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

    500 N Heritage Pkwy Tea, SD 57064

    Sponsored
    For Sale
    $220,000

    LAND - Tea, SD

    Lot size:
    0.68 Acres
    Days on Market:
    9
    Last Refresh:
    Feb 12 at 12:06 pm

    Property Features for 500 N Heritage Pkwy

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    General Commercial
    APN
    240.28.25.002
    Lot size
    0.68 Acres

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Tricia Cook
    Tricia Cook

    Faith Realty Brokers, LLC (605) 453-0006

    Listing agent Tricia Cook

    Listing date Feb 4, 2026

    MLS# 22600764

    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

    Commercial Lot in Growing Tea

    This commercial lot is located at the intersection of Heritage Parkway and Kevin Drive in Tea, South Dakota, offering high visibility in a high-traffic Sioux Falls metro corridor. The site benefits from strong daily traffic counts and continued west-side growth, and is situated in one of the fastest-growing communities in the Sioux Falls area. The property is surrounded by expanding residential neighborhoods, new commercial development, and nearby amenities. Versatile commercial zoning allows for multiple development options, including retail, restaurant, office, medical, or service-oriented uses. It is ideal for a retail pad site, freestanding building, or long-term commercial investment. Opportunities at major intersections in Tea are becoming increasingly limited as development continues to expand outward from Sioux Falls. The lot is located at a high traffic intersection and across from Relibank, Ace Hardware, Dairy Queen, Daycare and a Real Estate office. The current population of Tea, SD is over 7,000 and projected to be over 17,000 by 2050. It is 7 minutes from Sioux Falls, South Dakota's largest city with over 219,000 people and blocks from large new construction developments of homes valued from $400,000 to over $1 million. The lot size is 0.6808 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tea
    County
    Lincoln
    State
    South Dakota
    Longitude
    -96.82562458
    Latitude
    43.45081823

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    FAQs

    What type of property is this?
    Commercial land - High-visibility commercial lot in a high-growth Sioux Falls metro area.
    Where is this commercial land located?
    The property is located at 500 N Heritage Pkwy Tea, SD.
    What is the asking price?
    The asking price for this property is $220,000.
    What are key features of this property?
    This property features: - High-visibility location at Heritage Parkway and Kevin Drive in a high-traffic corridor.; - Located in Tea, SD, one of the fastest-growing communities in the Sioux Falls area.; - Versatile commercial zoning allows for multiple development options.
    (605) 453-0006
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    Tea, SD 57064
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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
    500 N Heritage Pkwy Tea, SD 57064
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    We can help!
    Listing Contact
    Tricia Cook
    Tricia Cook
    (605) 453-0006
    Learn more
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