Mixed-Use Building with
For Sale
$295,000
1023 S MAIN Street, Aberdeen, SD 57401
COMMERCIAL - Aberdeen, SD
Property Size3,504 SF
Lot Size0.08 Acres
Price / SF$84.19
Days on Market99
Property Features for 1023 S MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Aberdeen - City
Standard status
Active
Size
3,504 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
LOT 7 BLOCK 39 THOMAS ADDITION BROWN COUNTY, SOUTH DAKOTA
Tax Annual Amount
3335
Legal Description
LOT 7 BLOCK 39 THOMAS ADDITION BROWN COUNTY, SOUTH DAKOTA
Building Details
Year built
1900
Listing Agency:
Century 21 Northern Advantage
(605) 225-7179
Listed By:
Ashton Davis · License #SD20519
(605) 225-7179
Added: May 17
Changed: Aug 18
Last Checked: Aug 23 at 3:06AM
MLS# 26-62
Copyright © 2026 Aberdeen Board 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.
Investment Insights
Based on property information with market context.
This mixed-use property contains 3,504 square feet within a building constructed in 1900. The commercial component offers space for an owner-operated business, while the upper level includes an income-producing apartment with two bedrooms and one bathroom. Personal property is available with the sale.
Located at 1023 S MAIN Street in Aberdeen, the property sits on a 0.0821-acre lot in Brown County. Its South Main Street address places the building within the city’s established commercial setting.
Located at 1023 S MAIN Street in Aberdeen, the property sits on a 0.0821-acre lot in Brown County. Its South Main Street address places the building within the city’s established commercial setting.
Key Highlights
- 3,504‑square‑foot mixed‑use building constructed in 1900
- Income‑producing apartment above the commercial space
- Upstairs apartment includes 2 bedrooms and 1 bathroom
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
$27,047
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
9.17%
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%
$540,940
$540.9K
Cap Rate 7%
$386,386
$386.4K
Cap Rate 9%
$300,522
$300.5K
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
$42.0K $12.00/SF
− Vacancy
−$3.4K −$0.97/SF
EGI
$38.6K $11.03/SF
− OpEx
−$11.6K −$3.31/SF
NOI
$27.0K $7.72/SF
Area
Brown County, SD
Vacancy
8.11%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$540,940
Cap Rate 7%
$386,386
Cap Rate 9%
$300,522
Alternative Uses
Best Use
Mixed Use
$392.3K
$343.3K – $457.7K
NOI $27,463 @ 7.0% cap · market cap 9.31%
Second Best
Retail
$386.4K
$338.1K – $450.8K
NOI $27,047 @ 7.0% cap · market cap 9.17%
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
Lease Details
1
Residential units
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 upstairs two-bedroom, one-bathroom apartment.
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; Income‑producing apartment above the commercial space; Upstairs apartment includes 2 bedrooms and 1 bathroom
