8-Unit Apartment Building with
811 Mallow Street Rapid City, SD 57701
For Sale
$999,500
MULTI_FAMILY - Rapid City, SD
Property Size5,198 SF
Lot Size0.40 Acres
Price / SF$192.29
Days on Market123
Property Features for 811 Mallow Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Rooms
- Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 5
- Exterior features
- Paved Street
- Standard status
- Active
- Size
- 5,198 SF
- Lot size
- 0.40 Acres
Utilities
- Heating system
- Electric (Heating)
- Cooling system
- Wall Unit(s)
Building Details
- Year built
- 2005
- Floors in Building
- 2
- Number of units
- 8
- Building materials
- Frame
- Roof type
- Composition
- Architectural style
- Other
Listing Agency:
Keller Williams Realty Black Hills SP
(605) 343-7500
Listed By:
Pete Jensen
(605) 484-6713
Added: Mar 27
Changed: Jul 11
Last Checked: Jul 27 at 6:06AM
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.
Investment Insights
Based on property information with market context.
Built in 2005, this 8-unit apartment complex is arranged with four units on the upper level and four units on the ground level. Ground level units are zero-entry for access convenience, while the upper level is served by refreshed decks located on either end of the building. Each unit has its own private entry and an open-concept living layout with a full kitchen and private in-unit laundry, complemented by separate electric meters. The tenant mix includes two-bedroom/one-bath and three-bedroom/two-bath units. The property has been consistently maintained, with updates noted to kitchens, low-maintenance flooring, wall AC, and egress windows as needed, and all appliances staying with the units. Recent preventive maintenance includes water heater replacements, a newer roof, deck staining, and sprinkler system recharge.
The building is located in central Rapid City and is described as being near downtown and the Monument Arena, with access to I-90 and the Black Hills.
For buyers seeking a smaller, self-contained residential income asset, this configuration offers individually metered units with private entrances, in-unit laundry, and multiple unit sizes to serve different household needs. The on-site parking lot supports day-to-day tenant convenience, and the documented upkeep and capital items provide a practical foundation for continued property management.
The building is located in central Rapid City and is described as being near downtown and the Monument Arena, with access to I-90 and the Black Hills.
For buyers seeking a smaller, self-contained residential income asset, this configuration offers individually metered units with private entrances, in-unit laundry, and multiple unit sizes to serve different household needs. The on-site parking lot supports day-to-day tenant convenience, and the documented upkeep and capital items provide a practical foundation for continued property management.
Key Highlights
- 8‑unit apartment complex built in 2005 with 4 units on the upper level and 4 units on ground level
- Unit mix includes 2BD/1BA and 3BD/2BA units; rent ranges from $875 to $1,075 per unit
- Each unit has private entry, open‑concept living space, full kitchen, and private in‑unit laundry; separate electric meters
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $69.9k | $13.44 |
| − Vacancy | −$2.8k | −$0.54 |
| EGI | $67.1k | $12.90 |
| − OpEx | −$30.2k | −$5.81 |
| NOI | $36.9k | $7.10 |
5,198 SF · lease $13.44/SF/yr · vacancy 4.00% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Eight-unit apartment building with private parking, zero-entry ground access, and in-unit laundry plus separate electric meters.
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 complex built in 2005 with 4 units on the upper level and 4 units on ground level; Unit mix includes 2BD/1BA and 3BD/2BA units; rent ranges from $875 to $1,075 per unit; Each unit has private entry, open‑concept living space, full kitchen, and private in‑unit laundry; separate electric meters
