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    1435 33Rd St Watertown, SD 57201

    For Sale
    $2,520,000

    High-yield NNN lease, 9.6% cap rate.

    Property size:
    30,240 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    362
    This exceptional investment opportunity presents a 30,240-square-foot, two-story office building in Watertown, South Dakota. The property, built in 2000 and renovated in 2002, boasts a steel and concrete block structure with a brick façade and features two horizontal fenestration bands for optimal natural light. The building is situated on a 4.43-acre lot with ample parking (273 spaces). Currently operating under a triple-net (NNN) lease with a corporate guarantee, the property offers a 100% occupancy rate with a remaining lease term of approximately 0.6 years (expiring March 30, 2024), followed by two one-year lease options. The current annual net operating income (NOI) is $241,920, yielding a 9.6% capitalization rate. Key features include restrooms and kitchenettes on both floors, and Cat5 cabling throughout. The property is zoned C-3 and benefits from Watertown's strategic location, midway between Sioux Falls and Fargo, and its access to major highways (I-29, US 81, and US 212). Watertown's strong workforce, fueled by Mount Marty University and Lake Area Technical College, and its "accent-neutral" speech, make it an ideal location for various businesses, particularly call centers. The asking price is $2,520,000, representing a price per square foot of $83.33. This is a rare opportunity to acquire a stable, high-yielding commercial property in a desirable location.

    Property Features for 1435 33Rd St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    30,240 SF
    Class
    B
    Lot Size
    192,971 SF

    Building Details

    Year Built/Renovated
    2000/2
    Buildings
    1
    Stories
    2
    Units
    1

    HighLights

    • Triple‑net leased, producing consistent income.
    • The property boasts a prime location in a high‑growth area, ensuring strong tenant demand and future appreciation.
    • The building features modern amenities and high‑quality finishes, attracting high‑quality tenants.
    • The property offers a strong cash flow with a low vacancy rate.
    • The building is well‑maintained and structurally sound, minimizing future capital expenditures.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Building Supply Clothing Store Hair Salon Dental Office Wholesale Shop Kitchen & Bath Pharmacy Spa & Massage

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Watertown
    County
    Codington
    State
    South Dakota
    Longitude
    -97.0598737
    Latitude
    44.8849561

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    FAQs

    What type of property is this?
    Office Property / Space - High-yield NNN lease, 9.6% cap rate.
    Where is this office property / space located?
    The property is located at 1435 33Rd St Watertown, SD.
    What is the asking price?
    The asking price for this property is $2,520,000.
    What are key features of this property?
    This property features: Triple-net leased, producing consistent income.; The property boasts a prime location in a high-growth area, ensuring strong tenant demand and future appreciation.; The building features modern amenities and high-quality finishes, attracting high-quality tenants.
    Request Owner's contact information
    1435 33Rd St Watertown, SD 57201
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1435 33Rd St Watertown, SD 57201
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