New Industrial Development For
3460 Jet Drive, Rapid City, SD 57703
New 24,000 SF industrial development near I-90.
Type:IND
Property size:
24,000 SFPrice / SF:
$120/SF- Added:
- Mar 2, 2026
- Days on Market:
- 82
- Last Refresh:
- Apr 3 at 4:53 am
Property Features for 3460 Jet Drive
General Information
- Standard status
- Active
- Size
- 24,000 SF
- Property subtype
- IND
Building Details
- Year Built
- 2025
Listing agent Dan Logan License #14881 (605) 593-7980
Listing office KW Commercial | Black Hills (605) 593-7980
Listing date Mar 2, 2026
Source Realnex
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 KW Commercial | Black Hills
HighLights
- Newly constructed 24,000 SF light industrial development with projected gross potential rent of $282,000 at stabilization.
- Located near I‑90 Exit 61 in Rapid City’s established Elk Vale industrial corridor, providing convenient interstate access.
- Designed for multi‑tenant use with four 6,000 SF warehouse buildings demisable into 2,000 SF units.
- Each unit includes 16’ sidewalls, a 14’ x 14’ overhead door, heated interior space, and a private restroom.
- Site supports semitruck circulation, paved parking, and optional gravel yard areas.
- NNN lease structures and remaining lease‑up capacity create a clear path to stabilized income with additional upside through future yard or lot utilization.
Overview
This newly constructed 24,000 SF light industrial development is currently in active lease-up with strong tenant demand and a projected gross potential rent of $282,000 at stabilization. The property consists of four 6,000 SF warehouse buildings designed for multi-tenant use and demisable into 2,000 SF units. Each unit includes 16’ sidewalls, a 14’ x 14’ overhead door, heated interior space, and a private restroom. The site supports semitruck circulation, paved parking, and optional gravel yard areas. Located near I-90 Exit 61 (Elk Vale Road / SD-79) within Rapid City’s established Elk Vale industrial corridor, the property provides convenient interstate access for local and regional users. NNN lease structures and remaining lease-up capacity create a clear path to stabilized income with additional upside through future yard or lot utilization. Interiors will be completed by the developer.
Financial Insights
Value Estimation Calculated for Warehouse
Conservative
$1.84M
NOI $166,033 @ 9.00% cap · cautious / downside scenario
Moderate
$2.37M
NOI $166,033 @ 7.00% cap · market / base-case scenario
Aggressive
$3.32M
NOI $166,033 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Warehouse
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $207.4k | $8.64 |
| − Vacancy | −$12.0k | −$0.50 |
| EGI | $195.3k | $8.14 |
| − OpEx | −$29.3k | −$1.22 |
| NOI | $166.0k | $6.92 |
24,000 SF · lease $8.64/SF/yr · vacancy 5.80% · expense 15.00%
Alternative Use Scenarios
Best Use
Warehouse
$2.37M
$2.08M – $2.77M
NOI $166,033 @ 7.0% cap · market cap 5.73%
Second Best
Industrial
$1.75M
$1.53M – $2.04M
NOI $122,522 @ 7.0% cap · market cap 4.22%
Theoretical Best
Specialty Retail
$4.35M
$3.81M – $5.08M
NOI $304,560 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Warehouses
Similar Places Nearby
- Elk Vale Storage — 4049 Homestead St, Rapid City, SD 57703
- Storage City Self Storage — 1450 Concourse Dr, Rapid City, SD 57703
- Go Mini's — 2720 SD-44, Rapid City, SD 57703
- AAction Movers — 2720 SD-44, Rapid City, SD 57703
Location Insight
- Map
- Local Demand
- City
- Rapid City
- County
- Pennington
- State
- South Dakota
- Longitude
- -103.1595058
- Latitude
- 44.0745921
Nearby Similar for Sale
FAQs
What type of property is this?
Warehouse - New 24,000 SF industrial development near I-90.
Where is this warehouse located?
The property is located at 3460 Jet Drive Rapid City, SD.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Newly constructed 24,000 SF light industrial development with projected gross potential rent of $282,000 at stabilization.; Located near I‑90 Exit 61 in Rapid City’s established Elk Vale industrial corridor, providing convenient interstate access.; Designed for multi‑tenant use with four 6,000 SF warehouse buildings demisable into 2,000 SF units.
