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    Multi-Tenant Office Building Investment Title is generated by Realmo AI

    121 Kidder Street, Vermillion, SD 57069

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    Picture of Office Units at 121 Kidder Street, Vermillion, SD
    For Sale
    $720,000

    MULTI_FAMILY - Vermillion, SD

    Property size:
    10,800 SF
    Lot size:
    0.60 Acres
    Price / SF:
    $66/SF
    Added:
    Mar 2, 2026
    Days on Market:
    97
    Last Refresh:
    Jun 7 at 12:06 am

    Property Features for 121 Kidder Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    comm
    Standard status
    Active
    APN
    155300290017000
    Size
    10,800 SF
    Lot size
    0.60 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Lots 14,15,16 & 17 Blk 29 Original Town
    Tax Annual Amount
    8022

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1995
    Number of units
    2

    We can help!

    Listing Contact
    Kris O'Connor

    Listing agent Kris O'Connor

    Listing office Dakota Realty 125 E Cherry, Vermillion, SD

    Listing date Mar 2, 2026

    MLS# 831975 Listing URL

    Copyright © 2026 Northwest Iowa Regional Board 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

    • Commercial building in downtown Vermillion with forced air heat and central air cooling
    • Built in 1995
    • 2 long‑term tenants currently rent the property
    • USDA lease expires 5/31/2028; CCA lease is month‑to‑month with extension pending
    • Roof replaced in 2022
    • Seller installing new flooring in the USDA portion of the building in May

    Overview

    This commercial office building offers income-producing space with two long-term tenants. The seller is installing new flooring in the USDA portion of the building in May. The roof was replaced in 2022, supporting the property’s ongoing upkeep needs. The building totals 10,800 square feet on a 0.6-acre lot, and the listing agent has leases available, along with income and expense reports attached for review.

    Located at 121 Kidder Street in downtown Vermillion, the property benefits from a central setting within Clay County, South Dakota. Operating responsibility is clearly defined: the owner pays utilities, cleaning ($400 monthly), snow, garbage, and rugs. Lease terms include a USDA lease expiring 5/31/2028 and a CCA lease that is month-to-month while the owner is waiting to extend it to a longer term.

    For investors or owner-users seeking a stabilized commercial holding, the current lease structure provides a blend of longer-duration income and a near-term opportunity to secure additional length with the month-to-month tenant. The unit-level composition and available documentation make it practical for qualified buyers to evaluate cash flow, expenses, and the timing of the upcoming flooring work.
    Property Profile Location Intelligence

    Current Use by Public Records

    US Rural Development Sustainability Organization Natural Resources Conservation Sustainability Organization Clay County Abstract ... Title Company

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Vermillion
    County
    Clay
    State
    South Dakota
    Longitude
    -96.934906
    Latitude
    42.778427

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    FAQs

    What type of property is this?
    Office units - Downtown office building with long-term and month-to-month tenants, a roof replacement in 2022, and planned new flooring.
    Where is this office units located?
    The property is located at 121 Kidder Street Vermillion, SD.
    What is the asking price?
    The asking price for this property is $720,000.
    What are key features of this property?
    This property features: Commercial building in downtown Vermillion with forced air heat and central air cooling; Built in 1995; 2 long‑term tenants currently rent the property
    (605) 202-0608
    We can help!
    Listing Contact
    Kris O'Connor
    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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