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    Prime Rapid City Lease Opportunity Title is generated by Realmo AI

    1002 W Main Street, Rapid City, SD 57701

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    Claim this Listing
    For Lease
    $1.00 SF/Yr $500/Mo (calc)

    Leasehold-Land/Bldg/Both - Rapid City, SD

    Property size:
    6,000 SF
    Lot size:
    0.74 Acres
    Added:
    May 13, 2025
    Days on Market:
    369
    Last Refresh:
    May 16 at 4:06 pm

    Property Features for 1002 W Main Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Parking features
    Parking Lot, Paved or Surfaced
    Interior features
    High Visibility
    Standard status
    Active
    Size
    6,000 SF
    Lot size
    0.74 Acres

    Building Details

    Year built
    2025
    Floors in Building
    2
    Architectural style
    Other

    We can help!

    Listing Contact
    Christopher Long

    Listing agent Christopher Long

    Listing office Keller Williams Realty Black Hills RC 2401 W Main Street, Rapid City, SD

    Listing date May 13, 2025

    MLS# 84394 Listing URL

    Copyright © 2026 Mt. Rushmore Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑traffic location at a signalized intersection (West Blvd and West Main Street) with 32,841 daily traffic count.
    • Excellent visibility and access directly off the I‑90 exit.
    • Flexible building options: up to 3,000 SF for restaurant/food service or up to 6,000 SF (two‑story) for retail/office.
    • Owner provides $350/SF for building and site costs.
    • Located on a .74‑acre lot at the gateway to the west side, adjacent to the central business district.
    • 35 dedicated parking stalls.

    Overview

    This exceptional build-to-suit lease opportunity is situated at the signalized intersection of West Boulevard and West Main Street, a highly visible corner in Rapid City. Located on a 0.74-acre lot at the entrance to the west side and adjacent to the growing central business district, the site provides access and exposure directly off the I-90 exit. The owner is offering $350 per square foot for building and site costs at the advertised lease rate, with tenants responsible for additional business-specific finishes and build-out expenses. The site plan allows for flexible building options, including up to 3,000 square feet for restaurant or food service use, or up to 6,000 square feet (two-story) for standard retail or office use. With 35 dedicated parking stalls and excellent visibility, this location is suitable for tenants seeking a strong presence in a dynamic commercial corridor. The property benefits from a daily traffic count of 32,841.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Automatic Vendors Big Box & Wholesale Store

    Suggested Use

    Restaurant Real Estate Agency Building Supply Law Firm Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rapid City
    County
    Pennington
    State
    South Dakota
    Longitude
    -103.235237
    Latitude
    44.082525

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    FAQs

    What type of property is this?
    Retail space - High-traffic location suitable for retail, restaurant, or office.
    Where is this retail space located?
    The property is located at 1002 W Main Street Rapid City, SD.
    What is the lease rate?
    The lease rate is $1.00 SF/Yr.
    What are key features of this property?
    This property features: High‑traffic location at a signalized intersection (West Blvd and West Main Street) with 32,841 daily traffic count.; Excellent visibility and access directly off the I‑90 exit.; Flexible building options: up to 3,000 SF for restaurant/food service or up to 6,000 SF (two‑story) for retail/office.
    (605) 343-7500
    We can help!
    Listing Contact
    Christopher Long
    Learn More
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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.

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