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    501 3rd Street & 758 Sherman St Leola, SD 57456

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    Claim this Listing
    New
    For Sale
    $69,900

    Vacant Land - Leola, SD

    Property size:
    4,800 SF
    Lot size:
    0.29 Acres
    Price / SF:
    $14/SF
    Added:
    May 2, 2026
    Days on Market:
    2
    Last Refresh:
    May 3 at 12:06 am

    Property Features for 501 3rd Street & 758 Sherman St

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    900
    Parking features
    Garage
    Standard status
    Active
    APN
    8618 & 6899
    Size
    4,800 SF
    Lot size
    0.29 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    1943

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Ronda Geffre

    Listing agent Ronda Geffre

    Listing office Leola Realty 1109 Conklin Street, LEOLA, SD

    Listing date May 2, 2026

    MLS# 11738482 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Leola Storage Units For Sale

    Two rental storage unit properties are available for purchase. One property, located at 501 3rd St in Leola, SD, features 9 rental cold storage units constructed in 2004. The lot size for this location is 83' x 130'. The second property, located at 758 Sherman St in Leola, contains 6 rental cold storage units built in 1984, situated on a 125' x 70' lot. Both buildings are of stick-built construction with metal roofs and steel siding, each measuring 30' x 80', totaling 2400 square feet per building. Each unit includes concrete floors, an overhead light, an outlet, and rollup doors. The unit sizes vary: 10 units are 12' wide x 30' long x 10' high (one with an additional walk-in door and one with touchpad entry), 1 unit is 20' wide x 30' x 10' high with rollup and walk-in entry, and 4 units are 7.5' wide x 10' long x 10' high. The combined taxes for 2025 are $1943. This property is zoned 900.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Suggested Use

    Restaurant Real Estate Agency Building Supply Auto Repair Shop Hotel & Motel Auto Parts Store Kitchen & Bath Showroom Food Market Grocery & Convenience Store Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Leola
    County
    McPherson
    State
    South Dakota
    Longitude
    -98.943248
    Latitude
    45.719425

    FAQs

    What type of property is this?
    Self storage facility - Two storage unit properties with 15 total rental units.
    Where is this self storage facility located?
    The property is located at 501 3rd Street & 758 Sherman St Leola, SD.
    What is the asking price?
    The asking price for this property is $69,900.
    What are key features of this property?
    This property features: Investment Opportunity: Two rental storage unit buildings available for one price.; Multiple Rental Units: A total of 15 cold storage units across both properties.; Established Rental History: These units, built in 1984 and 2004, have an established rental history.
    (605) 377-4291
    We can help!
    Listing Contact
    Ronda Geffre
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    501 3rd Street & 758 Sherman St, Leola, SD 57456

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