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    1603 N Broadway Ave Miller, SD 57362

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    For Sale
    $552,000

    2.58-acre commercial property with shop, Quonset, and RV hookups.

    Property size:
    4,000 SF
    Lot size:
    2.58 Acres

    Property Features for 1603 N Broadway Ave

    General Information

    Standard status
    Active
    Size
    4,000 SF
    Lot size
    2.58 Acres

    Building Details

    Year built
    2004

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    Listing Contact
    Jolene Haun
    Jolene Haun
    Source: Exitrealty

    Listing Agency: Faith Realty Brokers, LLC Listing Agent: Jolene Haun

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

    Learn more

    Overview

    Versatile Commercial Property on Highway

    Located just outside city limits at the intersection of SD Hwy 45 and SD Hwy 14, this 2.58-acre commercial property offers excellent access and visibility. The property is suitable for various commercial uses, including shop space, storage, or expansion opportunities. The 32' x 80' insulated, finished, and heated pull-through shop is designed for efficiency and functionality. Originally built in 1963, the west half was added in 2004, along with an updated electrical system and a bathroom with a shower. The building features propane heat, while the bathroom has an electric wall heater. Three large overhead doors provide convenient access: 13' x 12' (east), 12' x 12' (west), and 18' x 12' (south), along with two walk-through doors. Lighting has been upgraded with newer LED and metal-halide fixtures, and the metal roof was improved in the summer of 2024 with new ice skids and gutters. The west half of the building has a large floor drain. The property also includes a 30' x 45' Quonset, currently used for cold storage, featuring a 12' x 12' automatic overhead door on the west side and a new walk-through door on the east side. It has a half-bath, which was winterized 10 years ago and the water heater was shut off. The property offers 3 RV hookups with water, electricity, and sewer drains connected to the septic system. The main building presents extra 30-amp and 50-amp exterior electric hookups. All sewer lines on the property drain to the septic tank.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Auto Parts Store Gym & Fitness Center Department Store Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Miller
    County
    Hand
    State
    South Dakota
    Longitude
    -98.988763
    Latitude
    44.533147

    Nearby Similar for Sale

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      Main Street Legacy Opportunity

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    • $552,000
      4,000 SF

      Versatile Commercial Property Near Highway

      2.58-acre commercial property with shop, Quonset, and RV hookups.
      1603 N Broadway Ave, Miller, SD 57362
      View Details
    • $450,000
      1,755,468 SF

      Miller Central Speedway: Prime Retail

      Thriving Speedway, 40 Acres, Turn-Key
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    FAQs

    What type of property is this?
    Flex space - 2.58-acre commercial property with shop, Quonset, and RV hookups.
    Where is this flex space located?
    The property is located at 1603 N Broadway Ave Miller, SD.
    What is the asking price?
    The asking price for this property is $552,000.
    What are key features of this property?
    This property features: - Prime commercial location with excellent highway access and visibility at the intersection of SD Hwy 45 & SD Hwy 14.; - Versatile 2.58-acre property suitable for various commercial uses.; - 32' x 80' insulated, finished, and heated pull-through shop with three large overhead doors.
    (605) 453-0706
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    1603 N Broadway Ave Miller, SD 57362
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    Miller, SD 57362
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    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
    1603 N Broadway Ave Miller, SD 57362
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    We can help!
    Listing Contact
    Jolene Haun
    Jolene Haun
    Real Estate License ID: SD18239
    (605) 453-0706 (605) 453-0006
    Learn more
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