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    Leola Commercial Building with Established Business Title is generated by Realmo AI

    11498 363rd Avenue, Leola, SD 57456

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    For Sale
    $299,000

    Commercial Building - Leola, SD

    Property size:
    4,191 SF
    Lot size:
    2.88 Acres
    Price / SF:
    $71/SF
    Added:
    Jun 26, 2024
    Days on Market:
    710
    Last Refresh:
    Jun 5 at 9:06 am

    Property Features for 11498 363rd Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    200
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2
    Parking features
    Garage
    Standard status
    Active
    APN
    8838
    Size
    4,191 SF
    Lot size
    2.88 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5265

    Utilities

    Heating system
    Electric (Heating), Forced Air, Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    2012
    Year renovated
    2012
    Floors in Building
    1
    Flooring type
    Tile
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Ronda Geffre

    Listing agent Ronda Geffre

    Listing office Leola Realty 1109 Conklin Street, LEOLA, SD

    Listing date Jun 26, 2024

    MLS# 11293568 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turnkey, multi‑use property with established grocery store and cafe businesses included.
    • Prime location at the intersection of two state highways (SD 10 & 45) on 2.88 acres.
    • Only grocery store within a 20‑mile radius.
    • Fully equipped with 24‑door cooler/freezers, commercial kitchen, cafe equipment, shelving, and ATM.
    • Includes SD Lottery License and City Malt Beverage & SD Wine License.
    • Modern 4,191 sq ft building (built in 2012) with in‑floor heat, forced air, central air, metal roof and ample parking.

    Overview

    This multi-use commercial property in Leola, SD, features an established grocery store and cafe. Constructed in 2012, the 4,191 square-foot building is located at the intersection of SD State Highways 10 & 45, situated on 2.88 acres on the edge of town. The building is divided into two sections, one housing a full grocery store and the other a commercial kitchen, cafe, dining room, and bar, each with separate entrances but under the same ownership. The grocery store serves as the only one within a 20-mile radius, while the cafe provides breakfast and lunch. The building includes in-floor heating, forced air propane heat, and central air cooling. The exterior features metal clad siding and a metal roof. Ample parking is available for vehicles and semi-trailers, with two drive-through exits onto the highways. The sale includes all equipment necessary to operate the businesses, such as a 24-door cooler/freezer, five compressors, shelving, and full kitchen and cafe equipment. Additional amenities include an owner-owned ATM, a SD Lottery License for scratch tickets and Lottery, a credit card machine, and a city Malt Beverage & SD Wine License. The property also features a large walk-in cooler, a walk-in freezer, an office, a utility/mechanical room, a compressor room, two dry storage rooms, and two large ADA-accessible restrooms. This is a lock, stock, and barrel sale, including the 2.88 acres at a prime intersection location, the 4,191 square-foot building, and its contents, excluding the inventory cost of grocery and cafe food supplies, which will be determined at closing.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Food Market Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Leola
    County
    McPherson
    State
    South Dakota
    Longitude
    -98.930031
    Latitude
    45.722955

    FAQs

    What type of property is this?
    Grocery and convenience store - Turnkey multi-use property with grocery store and cafe.
    Where is this grocery and convenience store located?
    The property is located at 11498 363rd Avenue Leola, SD.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Turnkey, multi‑use property with established grocery store and cafe businesses included.; Prime location at the intersection of two state highways (SD 10 & 45) on 2.88 acres.; Only grocery store within a 20‑mile radius.
    (605) 377-4291
    We can help!
    Listing Contact
    Ronda Geffre
    Request Owner's contact information
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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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