Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    404 W 1St Ave Mitchell, SD 57301

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $525,000

    Commercial property featuring office space, shop building, and parking.

    Property size:
    944 SF
    Lot size:
    0.65 Acres

    Property Features for 404 W 1St Ave

    General Information

    Size
    944 SF
    Lot size
    0.65 Acres

    We can help!

    Listing Contact
    Brian Eliason
    Brian Eliason
    Source: Moodyscre

    Listing Agent: Brian Eliason

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Commercial Property with Parking Lot

    This commercial property features 944 square feet of office space, including four offices, a restroom, and a break room. Additionally, there is an 1,800 square foot heated accessory/shop building and a large paved parking lot. The property is situated on a corner lot with a daily traffic count of 9,000. Currently used as a used car lot, the property's TWC (Transportation, Warehouse, & Commercial) zoning allows for various uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Auto Shoppe Used Car Dealer Tavo's Carpet & Flooring ... Carpet Wholesaler

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mitchell
    County
    Davison
    State
    South Dakota
    Longitude
    -98.021189
    Latitude
    43.7095689

    Nearby Similar for Sale

    • $375,000
      Pending

      Historic Main Street Commercial Space

      Versatile retail and commercial space in Mitchell, South Dakota.
      412 N Main St, Mitchell, SD 57301
      View Details
    • $1,230,000
      10,400 SF

      Retail and Restaurant Opportunity

      Commercial property with retail and restaurant spaces for sale.
      900 N Main St, Mitchell, SD 57301
      View Details
    • $1,230,000
      10,400 SF

      Mitchell Commercial Property For Sale

      Commercial property featuring retail, restaurant, and office space.
      900/910 N Main St, Mitchell, SD 57301
      View Details
    • $2,050,000
      51,600 SF

      Historic Mixed-Use Building in Mitchell

      Mixed-use property with income potential in downtown Mitchell.
      117 East 3Rd Ave, Mitchell, SD 57301
      View Details
    • $1,900,000

      Downtown Mitchell Mixed-Use Property

      Historic 3-story mixed-use property in downtown Mitchell with income potential.
      117 East 3Rd Ave, Mitchell, SD 57301
      View Details
    • $1,750,000
      11,480 SF

      New Retail NNN Ground Lease

      New construction retail property with long-term corporate ground lease.
      2306 S Mentzer St, Mitchell, SD 57301
      View Details
    • $1,300,000
      6,720 SF

      Modern Retail Building For Sale

      Modern commercial building with high traffic location and highway access.
      1601 S Ohlman St, Mitchell, SD 57301
      View Details
    • $650,000
      13,448 SF

      Retail Property with Drive-Through Canopy

      Retail property featuring a drive-through, ample parking, and high visibility.
      1421 N Main St, Mitchell, SD 57301
      View Details
    • $829,000
      6,840 SF

      Commercial Property Near Havens Ave

      1.04-acre commercial property ideal for various business endeavors.
      715 S Main St, Mitchell, SD 57301
      View Details
    • $750,000
      4,160 SF

      Brick Building in High-Traffic Area

      4,000+ sq ft brick building with ample parking.
      2000 N Kimball St, Mitchell, SD 57301
      View Details
    • $375,000
      21,016 SF

      Large Retail Building Near Corn Palace

      21,000+ sq ft retail building near Corn Palace.
      412 N Main St, Mitchell, SD 57301
      View Details
    • $895,000
      3,986 SF

      Spacious Country Home with Storage

      Country home on 2.51 acres with storage building.
      1516 Deerfield Ln, Mitchell, SD 57301
      View Details

    FAQs

    What type of property is this?
    Parking lot & garage - Commercial property featuring office space, shop building, and parking.
    Where is this parking lot & garage located?
    The property is located at 404 W 1St Ave Mitchell, SD.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: - High-traffic corner lot location with 9,000 daily traffic count.; - Flexible TWC zoning allows for diverse business uses.; - Large paved parking lot.
    (605) 999-4240
    Request Owner's contact information
    404 W 1St Ave Mitchell, SD 57301
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    404 W 1St Ave
    Mitchell, SD 57301
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    404 W 1St Ave Mitchell, SD 57301
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Brian Eliason
    Brian Eliason
    Real Estate License ID: SD 17988
    (605) 999-4240
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.