Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Prime Commercial Land on Highway Title is generated by Realmo AI

    23rd St SE, Watertown, SD 57201

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    2.13-acre commercial parcel with high visibility and development potential.

    Type:Land
    Lot size:
    2.13 Acres
    Added:
    Feb 20, 2024
    Days on Market:
    836
    Last Refresh:
    May 12 at 10:16 pm

    Property Features for 23rd St SE

    General Information

    Standard status
    Active
    Lot size
    2.13 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Todd Syhre

    Listing agent Todd Syhre License #SD 20428

    Listing office eXp Realty

    Listing date Feb 20, 2024

    Source Crexi

    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 eXp Realty

    HighLights

    • Outstanding accessibility and visibility due to its location just off Highway 212.
    • High development potential for various commercial uses.
    • Located in one of Watertown’s most active commercial corridors.
    • 2.13‑acre parcel size provides flexibility for development.
    • Serves both local residents and regional traffic.
    • Limited opportunities of this size and location in a high‑demand market.

    Overview

    This 2.13-acre commercial parcel is located just off highly traveled Highway 212, offering accessibility and development potential in Watertown's active corridors. The property's proximity to a major transportation route ensures visibility, access, and traffic flow, which are beneficial for commercial success. The site's size allows for various commercial uses, including retail, quick-service restaurants, medical facilities, offices, hospitality, or service-oriented developments. Positioned to serve local residents and regional traffic, this property offers exposure and convenience. As commercial growth continues along the Highway 212 corridor, opportunities of this size and location remain limited. This parcel presents a strategic opportunity for developers, owner-users, and investors looking to establish a presence in a high-demand market. The location provides access, visibility, and long-term potential.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Restaurant Hair Salon Building Supply Gym & Fitness Center Big Box & Wholesale Store Auto Repair Shop Accounting Firm Hotel & Motel Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Watertown
    County
    Codington
    State
    South Dakota
    Longitude
    -97.150443
    Latitude
    44.889534

    Nearby Similar for Sale

    • $1,750,000
      3,360 SF

      Watertown C-Store with Casino

      High-traffic convenience store with casino at a prime corner location.
      103 5th St, Watertown, SD 57201
      View Details
    • $1,875,000
      35,976 SF

      Extended-Stay Hotel with Restaurant

      Turnkey extended-stay property with updated guest rooms, a leased on-site restaurant, and an upstairs event space.
      101 N Broadway Street, Watertown, SD 57201
      View Details
    • $359,000
      1,580 SF

      Watertown Twin Home on Corner Lot

      Well-maintained 3-bedroom twin home in Northridge community.
      1625 Northridge Dr, Watertown, SD 57201
      View Details
    • $950,000

      Highway 212 Commercial Property

      Commercial property on Highway 212 in Watertown, South Dakota.
      20-22 9th Ave SW, Watertown, SD 57201
      View Details
    • $475,000
      1,200 SF

      Industrial Property with Office Space

      Well-located industrial property featuring office and showroom space for sale.
      21 8th Avenue Southwest, Watertown, SD 57201
      View Details
    • $230,000
      9,500 SF

      Watertown Confectionery and Ghost Town

      Established family-run confectionery and winery business for sale.
      116 E KEMP AVENUE, Watertown, SD 57201
      View Details
    • $255,000

      Downtown Building with Tenant

      Commercial building in thriving downtown area with existing tenant.
      18 E KEMP AVENUE, Watertown, SD 57201
      View Details
    • $12

      East Highway 212 Frontage Land

      Commercial land for sale with highway frontage and utilities.
      3301 9TH SE AVENUE, Watertown, SD 57201
      View Details
    • $5

      Commercial Lots in Watertown Hub

      Commercial lots available in Watertown's new activity center.
      28TH NE STREET, Watertown, SD 57201
      View Details
    • $10

      Corner Commercial Lot For Sale

      Commercial lot with high exposure and access from four directions.
      2525 26TH SE STREET, Watertown, SD 57201
      View Details
    • $215,000

      Commercial Lot on Highway 81

      Commercial lot with high traffic and great exposure.
      1620 4TH NE STREET, Watertown, SD 57201
      View Details
    • $448,000
      3,816 SF

      Highway 212 Commercial Property

      Commercial property on Highway 212 with two buildings.
      211 9th Avenue Southeast, Watertown, SD 57201
      View Details

    FAQs

    What type of property is this?
    Commercial land - 2.13-acre commercial parcel with high visibility and development potential.
    Where is this commercial land located?
    The property is located at 23rd St SE Watertown, SD.
    What is the asking price?
    The asking price for this property is $1,271,127.
    What are key features of this property?
    This property features: Outstanding accessibility and visibility due to its location just off Highway 212.; High development potential for various commercial uses.; Located in one of Watertown’s most active commercial corridors.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Todd Syhre
    Real Estate License ID: SD 20428
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    23rd St SE, Watertown, SD 57201
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!