Building Details

Year built 2025

Flooring type Concrete, Carpet

Building materials Frame, Metal Siding

Roof type Metal

Buildings 1

Listing Agency: Coldwell Banker Empire Realty · Coldwell Banker Real Estate t***@cbsiouxfalls.com Show Phone

Listed By: Jackson Nelson Show Phone

Added: Oct 22 Changed: Oct 30 Last Checked: Oct 30 at 6:06PM

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MLS# 22608083

Copyright © 2026 Realtor Association of the Sioux Empire MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This flex building is configured as two separate spaces, with a 40-by-40-foot north unit and a 22-by-40-foot south unit. Each has its own side entrance. The 2,480-square-foot frame structure has metal siding, a metal roof, and three 12-by-14-foot overhead doors. Jeld-Wen windows are installed, and the interior flooring combines carpet and concrete.

The property occupies 0.1129 acres in Dell Rapids, South Dakota, and is zoned Commercial. Natural gas is available. Construction is listed as under way, with a 2025 build year.

Key Highlights

• 2,480‑square‑foot flex building on a 0.1129‑acre lot
• Two spaces: north unit is 40x40 feet; south unit is 22x40 feet
• Three 12x14‑foot overhead doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,955

Cap Rate

7.71%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$339,100 $339.1K

Cap Rate 7%

$242,214 $242.2K

Cap Rate 9%

$188,389 $188.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,480 SF

Gross rent

$25.3K $10.20/SF

− Vacancy

−$1.1K −$0.43/SF

EGI

$24.2K $9.77/SF

− OpEx

−$7.3K −$2.93/SF

NOI

$17.0K $6.84/SF

Area

Minnehaha County, SD

Vacancy

4.25%

Lease Rate

$10.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$339,100

Cap Rate 7%

$242,214

Cap Rate 9%

$188,389

Alternative Uses

Best Use

Industrial

$242.2K

$211.9K – $282.6K (±1% cap)

NOI $16,955 @ 7.0% cap · market cap 7.71%

Second Best

Flex RnD

$198.4K

$173.6K – $231.5K (±1% cap)

NOI $13,891 @ 7.0% cap · market cap 6.32%

Theoretical Best

Office A

$668.5K

$585.0K – $780.0K (±1% cap)

NOI $46,797 @ 7.0% cap · market cap 21.28%

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

Flex space

Suggested Use

Top Pick Restaurant Dental Office Law Firm Real Estate Agency Big Box & Wholesale Store Pharmacy

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

273

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 57022, SD

5,432

Population

2,130

Households

2.6

Avg Household Size

38

Median Age

37%

College-Educated

97%

High-School Grad

141.4 sq mi

ZIP Area

38

Density / Sq Mi

$100,595

Median Household Income

$53,828

Median Earnings

$940

Median Rent

$293,800

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Similar For Sale Nearby

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Medical Office Building

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Frequently Asked Questions

What type of property is this?

Flex space - Commercial zoning and separate side entries support a divided layout with distinct access for each space.

Where is this flex space located?

The property is located at 205 N Clark Ave Dell Rapids, SD.

What is the asking price?

The asking price for this property is $219,900.

What are key features of this property?

This property features: 2,480‑square‑foot flex building on a 0.1129‑acre lot; Two spaces: north unit is 40x40 feet; south unit is 22x40 feet; Three 12x14‑foot overhead doors