Mixed-Use Investment
    $2,300,000
    8,700 SF

    Prime Custer Mixed-Use Investment

    Renovated mixed-use property with retail and short-term rental income.

    632 Mt. Rushmore Rd, Custer, SD 57730
    View details
    51 Acres Black Hills Land
    $759,000
    51.00 Acres

    51 Acres Black Hills Land

    51 acres of Black Hills land near Spearfish, Sturgis, Whitewood.

    Tbd Acorn Rdg Rd, Whitewood, SD 57783
    View details
    Custer Land with Exceptional Views
    $166,500
    5.00 Acres

    Custer Land with Exceptional Views

    5-acre residential lot in Canyon Rim Ranch, Custer, SD.

    7 Elk Run Rd, Custer, SD 57730
    View details
    Residential Land with Mountain Views
    $474,900
    6.05 Acres

    Residential Land with Mountain Views

    6.05 acre residential lot with mountain views near Hill City.

    12491 S Tall Pine Rd, Hill City, SD 57745
    View details
    Wind Cave Estates Building Site
    $108,000
    3.73 Acres

    Wind Cave Estates Building Site

    Generously sized lot near Hot Springs, SD.

    Lot 4 Hwy 385, Hot Springs, SD 57747
    View details
    Keystone Acreage with Mining History
    $674,900
    22.83 Acres

    Keystone Acreage with Mining History

    22.83 acres in Keystone city limits with development potential.

    1201A Old Hill City Rd, Keystone, SD 57751
    View details
    Black Hills Land with Creek
    $499,999
    14.89 Acres

    Black Hills Land with Creek

    Secluded 14.89-acre Black Hills property with creek and utilities.

    24901 Big Valley Trl, Custer, SD 57730
    View details
    Spacious Residential Lot Near Angostura
    $110,000
    2.48 Acres

    Spacious Residential Lot Near Angostura

    2.48-acre lot near Angostura Reservoir, ideal for Black Hills adventures.

    Tbd Stardust Pass, Hot Springs, SD 57747
    View details
    Custer SD Residential Land
    $143,300
    2.39 Acres

    Custer SD Residential Land

    Land in the Black Hills near USFS lands.

    Lot F Cold Spg Trl, Custer, SD 57730
    View details
    Black Hills Canyon View Acreage
    $399,900
    7.78 Acres

    Black Hills Canyon View Acreage

    7.78-acre lot with canyon views near Rapid City, SD.

    5 Saddle Ridge Rd, Hermosa, SD 57744
    View details
    Custer SD Land For Sale
    $251,900
    4.58 Acres

    Custer SD Land For Sale

    4.58 acre residential lot bordering USFS lands in Custer, SD.

    Lot H Cold Spg Trl, Custer, SD 57730
    View details
    Keystone Land Bordering Forest Service
    $349,900
    10.30 Acres

    Keystone Land Bordering Forest Service

    10+ acres near Mount Rushmore with no covenants!

    4 Old Hill City Rd, Keystone, SD 57751
    View details
    Black Hills Canyon View Lot
    $275,000
    5.03 Acres

    Black Hills Canyon View Lot

    5.03 acre lot with canyon views near Rapid City.

    6B Saddle Ridge Rd, Hermosa, SD 57744
    View details
    Residential Land with Scenic Views
    $124,900
    5.10 Acres

    Residential Land with Scenic Views

    Dream home site with views near Hot Springs, South Dakota.

    27871 Jenny Rd, Hot Springs, SD 57747
    View details
    70 Acres of Pure Possibility
    $989,000
    70.38 Acres

    70 Acres of Pure Possibility

    Breathtaking 70 acres offer seclusion and scenery.

    10504 Windmill Ridge Ln, Belle Fourche, SD 57717
    View details
    Custer, SD Residential Land
    $245,000
    4.58 Acres

    Custer, SD Residential Land

    4.58 acre residential lot in Homestead Addition, Custer, SD.

    Lot L Cold Spg Trl, Custer, SD 57730
    View details
    Forested Lot with Great Views
    $249,000
    4.30 Acres

    Forested Lot with Great Views

    4.3 acre lot with well, RV spot, and views.

    24409 Milo Ln, Keystone, SD 57751
    View details
    Hot Springs Acreage with Possibilities
    $299,900
    15.85 Acres

    Hot Springs Acreage with Possibilities

    15.85 acres near Hot Springs, SD, no covenants.

    Tbd Hwy 385, Hot Springs, SD 57747
    View details
    Custer Building Site in Estates
    $109,000
    0.88 Acres

    Custer Building Site in Estates

    Residential lot with city utilities and maintained streets.

    126 Surrey Ln, Custer, SD 57730
    View details
    Black Hills Acreage with Container Home
    $219,000
    20.48 Acres

    Black Hills Acreage with Container Home

    20-acre Black Hills property with container home and outbuildings.

    26666 Winchester Rd, Custer, SD 57730
    View details
    Keystone Hotel Near Mount Rushmore
    $2,490,000
    19,228 SF

    Keystone Hotel Near Mount Rushmore

    Hotel property near Mount Rushmore with redevelopment potential.

    702 Highway 16A, Keystone, SD 57751
    View details
    High Visibility Commercial Lots
    $299,000

    High Visibility Commercial Lots

    Two commercial lots in downtown Custer, ready to build.

    Tbd Mt. Rushmore Rd, Custer, SD 57730
    View details
    Prime Custer SD Commercial Space
    Contact for pricing
    1,495 SF

    Prime Custer SD Commercial Space

    Main Street basement suite, 1495 sq ft.

    648 Mt. Rushmore Rd, Custer, SD 57730
    View details
    Land For Sale
    $239,900

    Land For Sale

    Land available south of Custer on Star Valley Drive.

    12290 South Star Dr, Custer, SD 57730
    View details
    Land For Sale Keystone
    $446,100

    Land For Sale Keystone

    Land available for sale in Keystone, South Dakota.

    3 Old Hill City Rd, Keystone, SD 57751
    View details
    Undeveloped Land Parcel For Sale
    $630,565

    Undeveloped Land Parcel For Sale

    30 acre land parcel available south of Lead, South Dakota.

    30 N Rochford Rd, Lead, SD 57754
    View details
    Land For Sale Deadwood
    $2,499,000

    Land For Sale Deadwood

    Land available on Old Ironhorse Road, Deadwood, South Dakota.

    11709 Old Ironhorse Rd, Deadwood, SD 57732
    View details
    Keystone Land For Sale
    $674,900

    Keystone Land For Sale

    Commercial land available in Keystone, South Dakota.

    1201A Old Hill City Rd, Keystone, SD 57751
    View details

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    Lewis Realty
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Lewis Realty
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