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    1010 9Th St Rapid City, SD 57701

    View on Map
    Sponsored
    For Sale
    $1,090,000

    CI Land w/Building - Rapid City, SD

    Property size:
    7,234 SF
    Lot size:
    0.40 Acres
    Days on Market:
    3
    Last Refresh:
    Mar 28 at 1:06 pm

    Property Features for 1010 9Th St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Basement
    Parking features
    Parking Lot, Paved or Surfaced
    Interior features
    Kitchen Area, Living Quarters
    Basement Y/N
    1
    Size
    7,234 SF
    Lot size
    0.40 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1945
    Floors in Building
    2
    Architectural style
    Other

    We can help!

    Listing Contact
    Christopher Long

    Keller Williams Realty Black Hills

    Listing agent Christopher Long

    Listing date Mar 26, 2026

    MLS# 87904 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.

    Learn more

    Property Insight Report

    Overview

    Rapid City Multi-Tenant Office Building

    This multi-tenant office building is positioned for investors or owner-users seeking income with additional lease-up or occupancy potential near Mount Rushmore Road in Rapid City, South Dakota. The property consists of a 7,234 square foot building configured into four office suites across two levels. Two suites are currently occupied by a long-term tenant. The remaining suites are available for lease or owner occupancy, allowing flexibility for a buyer to utilize space or increase income over time. The layout includes private offices, conference rooms, reception areas, and shared common areas suited for professional office users. Suite 2 includes a small studio apartment for owner use or additional income, not included in the lease offering. The property is located on a 0.4-acre lot. Situated just off Mount Rushmore Road, one of Rapid City’s primary north–south commercial corridors, the property provides convenient access to downtown and surrounding commercial areas.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lifeways, Inc. Crisis Center Organic Balance Alternative Medicine Practice Sd Voices Family Counselor Advanced Wellbeing, LLC ... Crisis Center IRS tax relief Law Firm

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    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
    -103.233954
    Latitude
    44.07624

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    FAQs

    What type of property is this?
    Office building - Multi-tenant office building with income potential near Mount Rushmore.
    Where is this office building located?
    The property is located at 1010 9Th St Rapid City, SD.
    What is the asking price?
    The asking price for this property is $1,090,000.
    What are key features of this property?
    This property features: - Multi-tenant office building with in-place income from long-term tenant.; - Opportunity for additional income through lease-up or owner occupancy of vacant suites.; - Located off Mount Rushmore Road, providing convenient access to downtown Rapid City.
    (605) 343-7500
    Request Owner's contact information
    1010 9Th St Rapid City, SD 57701
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    Rapid City, SD 57701
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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
    1010 9Th St Rapid City, SD 57701
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    Listing Contact
    Christopher Long
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