Building Details

Building Size 13,232 SF

Tenancy Multi

Listing Agency: ROBERTS REAL ESTATE INC

Listed By: JOHN ROBERTS · License #3329338 Show Phone

Source: Evrealestate

Added: May 26 Changed: Oct 10 Last Checked: Oct 19 at 5:31AM

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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 ROBERTS REAL ESTATE INC

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Investment Insights

Based on property information with market context.

This office building includes 58 office suites and two conference rooms, with six bathrooms. The property is equipped with a digital reader board, an internal and external motion-detected camera system, and an outside monitored burglar alarm. A fire alarm/sprinkler system is also in place. The offering includes the equipment and fixtures.

The property is located just north of the civic center. Onsite parking totals 60 spaces.

The building is currently 90% occupied, with four units occupied by the current owner. Additional financial information is available upon signing an NDA.

Key Highlights

• Built in 2005, office building with 58 office suites and 2 conference rooms
• Currently 90% occupied with 4 units occupied by the current owner
• On‑site parking for 60 vehicles

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$126,531

Cap Rate

7.44%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,530,620 $2.5M

Cap Rate 7%

$1,807,586 $1.8M

Cap Rate 9%

$1,405,900 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,232 SF

Gross rent

$198.5K $15.00/SF

− Vacancy

−$29.8K −$2.25/SF

EGI

$168.7K $12.75/SF

− OpEx

−$42.2K −$3.19/SF

NOI

$126.5K $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%

$2,530,620

Cap Rate 7%

$1,807,586

Cap Rate 9%

$1,405,900

Alternative Uses

Best Use

Office B

$1.81M

$1.58M – $2.11M (±1% cap)

NOI $126,531 @ 7.0% cap · market cap 7.44%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$2.40M

$2.10M – $2.80M (±1% cap)

NOI $167,914 @ 7.0% cap · market cap 9.88%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

K C Video ... Film Production Little Miracles OT ... Physician Therapy Solutions Physician MassMutual Financial Group Bank Rapid City Law ... Law Firm

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Storage Facility Grocery & Convenience Store Garden Center Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

58

Office units

90%

Occupancy

Multi-tenant

Tenancy

Yes

Sprinkler system

Location Intelligence

Trade Area within ½ mile

1,161

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Office building offers 58 suites, 2 conference rooms, and 60 onsite parking spaces, with monitored security and alarms.

Where is this office building located?

The property is located at 550 N 5TH ST Rapid City, SD.

What is the asking price?

The asking price for this property is $1,700,000.

What are key features of this property?

This property features: Built in 2005, office building with 58 office suites and 2 conference rooms; Currently 90% occupied with 4 units occupied by the current owner; On‑site parking for 60 vehicles