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    Rapid City Duplex Investment Opportunity Title is generated by Realmo AI

    3225 W Rapid Street, Rapid City, SD 57702

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    For Sale
    $285,000

    Duplex, Up & Down - Rapid City, SD

    Type:Duplex
    Property size:
    1,640 SF
    Price / SF:
    $173/SF
    Added:
    Jan 22, 2026
    Days on Market:
    114
    Last Refresh:
    May 16 at 9:06 pm

    Property Features for 3225 W Rapid Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Bedrooms
    2
    Rooms
    Bedroom 1, Bedroom 2
    Exterior features
    Paved Street
    Appliances
    Dryer, Refrigerator
    Standard status
    Active
    Size
    1,640 SF

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1980
    Number of units
    2
    Building materials
    Other, Stone, Stone Veneer
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Jeremy Kahler

    Listing agent Jeremy Kahler

    Listing office Keller Williams Realty Black Hills SP 745 N. Ames St. Unit 1, Rapid City, SD

    Listing date Jan 22, 2026

    MLS# 87239 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

    • Up/down duplex ideal for building an investment portfolio.
    • Two separate units: an 840 sqft studio and an 800 sqft 2‑bedroom unit.
    • Recent updates and located in a quiet Northwest Rapid City location.
    • Both units feature in‑unit stacking laundry and walk‑in corner showers.
    • Secured common entrance with separate secured entrances for each unit and private parking lot.
    • Flat side yard with views of West Rapid City.

    Overview

    This up/down duplex presents an investment opportunity in a quiet Northwest Rapid City location. The upper/main level unit is an 840-square-foot studio featuring an open living space, a bathroom with a walk-in corner shower, a large kitchen with a pantry closet, and private stacking laundry. The lower unit offers 800 square feet and includes 2 bedrooms, 1 bathroom with a corner walk-in shower, an open-concept living space, in-unit stacking laundry, and a mechanical/storage room. A secured common entrance leads to separate secured entrances for each unit. Tenants benefit from a private parking lot providing ample off-street parking. The property includes a flat side yard with views of West Rapid City and stairs for a secondary entrance to the upper unit. The home has a combined HVAC system and water heater. The tenant pays a flat fee for utilities, which is included in the rent. The owner is responsible for electric, water, sewer, and garbage. The property is centrally located near local businesses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Loyal Plumbing Plumbing Service naops Building Supply

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Skin Care Clinic

    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
    -103.273235
    Latitude
    44.082877

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    FAQs

    What type of property is this?
    Duplex - Up/down duplex with recent updates in Northwest Rapid City.
    Where is this duplex located?
    The property is located at 3225 W Rapid Street Rapid City, SD.
    What is the asking price?
    The asking price for this property is $285,000.
    What are key features of this property?
    This property features: Up/down duplex ideal for building an investment portfolio.; Two separate units: an 840 sqft studio and an 800 sqft 2‑bedroom unit.; Recent updates and located in a quiet Northwest Rapid City location.
    (605) 381-7500
    We can help!
    Listing Contact
    Jeremy Kahler
    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.

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