Flex Space with Office and
For Sale
$661,500
11 N Dakota Street, Aberdeen, SD 57401
COMMERCIAL - Aberdeen, SD
Property Size10,490 SF
Price / SF$63.06
Days on Market99
Property Features for 11 N Dakota Street
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
10,490 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
S 20' LT 4-8 & LT 9- 13 & W 253' OF N 11' OF S 31' LT 1-8 BK 56 HAGERTY & LLOYD ADD & V/A ADJ TO LT 4-13
Tax Annual Amount
5474
Legal Description
S 20' LT 4-8 & LT 9- 13 & W 253' OF N 11' OF S 31' LT 1-8 BK 56 HAGERTY & LLOYD ADD & V/A ADJ TO LT 4-13
Amenities
fenced yard
signage
Building Details
Year built
1940
Listing Agency:
Century 21 Northern Advantage
(605) 225-7179
Listed By:
Ashton Davis · License #57401
(605) 225-7179
Added: May 5
Changed: Aug 4
Last Checked: Aug 11 at 10:06AM
MLS# 26-305
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 10,490-square-foot flex property at 11 N Dakota Street includes 8 office spaces, a front reception area, and 3 bathrooms. The building provides 5,394 square feet of climate-controlled space alongside 4,212 square feet of cold storage, supporting a combination of administrative and storage functions. Interior improvements were completed in 2012, and the structure dates to 1940.
A fenced yard is positioned beside the train tracks, adding exterior utility to the building configuration. Signage on Dakota Street is included with the building. The offering is for the building only, with rental income identified as part of a package deal.
A fenced yard is positioned beside the train tracks, adding exterior utility to the building configuration. Signage on Dakota Street is included with the building. The offering is for the building only, with rental income identified as part of a package deal.
Key Highlights
- 10,490‑square‑foot flex building with office and storage areas
- 8 office spaces, front reception area, and 3 bathrooms
- 5,394 square feet of climate‑controlled space
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
$23,791
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
3.60%
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%
$475,820
$475.8K
Cap Rate 7%
$339,871
$339.9K
Cap Rate 9%
$264,344
$264.3K
Market Conditions
NOI Build-Up for 10,490 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
$34.0K $3.24/SF
− Vacancy
$0 $0.00/SF
EGI
$34.0K $3.24/SF
− OpEx
−$10.2K −$0.97/SF
NOI
$23.8K $2.27/SF
Area
Brown County, SD
Vacancy
0.00%
Lease Rate
$3.24 /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%
$475,820
Cap Rate 7%
$339,871
Cap Rate 9%
$264,344
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.57M
NOI $94,410 @ 7.0% cap · market cap 14.27%
Second Best
Flex RnD
$1.16M
$1.01M – $1.35M
NOI $81,004 @ 7.0% cap · market cap 12.25%
Theoretical Best
Healthcare Medical
$1.83M
$1.60M – $2.14M
NOI $128,209 @ 7.0% cap · market cap 19.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Remodeled commercial building combines office functions with climate-controlled and cold-storage areas.
Where is this flex space located?
The property is located at 11 N Dakota Street Aberdeen, SD.
What is the asking price?
The asking price for this property is $661,500.
What are key features of this property?
This property features: 10,490‑square‑foot flex building with office and storage areas; 8 office spaces, front reception area, and 3 bathrooms; 5,394 square feet of climate‑controlled space
