Downtown Multi-Unit Office
815 Saint Joseph St Rapid City, SD 57701
For Sale
$1,750,000
Four individual office units with established tenants and on-street and off-street parking.
Property Size12,444 SF
Price / SF$140.63
Days on Market443
Property Features for 815 Saint Joseph St
General Information
- Standard status
- Active
- Size
- 12,444 SF
Listing Agency:
BETTER WAY HALF FEE REALTY
(605) 381-8281
Listed By:
BILLY HALL
(605) 381-8281
Source:
Exprealty
Added: May 8, 2025
Changed: Jul 23
Last Checked: Jul 23 at 2:55PM
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 BETTER WAY HALF FEE REALTY
Investment Insights
Based on property information with market context.
The property is a 12,444-square-foot office building configured as four individual units. Public remarks indicate the units have established tenants in place, supporting immediate occupancy. The building is described as being in great condition.
Located at 815 Saint Joseph St in downtown Rapid City, the site is positioned in a high-visibility, high-traffic area. Parking is available both on-street and off-street, offering convenient access for tenants and their clients.
For purchasers or tenants looking for a multi-unit office asset, the building’s four separate units provide a straightforward ownership and leasing structure, with parking access suited to day-to-day business operations.
Located at 815 Saint Joseph St in downtown Rapid City, the site is positioned in a high-visibility, high-traffic area. Parking is available both on-street and off-street, offering convenient access for tenants and their clients.
For purchasers or tenants looking for a multi-unit office asset, the building’s four separate units provide a straightforward ownership and leasing structure, with parking access suited to day-to-day business operations.
Key Highlights
- 12,444 SF commercial building with four individual office units
- Established tenants in place for immediate cash flow
- On‑street and off‑street parking available for tenants and visitors
Financial Insights For Office B
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 | $186.7k | $15.00 |
| − Vacancy | −$28.0k | −$2.25 |
| EGI | $158.7k | $12.75 |
| − OpEx | −$39.7k | −$3.19 |
| NOI | $119.0k | $9.56 |
12,444 SF · lease $15.00/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.70M
$1.49M – $1.98M
NOI $118,996 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.26M
$1.97M – $2.63M
NOI $157,914 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
FAQs
What type of property is this?
Office building - Four individual office units with established tenants and on-street and off-street parking.
Where is this office building located?
The property is located at 815 Saint Joseph St Rapid City, SD.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 12,444 SF commercial building with four individual office units; Established tenants in place for immediate cash flow; On‑street and off‑street parking available for tenants and visitors
