Mixed-Use Building with
For Sale
Contact for pricing
1023 S Main Street, Aberdeen, SD 57401
Commercial space is paired with an income-producing two-bedroom apartment above.
Property Size3,504 SF
Price / SF$84.19
Days on Market119
Property Features for 1023 S Main Street
General Information
Standard status
Active
Size
3,504 SF
Property subtype
Special Purpose
Building Details
Year Built
1900
Listing Agency:
Century 21 Northern Advantage
(605) 228-1067
Listed By:
Ashton Davis · License #SD20519
Source:
Crexi
Added: May 6
Changed: Aug 31
Last Checked: Aug 31 at 3:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Northern Advantage
Investment Insights
Based on property information with market context.
Built in 1900, this 3,504-square-foot mixed-use property combines commercial space with an apartment on the upper level. The residential component includes two bedrooms and one bathroom and is identified as income-producing. Personal property is available with the sale, providing an additional component to the transaction.
The building is located at 1023 S Main Street in Aberdeen, South Dakota. Its combination of commercial and residential space supports a mixed-use ownership profile in an established building.
The building is located at 1023 S Main Street in Aberdeen, South Dakota. Its combination of commercial and residential space supports a mixed-use ownership profile in an established building.
Key Highlights
- 3,504‑square‑foot mixed‑use building constructed in 1900
- Two‑bedroom, one‑bathroom apartment above the commercial space
- Upper‑level apartment is identified as income‑producing
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,833
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$336,660
$336.7K
Cap Rate 7%
$240,471
$240.5K
Cap Rate 9%
$187,033
$187.0K
Market Conditions
NOI Build-Up for 3,504 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$34.1K $9.72/SF
− Vacancy
−$3.5K −$0.99/SF
EGI
$30.6K $8.73/SF
− OpEx
−$13.8K −$3.93/SF
NOI
$16.8K $4.80/SF
Area
Brown County, SD
Vacancy
10.14%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$336,660
Cap Rate 7%
$240,471
Cap Rate 9%
$187,033
Alternative Uses
Best Use
Specialty Retail
$542.3K
$474.5K – $632.7K
NOI $37,961 @ 7.0% cap · market cap 12.87%
Second Best
Mixed Use
$392.3K
$343.3K – $457.7K
NOI $27,463 @ 7.0% cap · market cap 9.31%
Theoretical Best
Healthcare Medical
$611.8K
$535.3K – $713.8K
NOI $42,826 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,072
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 38%
Home Improvements & Furnishings 6%
Beauty & Spa 2%
Scooter's Coffee
Dining
8,503 visits/mo
0.3 miles
Family Dollar
Shops & Services
5,596 visits/mo
0.5 miles
Napa Auto Parts
Shops & Services
2,581 visits/mo
0.5 miles
U.S. Bank
Shops & Services
2,472 visits/mo
0.4 miles
Sinclair
Shops & Services
2,451 visits/mo
0.3 miles
Demographics for 57401, SD
32,275
Population
15,016
Households
2.1
Avg Household Size
37
Median Age
35%
College-Educated
93%
High-School Grad
278.8 sq mi
ZIP Area
116
Density / Sq Mi
$68,183
Median Household Income
$40,562
Median Earnings
$787
Median Rent
$216,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space is paired with an income-producing two-bedroom apartment above.
Where is this mixed-use property located?
The property is located at 1023 S Main Street Aberdeen, SD.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 3,504‑square‑foot mixed‑use building constructed in 1900; Two‑bedroom, one‑bathroom apartment above the commercial space; Upper‑level apartment is identified as income‑producing
