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    811 Mallow St Rapid City, SD 57701

    View on Map
    Sponsored
    For Sale
    $999,500

    2 Story, Other - Rapid City, SD

    Property size:
    5,198 SF
    Lot size:
    0.40 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 28 at 1:06 pm

    Property Features for 811 Mallow St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    5
    Parking features
    Paved or Surfaced
    Interior features
    Sprinkler System
    Exterior features
    Paved Street
    Appliances
    Dryer, Refrigerator
    Size
    5,198 SF
    Lot size
    0.40 Acres

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Wall Unit(s)

    Building Details

    Year built
    2005
    Floors in Building
    2
    Number of units
    8
    Building materials
    Wood Siding
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Pete Jensen
    Pete Jensen

    Keller Williams Realty Black Hills

    Listing agent Pete Jensen

    Listing date Mar 27, 2026

    MLS# 87915 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.

    Learn more

    Property Insight Report

    Overview

    Rapid City Apartment Investment Opportunity

    This eight-unit apartment complex, constructed in 2005, presents an investment opportunity in central Rapid City. The property features a mix of four upper-level and four ground-level units, complemented by a private parking lot. Ground-level units offer zero-entry access, while upper-level units are accessible via recently updated decks. The units include a combination of two-bedroom/one-bathroom and three-bedroom/two-bathroom layouts, with rents ranging from $875 to $1,075 per unit. Each unit has private entries, an open-concept living space, a full kitchen, private in-unit laundry facilities, and separate electric meters. The units feature updated kitchens, wall AC units, low-maintenance flooring, and egress windows. All appliances are included. Recent preventive maintenance includes water heater replacements, a newer roof, deck staining, and a sprinkler system recharge. The property, situated on a 0.4-acre lot, is conveniently located near downtown Rapid City and the Monument Arena, with easy access to I-90 and the Black Hills. The building size is 5198 square feet. There is potential to increase income by raising rents.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    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
    -103.23608
    Latitude
    44.091626

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    FAQs

    What type of property is this?
    Apartment building - Eight-unit apartment complex in central Rapid City with high occupancy.
    Where is this apartment building located?
    The property is located at 811 Mallow St Rapid City, SD.
    What is the asking price?
    The asking price for this property is $999,500.
    What are key features of this property?
    This property features: - High occupancy rate and consistent rental history.; - Eight-unit apartment complex built in 2005.; - Combination of 2 and 3 bedroom units with in-unit laundry and separate electric meters.
    (605) 484-6713
    Request Owner's contact information
    811 Mallow St Rapid City, SD 57701
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    Rapid City, SD 57701
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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
    811 Mallow St Rapid City, SD 57701
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    Listing Contact
    Pete Jensen
    Pete Jensen
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