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    Three-Space Mixed-Use Building Title is generated by Realmo AI

    118 S Dakota Ave, Ree Heights, SD 57345

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    Claim this Listing
    For Sale
    $129,900

    COMMERCIAL - Ree Heights, SD

    Property size:
    5,420 SF
    Lot size:
    0.57 Acres
    Price / SF:
    $23/SF
    Added:
    Apr 1, 2026
    Days on Market:
    64
    Last Refresh:
    Jun 3 at 6:06 pm

    Property Features for 118 S Dakota Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Gen Commercial
    Security features
    Security System
    Standard status
    Active
    APN
    7001, 7002, 7003
    Size
    5,420 SF
    Lot size
    0.57 Acres

    Taxes and HOA fees

    Tax Description
    Lots 19-23 Block 12 Loves Addition
    Tax Annual Amount
    362

    Utilities

    Utilities
    Water Available
    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1927
    Flooring type
    Laminate, Wood, Concrete
    Building materials
    Frame
    Roof type
    Metal, Rubber

    We can help!

    Listing Contact
    Samuel Adams

    Listing agent Samuel Adams

    Listing office Keller Williams Realty Sioux Falls 6300 S Connie Avenue, Sioux Falls, SD

    Listing date Apr 1, 2026

    MLS# 22602228 Listing URL

    Copyright © 2026 Realtor Association of the Sioux Empire 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

    • Three separate business spaces in one building in Ree Heights, SD—bar/restaurant space, retail unit, and a third unfinished space
    • Unfinished third space offers room for offices, a headquarters, or other concepts you can design
    • Vacant lot included to the north for potential expansion, additional parking, or future development
    • Central heating and central air conditioning
    • Metal and rubber roofing with frame construction
    • Flooring includes laminate, wood, and concrete; water available

    Overview

    This mixed-use property is configured as three separate business spaces, giving an owner flexibility to occupy one unit, lease multiple spaces, or operate a multi-use concept under one roof. The first space is set up for a bar or restaurant, with an existing layout and a seating area toward the back that can be refreshed for renewed use. The second unit is designed for retail, offering storefront presence for a variety of business types. The third space is currently unfinished, providing a blank foundation that could be adapted for office use, a headquarters, or another tenant-specific buildout.

    Located in Ree Heights, South Dakota, the property is zoned for general commercial activity. In addition to the building, a vacant lot to the north is included, which may support expansion, additional parking, or future development as needs evolve.

    For buyers and investors, the combination of turn-key potential in two spaces and an adaptable third unit creates multiple paths to value. Operators can target retail and hospitality-adjacent users, while owner-occupants may find the layout useful for combining business operations with rental income from the remaining units. The included lot further broadens the planning options for improving the site or scaling the property over time.
    Property Profile Location Intelligence

    Current Use by Public Records

    Salty Heifer Saloon Bar & Pub

    Suggested Use

    Hotel & Motel Department Store Food Market Bar & Pub Grocery & Convenience Store Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Ree Heights
    County
    Hand
    State
    South Dakota
    Longitude
    -99.2001435
    Latitude
    44.516937

    FAQs

    What type of property is this?
    Mixed-use property - Three separate spaces with bar/restaurant, retail, and unfinished area plus an included vacant lot for expansion.
    Where is this mixed-use property located?
    The property is located at 118 S Dakota Ave Ree Heights, SD.
    What is the asking price?
    The asking price for this property is $129,900.
    What are key features of this property?
    This property features: Three separate business spaces in one building in Ree Heights, SD—bar/restaurant space, retail unit, and a third unfinished space; Unfinished third space offers room for offices, a headquarters, or other concepts you can design; Vacant lot included to the north for potential expansion, additional parking, or future development
    (605) 275-0555
    We can help!
    Listing Contact
    Samuel Adams
    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.

    More about this property
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