Eight-Unit Apartment
For Sale
Contact for pricing
811 MALLOW ST, Rapid City, SD 57701
Eight apartments offer varied two- and three-bedroom layouts with on-site private parking.
Property Size5,198 SF
Price / SF$192.29
Days on Market10
Property Features for 811 MALLOW ST
General Information
Standard status
Active
Size
5,198 SF
Total Parking Spaces
12
Property subtype
Multifamily
Additional Details
Sprinkler System
Yes
Multifamily Units
8
Building Details
Year Built
2005
Buildings
1
Stories
2
Units
8
Tenancy
Single
Listing Agency:
Keller Williams Realty Black Hills
Listed By:
David Kahler · License #SD 3553
Source:
Crexi
Added: Jul 30
Changed: Aug 4
Last Checked: Aug 6 at 1:58PM
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 Keller Williams Realty Black Hills
Investment Insights
Based on property information with market context.
Built in 2005, this apartment property contains eight units arranged across ground and upper levels, with four residences on each floor. The unit mix includes two-bedroom, one-bathroom homes and three-bedroom, two-bathroom homes. Interior features include updated kitchens, wall-mounted air conditioning, low-maintenance flooring, egress windows where required, and appliances that remain with the property.
The property includes a private parking lot for residents. Recent maintenance includes water heater replacements, roof work, deck staining, and a sprinkler system recharge, providing a documented set of building and site improvements.
The property includes a private parking lot for residents. Recent maintenance includes water heater replacements, roof work, deck staining, and a sprinkler system recharge, providing a documented set of building and site improvements.
Key Highlights
- Eight apartment units with four ground‑level and four upper‑level residences
- Mix of 2‑bedroom/1‑bathroom and 3‑bedroom/2‑bathroom layouts
- Private parking lot included
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
$36,887
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
3.69%
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%
$737,740
$737.7K
Cap Rate 7%
$526,957
$527.0K
Cap Rate 9%
$409,856
$409.9K
Market Conditions
NOI Build-Up for 5,198 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
$69.9K $13.44/SF
− Vacancy
−$2.8K −$0.54/SF
EGI
$67.1K $12.90/SF
− OpEx
−$30.2K −$5.81/SF
NOI
$36.9K $7.10/SF
Area
Pennington County, SD
Vacancy
4.00%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
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%
$737,740
Cap Rate 7%
$526,957
Cap Rate 9%
$409,856
Alternative Uses
Best Use
Apartment 5plus
$527.0K
$461.1K – $614.8K
NOI $36,887 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$942.3K
$824.5K – $1.10M
NOI $65,963 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
454
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Eight apartments offer varied two- and three-bedroom layouts with on-site private parking.
Where is this apartment building located?
The property is located at 811 MALLOW ST Rapid City, SD.
What is the asking price?
The asking price for this property is $999,500.
What are key features of this property?
This property features: Eight apartment units with four ground‑level and four upper‑level residences; Mix of 2‑bedroom/1‑bathroom and 3‑bedroom/2‑bathroom layouts; Private parking lot included
