Rapid City Multi-Tenant Office
1010 9th Street, Rapid City, SD 57701
CI Land w/Building - Rapid City, SD
Property size:
7,234 SFLot size:
0.40 AcresPrice / SF:
$150/SF- Added:
- Mar 25, 2026
- Days on Market:
- 52
- Last Refresh:
- May 15 at 8:06 pm
Property Features for 1010 9th Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Rooms
- Basement
- Parking features
- Parking Lot, Paved or Surfaced
- Interior features
- Kitchen Area, Living Quarters
- Basement Y/N
- 1
- Standard status
- Active
- 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
Listing agent Christopher Long (605) 343-7500
Listing office Keller Williams Realty Black Hills RC 2401 W Main Street, Rapid City, SD (605) 343-7500
Listing date Mar 25, 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.
HighLights
- 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.
- Flexible layout with private offices, conference rooms, and reception areas.
- Suite 2 includes a small studio apartment for owner use or additional income.
- Basement included.
Overview
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.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$768.6K
NOI $69,175 @ 9.00% cap · cautious / downside scenario
Moderate
$988.2K
NOI $69,175 @ 7.00% cap · market / base-case scenario
Aggressive
$1.38M
NOI $69,175 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $108.5k | $15.00 |
| − Vacancy | −$16.3k | −$2.25 |
| EGI | $92.2k | $12.75 |
| − OpEx | −$23.1k | −$3.19 |
| NOI | $69.2k | $9.56 |
7,234 SF · lease $15.00/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$988.2K
$864.7K – $1.15M
NOI $69,175 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.31M
$1.15M – $1.53M
NOI $91,799 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with local authorities.
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
Location Insight
- Map
- Local Demand
- City
- Rapid City
- County
- Pennington
- State
- South Dakota
- Longitude
- -103.233954
- Latitude
- 44.07624
Nearby Similar for Sale
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 Street 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.
