Building Details

Year Built 2002

Buildings 1

Stories 1

Units 2

Building Size 5,642 SF

Listing Agency: Jamison Real Estate

Listed By: Greg Jamison · License #SD

Source: Crexi

Added: Aug 31 Changed: Oct 4 Last Checked: Oct 19 at 6:37AM

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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 Jamison Real Estate

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Investment Insights

Based on property information with market context.

This two-level office property was constructed in 2002 and is identified for professional medical use. The building includes a separately configured lower-level office component that is leased on a year-to-year basis, providing existing occupancy within the property. The upper level was previously occupied by a dental practice and offers office space adaptable to other professional applications.

Located at 108 W Fourth St in Dell Rapids, South Dakota, the property carries B-2 General Business zoning. Its medical-office history, distinct floor configuration, and existing lower-level lease create a commercial building suited to professional office operations.

Key Highlights

• Constructed in 2002
• B‑2 General Business zoning
• Former dental‑office occupancy on the upper level

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$68,695

Cap Rate

7.43%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,373,900 $1.4M

Cap Rate 7%

$981,357 $981.4K

Cap Rate 9%

$763,278 $763.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,670 SF

Gross rent

$107.5K $18.96/SF

− Vacancy

−$15.9K −$2.81/SF

EGI

$91.6K $16.15/SF

− OpEx

−$22.9K −$4.04/SF

NOI

$68.7K $12.12/SF

Area

Minnehaha County, SD

Vacancy

14.80%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,373,900

Cap Rate 7%

$981,357

Cap Rate 9%

$763,278

Alternative Uses

Best Use

Office B

$981.4K

$858.7K – $1.14M (±1% cap)

NOI $68,695 @ 7.0% cap · market cap 7.43%

Second Best

Healthcare Medical

$943.3K

$825.4K – $1.10M (±1% cap)

NOI $66,032 @ 7.0% cap · market cap 7.14%

Theoretical Best

Office A

$1.53M

$1.34M – $1.78M (±1% cap)

NOI $106,992 @ 7.0% cap · market cap 11.57%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Carstensen Energy, Inc. Construction Company Executive Recruiting Consultants Employment Agency Dr. Matt Ford ... Dental Office Tara Palmer Dental Office Sara Robison Dental Office

Suggested Use

Top Pick Law Firm Electrical Service Dental Office HVAC Service (Bike/Boat/Book/etc) Store Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Office units

Location Intelligence

Trade Area within ½ mile

305

Businesses Nearby

Explore this area Business Placement

Demographics for 57022, SD

5,432

Population

2,130

Households

2.6

Avg Household Size

38

Median Age

37%

College-Educated

97%

High-School Grad

141.4 sq mi

ZIP Area

38

Density / Sq Mi

$100,595

Median Household Income

$53,828

Median Earnings

$940

Median Rent

$293,800

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Frequently Asked Questions

What type of property is this?

Office building - B-2 General Business zoning supports professional office use with a separately configured leased office level.

Where is this office building located?

The property is located at 108 W FOURTH ST Dell Rapids, SD.

What is the asking price?

The asking price for this property is $925,000.

What are key features of this property?

This property features: Constructed in 2002; B‑2 General Business zoning; Former dental‑office occupancy on the upper level