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    308 NW 1St St De Smet, SD 57231

    Sponsored
    For Sale
    $995,000

    COMMERCIAL - De Smet, SD

    Lot size:
    1.43 Acres
    Days on Market:
    117
    Last Refresh:
    Jan 23 at 2:06 am

    Property Features for 308 NW 1St St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    City Commercial
    APN
    5950
    Lot size
    1.43 Acres

    Building Details

    Year built
    2007

    We can help!

    Listing Contact
    Sydney N Klingaman

    EXIT Realty Mitchell (605) 990-3948 [email protected]

    Listing agent Sydney N Klingaman

    Listing date Sep 29, 2025

    MLS# 22505616 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.

    Learn more

    Property Insight Report

    Overview

    Adaptable Mixed-Use Property in De Smet

    This mixed-use property in De Smet, SD, seamlessly merges residential comfort with adaptable spaces suitable for work, recreation, or multigenerational living. The upper level features an expansive primary suite with a full bathroom, a walk-in closet connected to a laundry room, and a fireplace. The layout includes two additional guest bedrooms, a guest bathroom, a spacious living room, and a dining area with wooden columns. An elevator shaft is pre-wired and roughed in for future installation. The ground floor offers a private mother-in-law suite with a separate entrance, an electric fireplace, a kitchenette, a full bathroom, a guest bedroom, a living area, and a laundry room. A custom showroom-style space, currently used as a motorcycle display room, includes two glass garage doors, a fully equipped kitchen, and a half bathroom. The attached garage features two oversized overhead doors (12x16), a wash bay, a hoist available for purchase, and storage options. Above the garage, a balcony provides access to a game room with a pool table, previously used as a gym and vehicle storage area. A dedicated lobby with two offices and a private entrance enhances the property's suitability for home-based business ventures. The grounds include two separately fenced areas on a 1.4313-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Showrooms

    Suggested Use

    Restaurant Law Firm Spa & Massage Building Supply Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    De Smet
    County
    Kingsbury
    State
    South Dakota
    Longitude
    -97.55254384
    Latitude
    44.38801129

    Nearby Similar for Sale

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    • $2,100,000

      37-Room Hotel with Apartment

      37-room hotel with indoor pool and manager's apartment.
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    • $1,144,960
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    FAQs

    What type of property is this?
    Mixed-use property - Versatile property with residential and commercial potential in De Smet.
    Where is this mixed-use property located?
    The property is located at 308 NW 1St St De Smet, SD.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: - Private mother-in-law suite with separate entrance, kitchenette, full bathroom, bedroom, living area, and laundry.; - Custom showroom-style space with glass garage doors and a fully equipped kitchen.; - Attached garage with oversized doors, wash bay, and abundant storage. Hoist is available for purchase.
    (605) 990-3948
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    308 NW 1St St De Smet, SD 57231
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    De Smet, SD 57231
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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
    308 NW 1St St De Smet, SD 57231
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    We can help!
    Listing Contact
    Sydney N Klingaman
    (605) 990-3948
    Learn more
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