I-2 Zoned Flex
For Sale
$599,900
811 SE 3rd Avenue, Aberdeen, SD 57401
COMMERCIAL - Aberdeen, SD
Property Size4,322 SF
Lot Size0.86 Acres
Price / SF$138.80
Days on Market87
Property Features for 811 SE 3rd Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-2
Subdivision
Aberdeen - City
Standard status
Active
Size
4,322 SF
Lot size
0.86 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OL 2 Consolidated Gas Co-Op SD Bk. 84 Hagerty and Lloyd Add.
Tax Annual Amount
4519
Legal Description
OL 2 Consolidated Gas Co-Op SD Bk. 84 Hagerty and Lloyd Add.
Building Details
Year built
1946
Listing Agency:
MICKELSON-REALTORS(r), INC
(605) 229-5252
Listed By:
Craig Mickelson
(605) 229-5252
Added: May 28
Changed: Aug 18
Last Checked: Aug 22 at 4:06PM
MLS# 24-290
Copyright © 2026 Aberdeen Board 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.
This flex space contains 4,322 square feet on a 0.8609-acre parcel. Built in 1946, the property carries I-2 zoning and is offered for sale with a lease option opportunity.
The site is located at 811 SE 3rd Avenue in Aberdeen, South Dakota, within Brown County and the 57401 ZIP Code. The building area, parcel size, construction year, zoning, and available transaction structure provide the primary framework for evaluating the property.
The site is located at 811 SE 3rd Avenue in Aberdeen, South Dakota, within Brown County and the 57401 ZIP Code. The building area, parcel size, construction year, zoning, and available transaction structure provide the primary framework for evaluating the property.
Key Highlights
- 4,322‑square‑foot flex space
- 0.8609‑acre parcel
- I‑2 zoning
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
$33,374
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
5.56%
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%
$667,480
$667.5K
Cap Rate 7%
$476,771
$476.8K
Cap Rate 9%
$370,822
$370.8K
Market Conditions
NOI Build-Up for 4,322 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
$57.1K $13.20/SF
− Vacancy
−$5.7K −$1.32/SF
EGI
$51.3K $11.88/SF
− OpEx
−$18.0K −$4.16/SF
NOI
$33.4K $7.72/SF
Area
Brown County, SD
Vacancy
10.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$667,480
Cap Rate 7%
$476,771
Cap Rate 9%
$370,822
Alternative Uses
Best Use
Flex RnD
$476.8K
$417.2K – $556.2K
NOI $33,374 @ 7.0% cap · market cap 5.56%
Second Best
Industrial
$140.0K
$122.5K – $163.4K
NOI $9,802 @ 7.0% cap · market cap 1.63%
Theoretical Best
Healthcare Medical
$754.6K
$660.3K – $880.4K
NOI $52,823 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 57401, SD
32,275
Population
15,016
Households
2.1
Avg Household Size
37
Median Age
35%
College-Educated
93%
High-School Grad
278.8 sq mi
ZIP Area
116
Density / Sq Mi
$68,183
Median Household Income
$40,562
Median Earnings
$787
Median Rent
$216,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Fabricia Cooks — 515 N 1st St, Aberdeen, SD 57401
- Canterbury Deli & Catering — 412 S Main St, Aberdeen, SD 57401
Frequently Asked Questions
What type of property is this?
Flex space - Commercial building on a sizable parcel with industrial zoning and a lease option opportunity.
Where is this flex space located?
The property is located at 811 SE 3rd Avenue Aberdeen, SD.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 4,322‑square‑foot flex space; 0.8609‑acre parcel; I‑2 zoning
