Listing Agency: KW Black Hills Show Phone

Listed By: Chris Long · License #14881 Show Phone

Source: Moodyscre

Added: Aug 16, 2024 Changed: Oct 25 Last Checked: Oct 30 at 5:35PM

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Investment Insights

Based on property information with market context.

This restaurant building, completely remodeled in 2018, is centrally located near top attractions in the Black Hills, just outside of Hill City, SD. The property features a shaded outdoor patio with views of the Black Hills. The turn-key kitchen includes all equipment. A large, central bar is present, which would be ideal for a tap house or wine bar. The parking lot has 35+ parking spots. The location has consistently produced over $800,000 in gross sales while only being open seasonally. The building size is 4,960 square feet. The property neighbors Firehouse Campground & Cabins. Note that only the real estate is for sale; the business is not included.

Key Highlights

• Location boasts a proven track record of $800,000+ in gross sales operating seasonally.
• Turn‑key kitchen with all equipment included.
• Restaurant building completely remodeled in 2018.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$62,942

Cap Rate

7.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,258,840 $1.3M

Cap Rate 7%

$899,171 $899.2K

Cap Rate 9%

$699,356 $699.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,960 SF

Gross rent

$89.3K $18.00/SF

− Vacancy

−$5.4K −$1.08/SF

EGI

$83.9K $16.92/SF

− OpEx

−$21.0K −$4.23/SF

NOI

$62.9K $12.69/SF

Area

Pennington County, SD

Vacancy

6.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,258,840

Cap Rate 7%

$899,171

Cap Rate 9%

$699,356

Alternative Uses

Best Use

Specialty Retail

$899.2K

$786.8K – $1.05M (±1% cap)

NOI $62,942 @ 7.0% cap · market cap 7.00%

Second Best

Retail

$821.4K

$718.7K – $958.3K (±1% cap)

NOI $57,496 @ 7.0% cap · market cap 6.40%

Theoretical Best

—

—

same as Best Use

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Turn key restaurants

Suggested Use

Top Pick Auto Repair Shop Grocery & Convenience Store Catering Service Cafe & Coffee Shop Building Supply Tattoo & Piercing Shop

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

34

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Similar Off Market Nearby

• The Prairie Dog Food Truck — 23845 US-385, Hill City, SD 57745

Frequently Asked Questions

What type of property is this?

Restaurant - Remodeled restaurant with outdoor patio near Black Hills attractions.

Where is this restaurant located?

The property is located at 23858 Hwy 385 Hill City, SD.

What is the asking price?

The asking price for this property is $899,000.

What are key features of this property?

This property features: Location boasts a proven track record of $800,000+ in gross sales operating seasonally.; Turn‑key kitchen with all equipment included.; Restaurant building completely remodeled in 2018.