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    The Largest CRE Database in the US with Over 1 Million Listings

    200 Montana Ave Lead, SD 57754

    Sponsored
    For Sale
    $1,500,000

    1 Story, Other - Lead, SD

    Property size:
    15,727 SF
    Days on Market:
    28
    Last Refresh:
    Feb 12 at 5:06 pm

    Property Features for 200 Montana Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Security features
    Security System
    Parking features
    Covered, Paved or Surfaced
    Interior features
    Smoke Detectors, Sprinkler System, Security System
    Exterior features
    Outbuildings, Paved Street
    Appliances
    Refrigerator
    Size
    15,727 SF

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Wall Unit(s)

    Building Details

    Year built
    2002
    Floors in Building
    1
    Number of units
    23
    Architectural style
    Other
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    Jeremy Kahler

    Keller Williams Realty Black Hills (605) 343-7500

    Listing agent Jeremy Kahler (605) 343-7500

    Listing date Jan 16, 2026

    MLS# 83794 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.

    Learn more

    Property Insight Report

    Overview

    23-Unit Apartment Complex in Lead, SD

    This 23-unit apartment complex in Lead, South Dakota, presents an investment opportunity with a consistent rental history and potential for expansion. The property is a single-story building with zero-entry access, designed to comply with most ADA requirements. It features 14 studio apartments, six one-bedroom, one-bathroom units, and three two-bedroom, one-bathroom units. Each apartment includes a kitchen or kitchenette, a bathroom with a walk-in shower, and separate heating and cooling units. On-site amenities include a coin-operated laundry room. Security features include secured entry, video surveillance, and an internal sprinkler system. Common areas provide restrooms, communal seating areas (both inside and out), recreation rooms, and storage areas. The property also includes a front office space for on-site management. The exterior features a manicured lawn and landscaping maintained by a sprinkler system, outdoor seating areas, and a walkway around the building. A flat, private parking lot offers one space per unit, plus six assigned covered parking spaces. The property has multiple storage spaces, public restrooms, a commercial kitchen, a setup for an in-house barber shop, and space for potential unit expansion. The property is centrally located behind Lynns Dakota Mart grocery store. The property size is 15,727 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lead
    County
    Lawrence
    State
    South Dakota
    Longitude
    -103.779094
    Latitude
    44.352488

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    FAQs

    What type of property is this?
    Apartment building - 23-unit apartment complex with expansion potential in Lead, South Dakota.
    Where is this apartment building located?
    The property is located at 200 Montana Ave Lead, SD.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: - 100% occupancy with consistent rental history.; - Potential for expansion, including unit expansion, commercial kitchen, barber shop space, and multiple storage spaces.; - Zero-entry access and compliance with most ADA requirements.
    (605) 381-7500
    Request Owner's contact information
    200 Montana Ave Lead, SD 57754
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    Lead, SD 57754
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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
    200 Montana Ave Lead, SD 57754
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    We can help!
    Listing Contact
    Jeremy Kahler
    (605) 381-7500 (605) 343-7500
    Learn more
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