Flex Space with Overhead
For Sale
$985,000
502 Herman St, Rapid City, SD 57701
Existing office area, secured outdoor space, and adaptable industrial functionality support a range of commercial operations.
Property Size8,960 SF
Price / SF$109.93
Days on Market100
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Property Features for 502 Herman St
General Information
Standard status
Active
Size
8,960 SF
Additional Details
Fenced Yard
Yes
Amenities
designated office area
Building Details
Buildings
1
Listing Agency:
RE/MAX RESULTS
Listed By:
KAREN SODERQUIST · License #2829
(605) 381-4300
Source:
Exprealty
Added: Jul 8
Changed: Oct 3
Last Checked: Oct 15 at 4:45AM
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 RE/MAX RESULTS
Investment Insights
Based on property information with market context.
This flex-space property contains 8,960 square feet with a dedicated office area and eight overhead doors. The two largest doors measure 12 by 12 feet, providing defined access points for vehicle or equipment-oriented operations. The building is being offered in its current as-is condition and is presently used as a body shop.
A fenced area occupies the east side of the building, adding secured exterior space to the improvements. The property is located at 502 Herman in Rapid City, South Dakota, approximately one-half block from E North Street.
A fenced area occupies the east side of the building, adding secured exterior space to the improvements. The property is located at 502 Herman in Rapid City, South Dakota, approximately one-half block from E North Street.
Key Highlights
- 8,960‑square‑foot flex‑space property
- Eight overhead doors, including two measuring 12x12
- Dedicated office area within the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$78,624
Cap Rate
7.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,572,480
$1.6M
Cap Rate 7%
$1,123,200
$1.1M
Cap Rate 9%
$873,600
$873.6K
Market Conditions
NOI Build-Up for 8,960 SF
Gross rent
$134.4K $15.00/SF
− Vacancy
−$13.4K −$1.50/SF
EGI
$121.0K $13.50/SF
− OpEx
−$42.3K −$4.73/SF
NOI
$78.6K $8.78/SF
Area
Pennington County, SD
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,572,480
Cap Rate 7%
$1,123,200
Cap Rate 9%
$873,600
Alternative Uses
Best Use
Retail
$1.48M
$1.30M – $1.73M
NOI $103,864 @ 7.0% cap · market cap 10.54%
Second Best
Flex RnD
$1.12M
$982.8K – $1.31M
NOI $78,624 @ 7.0% cap · market cap 7.98%
Theoretical Best
Specialty Retail
$1.62M
$1.42M – $1.90M
NOI $113,702 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
763
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Existing office area, secured outdoor space, and adaptable industrial functionality support a range of commercial operations.
Where is this flex space located?
The property is located at 502 Herman St Rapid City, SD.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: 8,960‑square‑foot flex‑space property; Eight overhead doors, including two measuring 12x12; Dedicated office area within the building
