Medical Office with Private
331 KNOLLWOOD DR, Rapid City, SD 57701
For Sale
$770,000
COMMERCIAL, Rapid City, SD
Property Size3,440 SF
Lot Size0.52 Acres
Price / SF$223.84
Days on Market39
Property Features for 331 KNOLLWOOD DR
General Information
Property type
Property subtype
Zoning description
Lot features
Subdivision
Standard status
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Building Details
Year built
Number of units
Roof type
Listing Agency:
Keller Williams Realty Black Hills SP
(605) 343-7500
Listed By:
Kevin Andreson · License #1948
(605) 646-5409
Added: Oct 2
Changed: Nov 2
Last Checked: Nov 9 at 4:06AM
MLS# 90567
Copyright © 2026 Mt. Rushmore Area Association 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.
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Investment Insights
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This 3,440-square-foot medical office property on 0.52 acres has a reception area, open work area, multiple private rooms with built-in cabinetry and counters, and a separate office. A kitchen and restrooms, including a full bath with a shower and grab bars, complete the interior. The building was constructed in 2007 and includes in-floor radiant heat, a 320-amp electrical service, and fire and security alarm systems. The property is vacant and available for occupancy.
The site has 19 paved parking spaces, a covered entrance, and an illuminated sign visible from I-90. The corridor carries 38,599 vehicles per day, according to the 2025 Rapid City Traffic Count. General Commercial zoning applies.
A metal roof and siding were installed in 2020. The building previously operated as a tattoo studio, and its room configuration offers distinct spaces for private appointments or services.
The site has 19 paved parking spaces, a covered entrance, and an illuminated sign visible from I-90. The corridor carries 38,599 vehicles per day, according to the 2025 Rapid City Traffic Count. General Commercial zoning applies.
A metal roof and siding were installed in 2020. The building previously operated as a tattoo studio, and its room configuration offers distinct spaces for private appointments or services.
Key Highlights
- 3,440‑square‑foot building on a 0.52‑acre site
- 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Under-served
Demand for This Use
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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
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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 - A reception area, multiple enclosed rooms, and a private office support a range of 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 a 0.52‑acre site; 19 paved on‑site parking spaces; Multiple private rooms with built‑in cabinetry and counter space
