Historic Two-Story Office
For Sale
$735,000
728 6th St, Rapid City, SD 57701
Two-story office building with original wood finishes, leaded-glass transom windows, and an unfinished basement for storage.
Property Size5,896 SF
Price / SF$124.66
Days on Market185
Property Features for 728 6th St
General Information
Standard status
Active
Size
5,896 SF
Amenities
conference room
kitchenette
wrap-around porch
on-site parking
Building Details
Year Built
1914
Stories
2
Construction
Prairie-style
Listing Agency:
SUN REAL ESTATE
Listed By:
ELLI THURSTON
(605) 484-5226
Source:
Exprealty
Added: Mar 3
Changed: Aug 20
Last Checked: Sep 4 at 12:30PM
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 SUN REAL ESTATE
Investment Insights
Based on property information with market context.
The Michael Quinn House is a preserved historic office building constructed in 1914. The property features concrete brick construction, original wood floors and doors, and leaded-glass transom windows along with seeded (historic) glass windows that reflect its early 20th-century character. The interior includes a main level with three separate entrances (front, west side, and rear), a reception/secretarial area, a large front office suite, additional private offices, a spacious conference room, a kitchenette area, and a half bathroom. The second level offers an expansive open layout suitable for flexible office or equipment use. An additional full unfinished basement provides storage, archives, or future expansion opportunities, including a cellar.
The building is located on the corner of Quincy and 6th Street in Downtown Rapid City within the Central Business District. The property also includes a wrap-around porch for sheltered outdoor space and on-site downtown parking for convenient daily access.
This offering is listed on the Historic Register. The wood shingle roof was replaced approximately 10 years ago, supporting long-term building maintenance while retaining the property’s original architectural integrity and period details.
The building is located on the corner of Quincy and 6th Street in Downtown Rapid City within the Central Business District. The property also includes a wrap-around porch for sheltered outdoor space and on-site downtown parking for convenient daily access.
This offering is listed on the Historic Register. The wood shingle roof was replaced approximately 10 years ago, supporting long-term building maintenance while retaining the property’s original architectural integrity and period details.
Key Highlights
- Historic two‑story commercial office building constructed in 1914, on 6th Street in Rapid City’s Central Business District
- Approximately 3,864 SF premium office space plus 1,932 SF unfinished basement for storage, archives, or future expansion
- Prairie‑style concrete brick construction with original wood floors and doors, plus leaded‑glass transom windows and historic seeded glass windows
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
$56,381
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
7.67%
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%
$1,127,620
$1.1M
Cap Rate 7%
$805,443
$805.4K
Cap Rate 9%
$626,456
$626.5K
Market Conditions
NOI Build-Up for 5,896 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
$88.4K $15.00/SF
− Vacancy
−$13.3K −$2.25/SF
EGI
$75.2K $12.75/SF
− OpEx
−$18.8K −$3.19/SF
NOI
$56.4K $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 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%
$1,127,620
Cap Rate 7%
$805,443
Cap Rate 9%
$626,456
Alternative Uses
Best Use
Office B
$805.4K
$704.8K – $939.7K
NOI $56,381 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.07M
$935.3K – $1.25M
NOI $74,820 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,188
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with original wood finishes, leaded-glass transom windows, and an unfinished basement for storage.
Where is this office building located?
The property is located at 728 6th St Rapid City, SD.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Historic two‑story commercial office building constructed in 1914, on 6th Street in Rapid City’s Central Business District; Approximately 3,864 SF premium office space plus 1,932 SF unfinished basement for storage, archives, or future expansion; Prairie‑style concrete brick construction with original wood floors and doors, plus leaded‑glass transom windows and historic seeded glass windows
