Victorian-Style Corner Office
For Sale
$575,000
Pending
730 SOUTH ST, Rapid City, SD 57701
Victorian office building with three finished levels, dedicated staircase, and off-street parking.
Property Size3,752 SF
Days on Market97
Property Features for 730 SOUTH ST
General Information
Standard status
Pending
Size
3,752 SF
Amenities
Central Air
Forced Air
Unfinished
City
Building Details
Building Size
3,752 SF
Listing Agency:
RE/MAX RESULTS
Listed By:
BART MILLER · License #13116
(605) 391-2645
Source:
Evrealestate
Added: Jun 1
Changed: Aug 28
Last Checked: Aug 25 at 6:04AM
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 RE/MAX RESULTS
Investment Insights
Based on property information with market context.
Victorian-style corner office building offering three finished levels of office space plus a lower level for added utility. The main floor includes a reception area, conference room, three private offices, employee break room with kitchen, and a full bathroom, anchored by two wood-burning fireplaces with granite surrounds and custom mantles. The second level provides two private offices, a flexible conference room that could function as a third office, two storage areas, and a bathroom with a classic claw foot bathtub and tiled flooring, served by a dedicated staircase providing secondary access to the exterior. The lower level adds additional space suitable for storage, records, or support use.
The property is located at the corner of Mount Rushmore Road and South Street, with off-street parking available. Recent exterior updates include a brand-new roof and fresh exterior paint completed in 2025, following comprehensive renovations in 2005 that included updated HVAC, electrical, and plumbing systems.
The property is located at the corner of Mount Rushmore Road and South Street, with off-street parking available. Recent exterior updates include a brand-new roof and fresh exterior paint completed in 2025, following comprehensive renovations in 2005 that included updated HVAC, electrical, and plumbing systems.
Key Highlights
- Victorian‑style office building on the corner of Mount Rushmore Road and South Street
- 3,750+ sq. ft. of rentable space across three finished levels
- Main floor (1,561 sq. ft.) includes reception, conference room, 3 private offices, break room with kitchen, and full bathroom
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
$35,879
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
6.24%
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%
$717,580
$717.6K
Cap Rate 7%
$512,557
$512.6K
Cap Rate 9%
$398,656
$398.7K
Market Conditions
NOI Build-Up for 3,752 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
$56.3K $15.00/SF
− Vacancy
−$8.4K −$2.25/SF
EGI
$47.8K $12.75/SF
− OpEx
−$12.0K −$3.19/SF
NOI
$35.9K $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%
$717,580
Cap Rate 7%
$512,557
Cap Rate 9%
$398,656
Alternative Uses
Best Use
Office B
$512.6K
$448.5K – $598.0K
NOI $35,879 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$680.2K
$595.2K – $793.6K
NOI $47,613 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,237
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 - Victorian office building with three finished levels, dedicated staircase, and off-street parking.
Where is this office building located?
The property is located at 730 SOUTH ST Rapid City, SD.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Victorian‑style office building on the corner of Mount Rushmore Road and South Street; 3,750+ sq. ft. of rentable space across three finished levels; Main floor (1,561 sq. ft.) includes reception, conference room, 3 private offices, break room with kitchen, and full bathroom
