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    Prime Custer Mixed-Use Investment Title is generated by Realmo AI

    632 Mt. Rushmore Road, Custer, SD 57730

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    Claim this Listing
    For Sale
    $2,300,000

    Other - Custer, SD

    Property size:
    8,700 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $264/SF
    Added:
    Apr 6, 2026
    Days on Market:
    47
    Last Refresh:
    May 22 at 10:06 pm

    Property Features for 632 Mt. Rushmore Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Interior features
    High Visibility, Laundry, Restrooms
    Exterior features
    Hi-traffic Location
    Standard status
    Active
    Size
    8,700 SF
    Lot size
    0.17 Acres

    Utilities

    Heating system
    Electric (Heating), Forced Air, Propane (Heating)

    Building Details

    Year built
    1950
    Floors in Building
    2
    Architectural style
    Other

    We can help!

    Listing Contact
    Faith Lewis
    Faith Lewis

    Listing agent Faith Lewis

    Listing office Lewis Realty 14 W Mt Rushmore Rd, Custer, SD

    Listing date Apr 6, 2026

    MLS# 88050 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

    • Six short‑term/vacation rental apartments in a high‑traffic downtown Custer location.
    • Building completely renovated in 2022 with new wiring, plumbing, sprinkler system, insulation, windows, floor coverings, fixtures, appliances, and paint.
    • Includes a 4,350 sqft main level retail space currently leased out for reliable year‑round income.
    • Apartments are modern lofts with fully equipped kitchens, dining areas, gathering spaces, 1‑3 bedrooms, 1‑2 baths, and sofa beds.
    • Located in Custer, a thriving tourist district with a new Mayo Clinic‑affiliated Hospital and a strong K‑12 school system.
    • South Dakota offers significant tax advantages: no corporate income tax, franchise or capital stock tax, personal property or inventory tax, personal income tax, or estate & inheritance tax.

    Overview

    Located in downtown Custer, this mixed-use property features six short-term vacation rental apartments and a 4,350 square foot retail space. The apartments, known as "BASECAMP", are modern upstairs lofts, each equipped with a full kitchen, dining area, gathering space, one to three bedrooms, one to two bathrooms, and a sofa bed. The building underwent a complete renovation in 2022, including new wiring, plumbing, an upstairs sprinkler system, insulation, windows (except for the main level front windows), floor coverings, fixtures, appliances, and paint. The main level retail space is currently leased, providing a reliable year-round income stream. The property is situated in a high-traffic location and is ideal for guests who enjoy walking to local restaurants and shops. The property is 8,700 square feet in size and sits on a 0.17-acre lot. Custer features a bustling summer tourist season and a thriving tourist district with restaurants and shops.
    Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Map

    City
    Custer
    County
    Custer
    State
    South Dakota
    Longitude
    -103.767
    Latitude
    43.6653

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    FAQs

    What type of property is this?
    Short term rental property - Renovated mixed-use property with retail and short-term rental income.
    Where is this short term rental property located?
    The property is located at 632 Mt. Rushmore Road Custer, SD.
    What is the asking price?
    The asking price for this property is $2,300,000.
    What are key features of this property?
    This property features: Six short‑term/vacation rental apartments in a high‑traffic downtown Custer location.; Building completely renovated in 2022 with new wiring, plumbing, sprinkler system, insulation, windows, floor coverings, fixtures, appliances, and paint.; Includes a **4,350 sqft main level retail space currently leased out for reliable year‑round income.**
    (605) 863-0725
    We can help!
    Listing Contact
    Faith Lewis
    Faith Lewis
    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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