Rapid City Medical Corridor Property

625 Flormann St, Rapid City, SD

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For Sale

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Single tenant NNN investment property in Rapid City medical corridor.

Type:OFFICE

Property size:

5,527 SF

Lot size:

0.57 Acres

Price / SF:

$189/SF

HighLights

Single tenant NNN investment property
Well located in the Rapid City medical corridor
Extensive building remodel in 2019 and full basement renovation in 2023
Building is equipped with interior and exterior video surveillance system
Remote controlled heating/cooling system and an air purifying system installed throughout the entire building
Includes a fully functioning vault, 4 large offices, 4 consultation rooms, 3 restrooms, kitchenette, basement, and a parking lot with 20 spots

We can help!

Listing Contact

Chris Long

For Sale

Contact for pricing

Single tenant NNN investment property in Rapid City medical corridor.

Type:OFFICE

Property size:

5,527 SF

Lot size:

0.57 Acres

Price / SF:

$189/SF

Added:: Aug 16, 2024
Days on Market:: 671
Last Refresh:: May 20 at 8:01 pm

Property Features for 625 Flormann St

General Information

Standard status: Active
Size: 5,527 SF
Lot size: 0.57 Acres
Property subtype: OFFICE

We can help!

Listing Contact

Chris Long

Listing agent Chris Long License #14881

Listing office KW Black Hills

Listing date Aug 16, 2024

Source Moodyscre

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 KW Black Hills

HighLights

Single tenant NNN investment property
Well located in the Rapid City medical corridor
Extensive building remodel in 2019 and full basement renovation in 2023
Building is equipped with interior and exterior video surveillance system
Remote controlled heating/cooling system and an air purifying system installed throughout the entire building
Includes a fully functioning vault, 4 large offices, 4 consultation rooms, 3 restrooms, kitchenette, basement, and a parking lot with 20 spots

Overview

This single-tenant property is located in the Rapid City medical corridor. The building underwent an extensive remodel in 2019, followed by a full basement renovation in 2023. The current business has occupied the building since 2019 and remodeled it specifically for their use. The building is equipped with an interior and exterior video surveillance system, a remote-controlled heating/cooling system, and an air purifying system installed throughout the entire building. Access is controlled by a key card entry system with an ADA push plate. The 5527-square-foot building includes a fully functioning vault, 4 large offices, 4 consultation rooms, 3 restrooms, and a kitchenette. It also features a basement and a parking lot with 20 spots.

Local Financial Insights For Healthcare Medical

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$116.1k	$21.00
− Vacancy	−$9.9k	−$1.79
EGI	$106.2k	$19.22
− OpEx	−$42.5k	−$7.69
NOI	$63.7k	$11.53

5,527 SF · lease $21.00/SF/yr · vacancy 8.50% · expense 40.00%

Alternative Uses

Best Use

Healthcare Medical

$910.3K

$796.5K – $1.06M (±1% cap)

NOI $63,721 @ 7.0% cap · market cap 6.07%

Second Best

Office B

$755.0K

$660.7K – $880.9K (±1% cap)

NOI $52,852 @ 7.0% cap · market cap 5.04%

Theoretical Best

Specialty Retail

$1.00M

$876.7K – $1.17M (±1% cap)

NOI $70,138 @ 7.0% cap · market cap 6.69%

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

Property Profile Location Intelligence

Current Use by Public Records

Sarah Schryvers Physician Dr. Kendra Joswiak Physician C U Mortgage ... Loan Service Project Recovery Medical Clinic Michelle Wasson Physician

Suggested Use

Similar Places Nearby

Noah's Ark Animal Hospital, LLC — 1315 Mt Rushmore Rd, Rapid City, SD 57701

Location Insight

Map
Local Demand

City: Rapid City
County: Pennington
State: South Dakota
Longitude: -103.23
Latitude: 44.0642

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What type of property is this?

Medical Office Space - Single tenant NNN investment property in Rapid City medical corridor.

Where is this medical office space located?

The property is located at 625 Flormann St Rapid City, SD.

What is the asking price?

The asking price for this property is $1,049,000.

What are key features of this property?

This property features: Single tenant NNN investment property; Well located in the Rapid City medical corridor; Extensive building remodel in 2019 and full basement renovation in 2023

625 Flormann St, Rapid City, SD

Single tenant NNN investment property in Rapid City medical corridor.

Property Features for 625 Flormann St

General Information

We can help!

HighLights

Overview

Local Financial Insights For Healthcare Medical

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Similar Places Nearby

Location Insight

Nearby Similar for Sale

Multi-Tenant Office Building in Rapid City

Rapid City Professional Office Building

Rapid City Multi-Tenant Office Building

Remodeled Retail Space in Rapid City

Rapid City Warehouses on Cambell

8-Unit Apartment Building with Parking

Rapid City Commercial Corner Property

Trailer Sales and Service Business

8-Unit Multifamily Investment Building

Rapid City Industrial Warehouse Available

Rapid City Multifamily Investment Property

Rapid City Warehouses on Cambell

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