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    Garretson Mixed-Use Investment Property Title is generated by Realmo AI

    524 N Main Ave, Garretson, SD 57030

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    For Sale
    $120,000

    MULTI_FAMILY - Garretson, SD

    Property size:
    1,414 SF
    Lot size:
    0.08 Acres
    Price / SF:
    $84/SF
    Added:
    May 27, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 3 at 6:06 pm

    Property Features for 524 N Main Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Off Street
    Appliances
    Microwave, Range, Refrigerator
    Standard status
    Active
    APN
    23300
    Size
    1,414 SF
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Description
    Lot 19 Block 12 Royces 4th Addn To City Of Garretson
    Tax Annual Amount
    669

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Electric
    Water source
    Public

    Building Details

    Year built
    1880
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Laminate, Carpet, Vinyl
    Building materials
    Brick Veneer

    We can help!

    Listing Contact
    David Mettler
    David Mettler

    Listing agent David Mettler

    Listing office Keller Williams Realty Sioux Falls 6300 S Connie Avenue, Sioux Falls, SD

    Listing date May 27, 2026

    MLS# 22603787 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.

    HighLights

    • Lower level commercial unit leased as a hair salon with leases signed through 2029
    • Upper level features a fully remodeled 2‑bedroom, 1‑bath apartment with a new 1‑year lease
    • Year built: 1880 with brick veneer construction materials
    • Public utilities: public water and public sewer
    • Heating: natural gas; cooling: electric
    • Off‑street parking available; appliances include microwave, range, and refrigerator

    Overview

    This mixed-use investment property, located in Garretson, SD, features a commercial unit on the lower level and a residential apartment on the upper level. The property has a total size of 1414 square feet and is situated on a 0.0771-acre lot. The lower level is occupied by a hair salon with leases signed until 2029. The upper level contains a fully remodeled two-bedroom, one-bathroom apartment with a new one-year lease. This property is located in Minnehaha County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Garretson
    County
    Minnehaha
    State
    South Dakota
    Longitude
    -96.502535
    Latitude
    43.715808

    Nearby Similar for Sale

    • $429,000
      4,800 SF

      Historic Multifamily Building For Sale

      Multifamily property with main-floor space and on-site parking.
      529 North Main Avenue, Garretson, SD 57030
      View Details
    • $429,000
      4,800 SF

      Historic Mixed-Use Building For Sale

      Mixed-use building with apartments and commercial space in Garretson, SD.
      529 North Main Avenue, Garretson, SD 57030
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with commercial and residential units, generating cash flow.
    Where is this mixed-use property located?
    The property is located at 524 N Main Ave Garretson, SD.
    What is the asking price?
    The asking price for this property is $120,000.
    What are key features of this property?
    This property features: Lower level commercial unit leased as a hair salon with leases signed through 2029; Upper level features a fully remodeled 2‑bedroom, 1‑bath apartment with a new 1‑year lease; Year built: 1880 with brick veneer construction materials
    (605) 275-0555
    We can help!
    Listing Contact
    David Mettler
    David Mettler
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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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