Up-and-Down Duplex with
New
For Sale
$245,000
611 St. Patrick Street, Rapid City, SD 57701
MULTI-FAMILY, Up & Down, Rapid City, SD
Property Size1,928 SF
Price / SF$127.07
Days on Market3
Property Features for 611 St. Patrick Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 4
Parking features
Garage
Exterior features
Shed, RV Parking
Subdivision
South Boulevard Subdivision
Elementary school district
Rapid City
Middle school district
Rapid City
High school district
Rapid City
Directions
Heading N on 5th St. L on Saint Patrick St. home is on the L. parking available in the alley behind the home. look for shed and long driveway.
Standard status
Active
Size
1,928 SF
Utilities
Heating system
Natural Gas, Forced Air
Amenities
common laundry
storage area
Building Details
Year built
1950
Number of units
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty Black Hills SP
(605) 343-7500
Listed By:
Shauna Sheets · License #1949
(605) 545-5430
Added: Sep 2
Last Checked: Sep 4 at 5:06PM
MLS# 90236
Copyright © 2026 Mt. Rushmore Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,928-square-foot duplex in Rapid City includes a three-bedroom, one-bathroom main-level residence and a ground-floor studio. The upper unit features wood flooring, abundant natural light, a corner kitchen with ceiling-height two-tone cabinetry, bar seating, and included appliances. The studio has its own secured entry, kitchenette, sleeping area, and bathroom with a walk-in shower. A shared laundry and storage area serves both units.
Outdoor features include a covered deck for the upper residence, access to a partially fenced backyard for the lower unit, alley-accessed off-street parking, a one-car garage, shed, and RV parking. The frame home was built in 1950 and has forced-air natural gas heat with a composition roof. The property is a non-conforming multi-unit home with one utility meter.
Outdoor features include a covered deck for the upper residence, access to a partially fenced backyard for the lower unit, alley-accessed off-street parking, a one-car garage, shed, and RV parking. The frame home was built in 1950 and has forced-air natural gas heat with a composition roof. The property is a non-conforming multi-unit home with one utility meter.
Key Highlights
- 1,928 SF up‑and‑down duplex with a three‑bedroom main unit and ground‑level studio
- Main residence includes 3 bedrooms, 1 full bathroom, wood floors, and included kitchen appliances
- Studio has a separate secured entrance, kitchenette, and bathroom with walk‑in shower
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,693
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$293,860
$293.9K
Cap Rate 7%
$209,900
$209.9K
Cap Rate 9%
$163,256
$163.3K
Market Conditions
NOI Build-Up for 1,928 SF
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.
Gross rent
$22.0K $11.40/SF
− Vacancy
−$989 −$0.51/SF
EGI
$21.0K $10.89/SF
− OpEx
−$6.3K −$3.27/SF
NOI
$14.7K $7.62/SF
Area
Pennington County, SD
Vacancy
4.50%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$293,860
Cap Rate 7%
$209,900
Cap Rate 9%
$163,256
Alternative Uses
Best Use
Multifamily LT 5
$209.9K
$183.7K – $244.9K
NOI $14,693 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$195.5K
$171.0K – $228.0K
NOI $13,682 @ 7.0% cap · market cap 5.58%
Theoretical Best
Specialty Retail
$349.5K
$305.8K – $407.8K
NOI $24,466 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
799
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two units include a three-bedroom main residence and a ground-level studio with shared laundry and storage.
Where is this duplex located?
The property is located at 611 St. Patrick Street Rapid City, SD.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: 1,928 SF up‑and‑down duplex with a three‑bedroom main unit and ground‑level studio; Main residence includes 3 bedrooms, 1 full bathroom, wood floors, and included kitchen appliances; Studio has a separate secured entrance, kitchenette, and bathroom with walk‑in shower
