Turnkey Restaurant Building with
For Sale
$3,300,000
2315 MT RUSHMORE RD, Rapid City, SD 57701
Turnkey full-service restaurant building with commercial kitchen, bar, dining, bakery production, and paved parking.
Property Size11,085 SF
Price / SF$297.70
Days on Market55
Property Features for 2315 MT RUSHMORE RD
General Information
Standard status
Active
Size
11,085 SF
Amenities
Central Air
Forced Air
City
Off Street, Asphalt
Building Details
Building Size
11,085 SF
Listing Agency:
Keller Williams Realty Black Hills RC
Listed By:
Christopher Long · License #1840
(605) 343-7500
Source:
Evrealestate
Added: Jul 13
Changed: Sep 4
Last Checked: Sep 5 at 5:05AM
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 Keller Williams Realty Black Hills RC
Investment Insights
Based on property information with market context.
Turnkey restaurant building offering a full-service setup with a commercial kitchen, bar, dining areas, bakery production space, mezzanine office and conference room, and storage. The sale includes the liquor license and FF&E; the operating business is not included. Built in 1955 and remodeled down to the studs in 2015, the property is offered as a ready-to-operate restaurant facility.
The 2.87-acre site includes 105 paved parking spaces and direct access from Mt Rushmore Rd. The property is zoned General Commercial and can be demised for multiple tenant suites, supporting flexible use and leasing options within the restaurant-oriented configuration.
As configured, the building supports restaurant operations with dedicated production, service, office/conference space, and supporting storage to accommodate day-to-day workflow.
The 2.87-acre site includes 105 paved parking spaces and direct access from Mt Rushmore Rd. The property is zoned General Commercial and can be demised for multiple tenant suites, supporting flexible use and leasing options within the restaurant-oriented configuration.
As configured, the building supports restaurant operations with dedicated production, service, office/conference space, and supporting storage to accommodate day-to-day workflow.
Key Highlights
- 11,085 SF turnkey restaurant building at 2315 Mt Rushmore Rd in Rapid City, SD
- Includes liquor license and FF&E; operating business not included
- Full‑service layout with commercial kitchen, bar, dining areas, bakery production space, and storage
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
$140,669
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
4.26%
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%
$2,813,380
$2.8M
Cap Rate 7%
$2,009,557
$2.0M
Cap Rate 9%
$1,562,989
$1.6M
Market Conditions
NOI Build-Up for 11,085 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
$199.5K $18.00/SF
− Vacancy
−$12.0K −$1.08/SF
EGI
$187.6K $16.92/SF
− OpEx
−$46.9K −$4.23/SF
NOI
$140.7K $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 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%
$2,813,380
Cap Rate 7%
$2,009,557
Cap Rate 9%
$1,562,989
Alternative Uses
Best Use
Specialty Retail
$2.01M
$1.76M – $2.34M
NOI $140,669 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,360
Businesses Nearby
201k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 66%
Groceries 17%
Shops & Services 15%
Hotels & Casinos 2%
McDonald's
Dining
36,042 visits/mo
0.1 miles
Safeway
Groceries
33,834 visits/mo
0.2 miles
Culver's
Dining
19,487 visits/mo
0.1 miles
Starbucks
Dining
17,048 visits/mo
0.4 miles
Exxon
Shops & Services
16,319 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey full-service restaurant building with commercial kitchen, bar, dining, bakery production, and paved parking.
Where is this conventional restaurant located?
The property is located at 2315 MT RUSHMORE RD Rapid City, SD.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 11,085 SF turnkey restaurant building at 2315 Mt Rushmore Rd in Rapid City, SD; Includes liquor license and FF&E; operating business not included; Full‑service layout with commercial kitchen, bar, dining areas, bakery production space, and storage
