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    Lake Preston Waterfront Recreational Land Title is generated by Realmo AI

    TBD Greg S Drive, Lake Preston, SD 57249

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    For Sale
    $217,000

    Vacant Land - Lake Preston, SD

    Lot size:
    1.28 Acres
    Added:
    Apr 23, 2026
    Days on Market:
    30
    Last Refresh:
    May 22 at 5:06 am

    Property Features for TBD Greg S Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    APN
    8457
    Lot size
    1.28 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2488

    Utilities

    Water front features
    Wflake, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Katie Graeb

    Listing agent Katie Graeb

    Listing office Whitetail Properties Real Estate, LLC 121 S. Madison St, Pittsfield, SD

    Listing date Apr 23, 2026

    MLS# 11729104 Listing URL

    Copyright © 2026 My State 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

    • Direct waterfront access to Schaeffer's Slough with a connection to Lake Thompson.
    • Adjacent to South Dakota Game, Fish & Parks land for added privacy.
    • Relatively level approach to the water, ideal for building or recreation.
    • Manageable 1.28‑acre size offering flexibility.
    • Calmer water conditions in Schaeffer's Slough ideal for kayaking and shoreline fishing.
    • Excellent fishing opportunities for walleye, perch, and northern pike in Lake Thompson.

    Overview

    Located in Kingsbury County, South Dakota, this 1.28-acre lake lot offers waterfront property connected to Lake Thompson. Positioned on Schaeffer's Slough along the northeast corner of the lake, this parcel offers direct access to a calm backwater environment while still benefiting from proximity to the expansive waters and recreational opportunities that Lake Thompson is known for. The property is directly adjacent to South Dakota Game, Fish & Parks land in the Lake Thompson Northeast area, offering added privacy, protected surroundings, and convenient access to publicly managed habitat. The property features a relatively level approach to the water, making it well-suited for a variety of uses, including a future build site, seasonal camping setup, or a basecamp for fishing and outdoor recreation. The terrain offers flexibility for positioning a cabin, camper, or storage building while maximizing lake views and access. Schaeffer's Slough provides calmer water conditions that are ideal for kayaking, canoeing, and shoreline fishing. The connection to Lake Thompson expands recreational reach, giving access to fishing opportunities for species such as walleye, perch, and northern pike. Kingsbury County offers a mix of prairie landscapes, wetlands, and agricultural ground that attract a variety of wildlife. Waterfowl hunting opportunities are abundant in the region, and the nearby lake and slough system provide habitat for migratory birds. This property also offers potential as a weekend retreat for those looking to enjoy boating, fishing, or relaxing near the water. It is located in eastern South Dakota within reasonable driving distance of several nearby communities. This lot offers potential in a sought-after lake area for a recreational getaway, a future lake home site, or a place to enjoy the outdoors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Lake Preston
    County
    Kingsbury
    State
    South Dakota
    Longitude
    -97.3448
    Latitude
    44.3786

    Nearby Similar for Sale

    • $227,800

      Lake Thompson Waterfront Recreational Lot

      0.46-acre lot with utilities and lake access.
      21425 Sunset Trail, Lake Preston, SD 57249
      View Details
    • $159,000

      Lake Preston Land Near Lake

      3.26 acre lot near Lake Thompson with utilities access.
      Lot 27 Hauck's Bay Addition, Lake Preston, SD 57249
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - 1.28-acre waterfront lot with access to Lake Thompson.
    Where is this waterfront land located?
    The property is located at TBD Greg S Drive Lake Preston, SD.
    What is the asking price?
    The asking price for this property is $217,000.
    What are key features of this property?
    This property features: Direct waterfront access to Schaeffer's Slough with a connection to Lake Thompson.; Adjacent to South Dakota Game, Fish & Parks land for added privacy.; Relatively level approach to the water, ideal for building or recreation.
    (605) 690-8582
    We can help!
    Listing Contact
    Katie Graeb
    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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