Medical Office with Private
For Sale
$770,000
331 Knollwood Dr, Rapid City, SD 57701
Adaptable room configuration, built-in work surfaces, and 19 on-site parking spaces support appointment-based services.
Property Size3,440 SF
Lot Size0.52 Acres
Price / SF$223.84
Days on Market22
Property Features for 331 Knollwood Dr
General Information
Standard status
Active
Size
3,440 SF
Total Parking Spaces
19
Lot size
0.52 Acres
Zoning
General Commercial
Site & Location
Traffic Count
38,599 vehicles/day
Highway Access
Yes
Amenities
covered entrance
professional landscaping
reception area
open workspace
individual workspaces
multiple private rooms
built-in cabinetry
private office
kitchen
restrooms with grab bars
full bath with shower
in-floor radiant heat
320-amp electrical service
smoke detectors
fire alarm
burglar alarm
oversized illuminated sign
Building Details
Year Built
2007
Year Renovated
2020
Buildings
1
Building Size
3,440 SF
Tenancy
Single
Listing Agency:
Keller Williams Realty Black Hills SP
Listed By:
Kevin Andreson · License #1948
(605) 646-5409
Source:
Exprealty
Added: Oct 2
Changed: Oct 21
Last Checked: Oct 23 at 7:26AM
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 SP
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,440-square-foot medical office building on 0.52 acres features a reception area, an open workspace, multiple private rooms with built-in cabinetry and counters, and a separate office. The rooms can serve as treatment, exam, consultation, or work areas. A kitchen and restrooms, including a full bath with shower and grab bars, are also provided. Interior details include exposed wood beams, high ceilings, natural light, and in-floor radiant heat. The building has a 320-amp main electrical service, smoke detectors, fire and burglar alarms, and General Commercial zoning. A metal roof and siding were installed in 2020; the property is vacant and available for occupancy.
The site includes 19 paved parking spaces, a covered entrance, and an illuminated sign visible from I-90. The corridor carries 38,599 vehicles per day, based on the 2025 Rapid City Traffic Count.
The site includes 19 paved parking spaces, a covered entrance, and an illuminated sign visible from I-90. The corridor carries 38,599 vehicles per day, based on the 2025 Rapid City Traffic Count.
Key Highlights
- 3,440‑square‑foot building on 0.52 acres
- 19 paved on‑site parking spaces
- Multiple private rooms with built‑in cabinetry and counter space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,660
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$793,200
$793.2K
Cap Rate 7%
$566,571
$566.6K
Cap Rate 9%
$440,667
$440.7K
Market Conditions
NOI Build-Up for 3,440 SF
Gross rent
$72.2K $21.00/SF
− Vacancy
−$6.1K −$1.79/SF
EGI
$66.1K $19.22/SF
− OpEx
−$26.4K −$7.69/SF
NOI
$39.7K $11.53/SF
Area
Pennington County, SD
Vacancy
8.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$793,200
Cap Rate 7%
$566,571
Cap Rate 9%
$440,667
Alternative Uses
Best Use
Healthcare Medical
$566.6K
$495.8K – $661.0K
NOI $39,660 @ 7.0% cap · market cap 5.15%
Second Best
Office B
$469.9K
$411.2K – $548.3K
NOI $32,895 @ 7.0% cap · market cap 4.27%
Theoretical Best
Specialty Retail
$623.6K
$545.7K – $727.6K
NOI $43,654 @ 7.0% cap · market cap 5.67%
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
Lease Details
38,599 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- TLC Pet Hospital — 811 Disk Dr #8, Rapid City, SD 57701
Frequently Asked Questions
What type of property is this?
Medical Office Space - Adaptable room configuration, built-in work surfaces, and 19 on-site parking spaces support appointment-based services.
Where is this medical office space located?
The property is located at 331 Knollwood Dr Rapid City, SD.
What is the asking price?
The asking price for this property is $770,000.
What are key features of this property?
This property features: 3,440‑square‑foot building on 0.52 acres; 19 paved on‑site parking spaces; Multiple private rooms with built‑in cabinetry and counter space
