Building Details

Year built 2002

Listing Agency: Jamison Company Real Estate b**@jamisoncompany.com Show Phone

Listed By: Beth Jamison Show Phone

Added: Aug 31 Changed: Oct 16 Last Checked: Oct 17 at 1:06AM

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MLS# 22606756

Copyright © 2026 Realtor Association of the Sioux Empire MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Investment Insights

Based on property information with market context.

This two-level medical office property was built in 2002 and includes 2,840 square feet on the upper level and 1,460 square feet of office space below. The upper floor was previously used as a dental office, while the lower level has its own access and is leased on a year-to-year basis.

The property sits on 0.4132 acres in Dell Rapids, South Dakota, and carries B-2 zoning. Its configuration provides distinct upper- and lower-level areas within a medical office setting, with the lower suite separated from the upper floor by independent access.

Key Highlights

• 2,840‑square‑foot upper level
• 1,460‑square‑foot lower‑level office area
• Separate access for the lower 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 Restaurant Dental Office Law Firm Big Box & Wholesale Store Real Estate Agency Pharmacy

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

Location Intelligence

Trade Area within ½ mile

270

Businesses Nearby

Under-served

Demand for This Use

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?

Medical Office Space - Two-level building with separately accessed office space and an existing year-to-year lease.

Where is this medical office space located?

The property is located at 108 W 4th 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: 2,840‑square‑foot upper level; 1,460‑square‑foot lower‑level office area; Separate access for the lower level