Second-Floor Office
For Sale
Contact for pricing
401 3rd St, Rapid City, SD 57701
A private office and open work area provide a compact layout for professional or service-based operations.
Property Size650 SF
Days on Market670
Property Features for 401 3rd St
General Information
Standard status
Active
Size
650 SF
Additional Details
Floor
2
Office Units
1
Property Use
Office
Listing Agency:
KELLER WILLIAMS REALTY BLACK HILLS
Listed By:
GINA PLOOSTER · License #SD 16979
(605) 519-0749
Source:
Exprealty
Added: Dec 30, 2024
Changed: Oct 30
Last Checked: Oct 30 at 3:14PM
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
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 650-square-foot office suite is on the second floor at 401 3rd St, Suite 10. Its layout combines a private office with a larger open work area, and the suite has a separate entrance from the shared hallway. Restrooms are available in the building’s common area.
The property sits at the corner of 3rd St and Main St in downtown Rapid City, with downtown businesses and services accessible nearby. On-street parking is available in the area.
The property sits at the corner of 3rd St and Main St in downtown Rapid City, with downtown businesses and services accessible nearby. On-street parking is available in the area.
Key Highlights
- 650 SF second‑floor office suite
- One private office plus a larger open work area
- Separate entrance from the common hallway
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$6,216
Suggested Prices Based on Cap Rates
Cap Rate 5%
$124,320
$124.3K
Cap Rate 7%
$88,800
$88.8K
Cap Rate 9%
$69,067
$69.1K
Market Conditions
NOI Build-Up for 650 SF
Gross rent
$9.8K $15.00/SF
− Vacancy
−$1.5K −$2.25/SF
EGI
$8.3K $12.75/SF
− OpEx
−$2.1K −$3.19/SF
NOI
$6.2K $9.56/SF
Area
Pennington County, SD
Vacancy
15.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$124,320
Cap Rate 7%
$88,800
Cap Rate 9%
$69,067
Alternative Uses
Best Use
Office B
$88.8K
$77.7K – $103.6K
NOI $6,216 @ 7.0% cap · market cap 621,600.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$117.8K
$103.1K – $137.5K
NOI $8,249 @ 7.0% cap · market cap 824,900.00%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
1,854
Businesses Nearby
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
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - A private office and open work area provide a compact layout for professional or service-based operations.
Where is this office unit located?
The property is located at 401 3rd St Rapid City, SD.
What are key features of this property?
This property features: 650 SF second‑floor office suite; One private office plus a larger open work area; Separate entrance from the common hallway
