Historic Corner Retail-Office
501 KANSAS CITY Rapid City, SD 57701
501 KANSAS CITY, Rapid City, SD, 57701
$405,000
For Sale
$405,000
Main-floor retail and office space features large storefront windows, with additional upper offices and basement storage or workshops.
Property Size3,424 SF
Price / SF$118.28
Days on Market491
Property Features for 501 KANSAS CITY
General Information
- Standard status
- Active
- Size
- 3,424 SF
- Property subtype
- Retail
Listing agency
BERKSHIRE HATHAWAY HOMESERVICES MIDWEST REALTY
(605) 343-7500
Listed by
MICHAEL BULICH
Source
Xome
Added: Mar 19, 2025 Updated: Jul 21 at 1:40PM Checked: Jul 21 at 1:40PM
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 BERKSHIRE HATHAWAY HOMESERVICES MIDWEST REALTY
Investment Insights
Based on property information with market context.
Own the historic Pillen Optical Building, a corner property featuring retail and office space on the main floor. The main level includes large storefront windows along with historic woodwork and built-in features. A spiral staircase provides access to additional office space on the upper floor.
The basement offers additional area for storage or workshops. Reported daily traffic is 20,561, supporting a high-visibility downtown presence. The property is located on a corner lot on 5th Street and Kansas City in downtown Rapid City, next to the Block 5 project. Zoning does not require off-street parking, which may provide operational flexibility.
The building is described as 3,424 square feet total, with 1,456 square feet of main-floor retail and office space, 650 square feet of upper-floor office space, and 1,288 square feet in the basement.
The basement offers additional area for storage or workshops. Reported daily traffic is 20,561, supporting a high-visibility downtown presence. The property is located on a corner lot on 5th Street and Kansas City in downtown Rapid City, next to the Block 5 project. Zoning does not require off-street parking, which may provide operational flexibility.
The building is described as 3,424 square feet total, with 1,456 square feet of main-floor retail and office space, 650 square feet of upper-floor office space, and 1,288 square feet in the basement.
Key Highlights
- Historic Pillen Optical Building on a corner lot on 5th Street and Kansas City in downtown Rapid City
- Daily traffic count of 20,561 with 3,424 sq. ft. building featuring main‑floor retail and office space
- Main floor includes 1,456 sq. ft. with large storefront windows, historic woodwork, and built‑in features
Local Financial Insights For Office B
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $51.4k | $15.00 |
| − Vacancy | −$7.7k | −$2.25 |
| EGI | $43.7k | $12.75 |
| − OpEx | −$10.9k | −$3.19 |
| NOI | $32.7k | $9.56 |
3,424 SF · lease $15.00/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Retail
$567.0K
$496.1K – $661.5K
NOI $39,691 @ 7.0% cap · market cap 9.80%
Second Best
Office B
$467.7K
$409.3K – $545.7K
NOI $32,742 @ 7.0% cap · market cap 8.08%
Theoretical Best
Specialty Retail
$620.7K
$543.1K – $724.2K
NOI $43,451 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Main-floor retail and office space features large storefront windows, with additional upper offices and basement storage or workshops.
Where is this retail space located?
The property is located at 501 KANSAS CITY Rapid City, SD.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Historic Pillen Optical Building on a corner lot on 5th Street and Kansas City in downtown Rapid City; Daily traffic count of 20,561 with 3,424 sq. ft. building featuring main‑floor retail and office space; Main floor includes 1,456 sq. ft. with large storefront windows, historic woodwork, and built‑in features
