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    Rapid City Office Building Investment Title is generated by Realmo AI

    2620 Jackson Boulevard, Rapid City, SD 57702

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    Claim this Listing
    For Sale
    $1,495,000

    CI Land w/Building - Rapid City, SD

    Property size:
    11,843 SF
    Lot size:
    0.80 Acres
    Price / SF:
    $126/SF
    Added:
    Mar 25, 2025
    Days on Market:
    418
    Last Refresh:
    May 16 at 10:06 pm

    Property Features for 2620 Jackson Boulevard

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot, Paved or Surfaced
    Interior features
    High Visibility, Restrooms
    Exterior features
    Landscaped
    Standard status
    Active
    Size
    11,843 SF
    Lot size
    0.80 Acres

    Utilities

    Heating system
    Electric (Heating), Natural Gas

    Building Details

    Year built
    1987
    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 25, 2025

    MLS# 83603 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

    • Stable investment property with 4 of 5 suites currently leased.
    • Located in the highly desired Creekside Professional office complex.
    • Excellent condition and well‑maintained facility.
    • Long history of great occupancy with many long‑term tenants.
    • Opportunity for owner to occupy the vacant suite.
    • Prominent signage available on the monument sign.

    Overview

    This is a professional office building with 5 individual suites, situated in the Creekside Professional office complex. The facility is well-maintained and in excellent condition. The building has a history of great occupancy with many long-term tenants. Four of the five suites are currently leased. The main level encompasses 6,044 square feet and contains 3 occupied suites with tenants sharing a common area at the main entrance. The garden level, with 4,479 square feet, contains 2 suites, one of which is occupied and one vacant. The property is located on a lot of 0.8 acres. The building has a total size of 11,843 square feet. Prominent signage is available on the monument sign at the corner of Jackson Blvd and Sheridan Lake Rd. This property presents an opportunity for an investor or an owner looking to occupy the vacant suite. The intended use of the property is for office purposes.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $1.26M
    NOI $113,249 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.62M
    NOI $113,249 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.26M
    NOI $113,249 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Office B

    Component $ $/SF
    Gross rent $177.6k $15.00
    − Vacancy −$26.6k −$2.25
    EGI $151.0k $12.75
    − OpEx −$37.7k −$3.19
    NOI $113.2k $9.56
    11,843 SF · lease $15.00/SF/yr · vacancy 15.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $1.62M
    $1.42M – $1.89M (±1% cap)
    NOI $113,249 @ 7.0% cap · market cap 7.58%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $2.15M
    $1.88M – $2.50M (±1% cap)
    NOI $150,288 @ 7.0% cap · market cap 10.05%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Jackson Boulevard Dental ... Dental Office James L. Bockwoldt, ... Dental Office Meyer & Dana Orthodontics Dental Office Professional Insurors Insurance Agency Family Heritage Alliance Charitable Organization

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office 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
    -103.263258
    Latitude
    44.070235

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    FAQs

    What type of property is this?
    Office building - Well-located office building with suites, investment or owner-occupancy opportunity.
    Where is this office building located?
    The property is located at 2620 Jackson Boulevard Rapid City, SD.
    What is the asking price?
    The asking price for this property is $1,495,000.
    What are key features of this property?
    This property features: Stable investment property with 4 of 5 suites currently leased.; Located in the highly desired Creekside Professional office complex.; Excellent condition and well‑maintained facility.
    (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.

    More about this property
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