8-Unit Apartment
For Sale
$999,500
811 Mallow Street, Rapid City, SD 57701
MULTI-FAMILY, 2 Story, Rapid City, SD
Property Size5,198 SF
Lot Size0.40 Acres
Price / SF$192.29
Days on Market219
Property Features for 811 Mallow Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Rooms
Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4
Exterior features
Paved Street
Subdivision
Mallow Addition
Elementary school district
Rapid City
Middle school district
Rapid City
High school district
Rapid City
Directions
Heading E on Omaha St. L on Founders Park Dr. R on Philadelphia St. L on Nickel St., L on Boegel St. R on Mallow, complex is on the L.
Standard status
Active
Size
5,198 SF
Lot size
0.40 Acres
Additional Details
Individually Metered Utilities
electricity
Utilities
Heating system
Electric (Heating)
Cooling system
Wall Unit(s)
Amenities
private parking lot
private in-unit laundry
wall AC
Building Details
Year built
2005
Floors in Building
2
Number of units
8
Building materials
Frame
Roof type
Composition
Architectural style
Other
Buildings
1
Listing Agency:
Keller Williams Realty Black Hills SP
(605) 343-7500
Listed By:
Pete Jensen · License #18069
(605) 484-6713
Added: Mar 27
Changed: Oct 29
Last Checked: Oct 31 at 10:06AM
MLS# 87915
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.
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Investment Insights
Based on property information with market context.
Built in 2005, this 5,198-square-foot apartment building contains eight units across two levels, with four residences on each floor. The unit mix includes two-bedroom, one-bath layouts and three-bedroom, two-bath layouts. Each apartment has a private entrance, open living area, full kitchen, in-unit laundry, separate electric metering, wall-mounted cooling, and appliance packages. Ground-floor residences offer zero-entry access, while upper units are reached from exterior decks. The property sits on 0.4 acres and includes a private paved parking lot.
Recent property work includes water heater replacements, a newer composition roof, deck maintenance, and sprinkler system servicing. The frame building is heated with electric systems and includes egress windows where required.
Located at 811 Mallow Street in Rapid City, the property is near downtown, the Monument Arena, I-90 access, and the Black Hills.
Recent property work includes water heater replacements, a newer composition roof, deck maintenance, and sprinkler system servicing. The frame building is heated with electric systems and includes egress windows where required.
Located at 811 Mallow Street in Rapid City, the property is near downtown, the Monument Arena, I-90 access, and the Black Hills.
Key Highlights
- 8‑unit apartment building with 4 ground‑level units and 4 upper‑level units
- 5,198‑square‑foot building on a 0.4‑acre site
- Unit mix includes 2‑bedroom/1‑bath and 3‑bedroom/2‑bath apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,887
Cap Rate
3.69%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
Who owns this building?
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Lease Details
8
Residential units
Yes
Sprinkler system
Yes
Highway access
Yes
Utilities to site
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-level apartment property with private entries, in-unit laundry, updated kitchens, and a dedicated parking lot.
Where is this apartment building located?
The property is located at 811 Mallow Street 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: 8‑unit apartment building with 4 ground‑level units and 4 upper‑level units; 5,198‑square‑foot building on a 0.4‑acre site; Unit mix includes 2‑bedroom/1‑bath and 3‑bedroom/2‑bath apartments
