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    Event Center with Commercial Kitchen Title is generated by Realmo AI

    316 S 2nd Street, Aberdeen, SD 57401

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    Claim this Listing
    Pending
    $1,699,900

    COMMERCIAL - Aberdeen, SD

    Property size:
    25,100 SF
    Added:
    Apr 18, 2026
    Days on Market:
    47
    Last Refresh:
    Jun 3 at 10:06 pm

    Property Features for 316 S 2nd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Pending
    Size
    25,100 SF

    Taxes and HOA fees

    Tax Description
    LT 4-12 BK 22 1ST ADD
    Tax Annual Amount
    8209

    Building Details

    Year built
    1984

    We can help!

    Listing Contact
    Robin (Rob) K Johnson
    Robin (Rob) K Johnson

    Listing agent Robin (Rob) K Johnson License #15391

    Listing office Dakota Plains Real Estate & Development 10 Railroad Ave SW Suite 209 PO Box 737, Aberdeen, SD

    Listing date Apr 18, 2026

    MLS# 25-521

    Copyright © 2026 Aberdeen Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • City Lights Bar & Event Center offering 25,000 SF for weddings, receptions, banquets, concerts, and meetings
    • Well over 600‑person capacity for events, with smaller meeting rooms ranging from 500 to 900 SF available to rent
    • Includes full liquor license, commercial kitchen, and casino
    • Recent updates include new central air and furnace, plus new pull tabs machine and many new LED lights
    • 10' overhead door for easy loading and unloading
    • Built in 1984

    Overview

    City Lights Bar & Event Center is offered for sale in Aberdeen, SD. The property includes approximately 25,100 square feet designed for weddings, receptions, banquets, concerts, meetings, and other events, with a capacity of well over 600 persons. Smaller meeting rooms are available in the 500 to 900 square-foot range for flexible event use. The operation also features a full liquor license and a commercial kitchen, along with casino-related facilities and a newly installed pull tabs machine.

    The building has been updated with new central air and furnace, and many new LED lights. An approximately 10' overhead door supports loading and unloading for events and daily operations. Please allow 24 hours’ notice if possible for showings.

    This property can be a strong fit for an operator looking for an all-in-one event concept combining food service capability, regulated beverage service, and casino amenities. Its mix of large event space and smaller meeting rooms provides room for both high-attendance events and more compact gatherings, depending on how the venue is programmed.
    Property Profile Location Intelligence

    Current Use by Public Records

    Treasures discount market Grocery & Convenience Store City Lights Bar ... Bar & Pub

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Aberdeen
    County
    Brown
    State
    South Dakota
    Longitude
    -98.491976
    Latitude
    45.461585

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    FAQs

    What type of property is this?
    Casino - Multi-use entertainment venue with full liquor license, commercial kitchen, casino amenities, and a 10' overhead door for service access.
    Where is this casino located?
    The property is located at 316 S 2nd Street Aberdeen, SD.
    What is the asking price?
    The asking price for this property is $1,699,900.
    What are key features of this property?
    This property features: City Lights Bar & Event Center offering 25,000 SF for weddings, receptions, banquets, concerts, and meetings; Well over 600‑person capacity for events, with smaller meeting rooms ranging from 500 to 900 SF available to rent; Includes full liquor license, commercial kitchen, and casino
    (605) 225-1800
    We can help!
    Listing Contact
    Robin (Rob) K Johnson
    Robin (Rob) K Johnson
    Real Estate License ID: 15391
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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.

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