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    Rapid City Office Space Available Title is generated by Realmo AI

    1010 9th Street, Rapid City, SD 57701

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    Claim this Listing
    For Lease
    $1.00 SF/Yr $283/Mo (calc)

    CI Land w/Building - Rapid City, SD

    Property size:
    3,400 SF
    Lot size:
    0.40 Acres
    Added:
    Mar 27, 2026
    Days on Market:
    51
    Last Refresh:
    May 16 at 3:06 pm

    Property Features for 1010 9th Street

    General Information

    Property type
    Commercial Lease
    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
    3,400 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

    Listing agent Christopher Long

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

    Listing date Mar 27, 2026

    MLS# 87936 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

    • Flexible workspace with multiple suites totaling 3,400 SF.
    • Prime location off Mount Rushmore Road, providing convenient access to downtown Rapid City.
    • Suite 1: Includes 5 private offices, conference room, reception, waiting area, restroom, and kitchen.
    • Suite 2: Includes 6 offices, storage, and a restroom with shower.
    • Suites available individually or together, offering leasing flexibility.
    • Small studio apartment connected to Suite 2 may be available.

    Overview

    This property offers office space designed for professional users seeking flexible workspace across multiple suites. Suites 1 and 2 total 3,400 square feet across two levels. Suite 1, located on the main level, includes five private offices, a conference room, reception area, waiting area, restroom, and kitchen. Suite 2, on the upper level, features six offices, storage space, and a restroom with a shower. The layout provides flexibility for a range of office users. A small studio apartment is connected to Suite 2 and may be available for a negotiated rate. Positioned just off Mount Rushmore Road, the property provides convenient access between downtown Rapid City and surrounding areas. The property is situated on a 0.4-acre lot. The building is also offered for sale.
    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 units - Flexible office suites near Mount Rushmore Road in Rapid City.
    Where is this office units located?
    The property is located at 1010 9th 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: Flexible workspace with **multiple suites totaling 3,400 SF**.; Prime location off Mount Rushmore Road, providing convenient access to downtown Rapid City.; Suite 1: Includes 5 private offices, conference room, reception, waiting area, restroom, and kitchen.
    (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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