Two-Level Professional Office
For Sale
$625,000
924 Quincy St, Rapid City, SD 57701
Two-level office property with private offices, conference space, kitchen, storage, and on-site parking.
Property Size4,888 SF
Price / SF$127.86
Days on Market11
Property Features for 924 Quincy St
General Information
Standard status
Active
Size
4,888 SF
Total Parking Spaces
13
Zoning
HDR
Building Details
Buildings
2
Stories
2
Building Size
4,888 SF
Listing Agency:
KELLER WILLIAMS REALTY BLACK HILLS
Listed By:
CHRISTOPHER LONG · License #1840
(605) 939-4489
Source:
Exprealty
Added: Aug 24
Changed: Sep 3
Last Checked: Sep 3 at 2:22AM
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 KELLER WILLIAMS REALTY BLACK HILLS
Investment Insights
Based on property information with market context.
This freestanding professional office building at 924 Quincy St in Rapid City provides a two-level configuration with 11 private offices. The main floor is organized around reception and waiting areas, six offices, and a mail and copy room. The lower level adds five offices, a conference room, full kitchen with dining area, and substantial storage.
On-site parking accommodates approximately 11 vehicles, while a detached two-car garage offers alley access. A covered ramped entrance serves the rear of the property. Separate utility metering and dual staircases support flexible occupancy arrangements, including use of one level while leasing the other. The property is near West Blvd and downtown Rapid City and is zoned High Density Residential (HDR).
On-site parking accommodates approximately 11 vehicles, while a detached two-car garage offers alley access. A covered ramped entrance serves the rear of the property. Separate utility metering and dual staircases support flexible occupancy arrangements, including use of one level while leasing the other. The property is near West Blvd and downtown Rapid City and is zoned High Density Residential (HDR).
Key Highlights
- 11 private offices across a two‑level professional office building
- Main level includes reception, waiting area, six offices, and mail/copy room
- Lower level features five offices, conference room, full kitchen, dining area, and storage
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
$46,742
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
7.48%
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%
$934,840
$934.8K
Cap Rate 7%
$667,743
$667.7K
Cap Rate 9%
$519,356
$519.4K
Market Conditions
NOI Build-Up for 4,888 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
$73.3K $15.00/SF
− Vacancy
−$11.0K −$2.25/SF
EGI
$62.3K $12.75/SF
− OpEx
−$15.6K −$3.19/SF
NOI
$46.7K $9.56/SF
Area
Pennington County, SD
Vacancy
15.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$934,840
Cap Rate 7%
$667,743
Cap Rate 9%
$519,356
Alternative Uses
Best Use
Office B
$667.7K
$584.3K – $779.0K
NOI $46,742 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$886.1K
$775.4K – $1.03M
NOI $62,029 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,062
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-level office property with private offices, conference space, kitchen, storage, and on-site parking.
Where is this office building located?
The property is located at 924 Quincy St Rapid City, SD.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 11 private offices across a two‑level professional office building; Main level includes reception, waiting area, six offices, and mail/copy room; Lower level features five offices, conference room, full kitchen, dining area, and storage
