Renovated Mixed-Use Commercial
New
For Sale
$3,000,000
412 Oshkosh, Rapid City, SD 57701
Four businesses occupy a renovated commercial building with private, fenced parking.
Property Size11,547 SF
Price / SF$259.81
Days on Market2
Property Features for 412 Oshkosh
General Information
Standard status
Active
Size
11,547 SF
Property subtype
Commercial
Additional Details
Fenced Yard
Yes
Building Details
Year Renovated
2019
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX RESULTS
Listed By:
Tiffany Knight · License #1653
Source:
Willdixonrealestate
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 7:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX RESULTS
Investment Insights
Based on property information with market context.
This 11,547-square-foot mixed-use commercial building contains four separate business spaces and was completely renovated in 2019. The property currently has multiple occupants, with leases available upon request subject to a signed NDA. Its prior use was as a gold jewelry manufacturing warehouse.
The building is located at 412 Oshkosh in Rapid City, South Dakota, with access from Omaha Street or Main Street. A large private parking lot serves the property and is fully fenced.
The building is located at 412 Oshkosh in Rapid City, South Dakota, with access from Omaha Street or Main Street. A large private parking lot serves the property and is fully fenced.
Key Highlights
- 11,547‑square‑foot mixed‑use commercial building
- Completely renovated in 2019
- Four separate businesses currently occupy the building
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
$101,325
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
3.38%
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%
$2,026,500
$2.0M
Cap Rate 7%
$1,447,500
$1.4M
Cap Rate 9%
$1,125,833
$1.1M
Market Conditions
NOI Build-Up for 11,547 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
$173.2K $15.00/SF
− Vacancy
−$17.3K −$1.50/SF
EGI
$155.9K $13.50/SF
− OpEx
−$54.6K −$4.73/SF
NOI
$101.3K $8.78/SF
Area
Pennington County, SD
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,026,500
Cap Rate 7%
$1,447,500
Cap Rate 9%
$1,125,833
Alternative Uses
Best Use
Flex RnD
$1.45M
$1.27M – $1.69M
NOI $101,325 @ 7.0% cap · market cap 3.38%
Second Best
Mixed Use
$1.41M
$1.23M – $1.64M
NOI $98,510 @ 7.0% cap · market cap 3.28%
Theoretical Best
Specialty Retail
$2.09M
$1.83M – $2.44M
NOI $146,531 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,272
Businesses Nearby
Explore this area
Business Placement
Demographics for 57701, SD
46,258
Population
20,526
Households
2.3
Avg Household Size
36
Median Age
28%
College-Educated
93%
High-School Grad
52.2 sq mi
ZIP Area
886
Density / Sq Mi
$52,733
Median Household Income
$34,971
Median Earnings
$892
Median Rent
$229,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four businesses occupy a renovated commercial building with private, fenced parking.
Where is this mixed-use property located?
The property is located at 412 Oshkosh Rapid City, SD.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 11,547‑square‑foot mixed‑use commercial building; Completely renovated in 2019; Four separate businesses currently occupy the building
