Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Versatile Mixed-Use Property in Madison Title is generated by Realmo AI

    610 NE 3rd St, Madison, SD 57042

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Mixed-use property near downtown Madison and Dakota State University.

    Type:Mixed Use
    Property size:
    5,612 SF
    Price / SF:
    $67/SF
    Added:
    Jan 28, 2026
    Days on Market:
    112
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 610 NE 3rd St

    General Information

    Standard status
    Active
    Size
    5,612 SF
    Property subtype
    Mixed Use

    We can help!

    Listing Contact
    Bradley Benson

    Listing agent Bradley Benson License #SD

    Listing office Signature Realty Group LLC

    Listing date Jan 28, 2026

    Source Crexi

    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 Signature Realty Group LLC

    HighLights

    • Prime location near downtown Madison and Dakota State University.
    • Versatile mixed‑use property suitable for office suites, community space, or redevelopment.
    • Ample off‑street parking.
    • Full basement with kitchen, two bathrooms, and multiple offices/private rooms.
    • Handicap chairlifts providing accessibility to both levels.
    • Large gathering area on the main level.

    Overview

    This mixed-use property, currently utilized as a church, offers potential for various uses, including professional office suites, community or event space, or redevelopment. The well-maintained building features a main level with a private office and a large gathering area. The full basement includes a kitchen, two bathrooms, and multiple offices/private rooms, providing flexibility for storage or expanded use. Accessibility is enhanced by handicap chairlifts serving both levels. Situated on a generous lot, the property provides ample off-street parking. Located just blocks from downtown Madison and Dakota State University, the property offers a prominent space in a dynamic community. The building has a size of 5612 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    River of Life Christian ... Church Jada Emery LMP Alternative Medicine Practice

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Lake
    State
    South Dakota
    Longitude
    -97.1066413
    Latitude
    44.008191

    Nearby Similar for Sale

    • $378,500
      2,568 SF

      Established Bar and Restaurant For Sale

      Profitable bar and restaurant in growing community near college campus.
      123 SW 1st St, Madison, SD 57042
      View Details
    • $649,900
      8,900 SF

      Established Restaurant and Lounge For Sale

      Restaurant and lounge with meeting and banquet rooms available for sale.
      1407 NW 2nd St, Madison, SD
      View Details
    • $365,000
      1,618 SF

      Established Car Wash Business For Sale

      Profitable, updated car wash business with consistent traffic.
      304 NE 2nd St, Madison, SD
      View Details
    • $900,000
      20,000 SF

      Madison Flex Property Near Airport

      20,000 SF flex building on 5.02 acres for sale.
      1520 NE 3rd St, Madison, SD
      View Details
    • $2,800,000
      34,200 SF

      New Industrial Shop Units Available

      New industrial shop units for sale, built in 2024.
      1301-1337 John Deere Circle, Madison, SD 57042
      View Details
    • $900,000
      20,000 SF

      Flex Property Near Madison Airport

      20,000 SF flex building on 5.02 acres for sale.
      1520 NE 3rd St, Madison, SD 57042
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property near downtown Madison and Dakota State University.
    Where is this mixed-use property located?
    The property is located at 610 NE 3rd St Madison, SD.
    What is the asking price?
    The asking price for this property is $380,000.
    What are key features of this property?
    This property features: Prime location near downtown Madison and Dakota State University.; Versatile mixed‑use property suitable for office suites, community space, or redevelopment.; Ample off‑street parking.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Bradley Benson
    Real Estate License ID: SD
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    610 NE 3rd St, Madison, SD 57042
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!