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    909 Saint Patrick St Rapid City, SD 57701

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    For Lease
    Contact for pricing

    Rapid City, SD Office Space for Lease

    Lot size:
    32,400 SF

    Property Features for 909 Saint Patrick St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    32,400 SF
    Total Rate
    27000

    Building Details

    Year Built/Renovated
    1965/2023
    Buildings
    1

    Spaces For Lease

    at 909 Saint Patrick St, Rapid City, SD 57701 Contact us
    Unit Suite 7

    $10 /Mo

    Size
    4,895 SF
    Contact us
    Unit Individual Office

    $12 /Mo

    Size
    300 SF
    Contact us

    We can help!

    Listing Contact
    Mariah Jeffery
    Mariah Jeffery

    Listing Agent: Mariah Jeffery

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional office space, located within the Midland Shopping Center at 909 E Saint Patrick St, Rapid City, SD 57701, offers a prime opportunity for businesses seeking versatile and well-appointed accommodations. The property, situated on 2.43 acres and boasting a total of 32,400 square feet, underwent a complete renovation in 2023. Currently available is 4,875 square feet of office space, divisible to accommodate various business needs. The space features 19 individual offices, many equipped with sinks, and offers access to a shared entry/waiting area. The building provides both front and rear access, ensuring convenient entry and exit. Ample parking is available for tenants and their clients. Individual office spaces are available for lease, with a minimum one-year lease term. The building's zoning is commercial, allowing for a range of uses, including traditional office and medical office spaces. Built in 1965, this property benefits from recent upgrades, combining classic charm with modern functionality. The location on Saint Patrick St, near Saint Joseph St, provides excellent visibility and accessibility within a busy commercial area. Some existing furniture may be available. This is an ideal location for businesses seeking a well-maintained, conveniently located, and adaptable office space in Rapid City.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Boyds Drug Mart Pharmacy Western Resources for Independent ... General Contractor Black Hills Center ... Charitable Organization SD Dept of health Medical Clinic Happy Jacks-East Hotel & Motel

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Rapid City
    County
    Pennington
    State
    South Dakota
    Longitude
    -103.2012528
    Latitude
    44.0666649

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    FAQs

    What type of property is this?
    Medical office - Rapid City, SD Office Space for Lease
    Where is this medical office located?
    The property is located at 909 Saint Patrick St Rapid City, SD.
    What is the lease rate?
    The lease rate is $10-$12 SF/Yr.
    What are key features of this property?
    This property features: High-traffic location on E. St. Patrick St, near E. St. Joseph.; Strong synergy with neighboring businesses including a casino, two salons, and offices, with O'Reilly Auto Parts opening Fall 2024.; Versatile open space suitable for various uses.
    (307) 316-2239 Call to check price and availability
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    909 Saint Patrick St Rapid City, SD 57701
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    Rapid City, SD 57701
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    909 Saint Patrick St Rapid City, SD 57701
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Mariah Jeffery
    Mariah Jeffery
    Real Estate License ID: WY,RE-16311
    (307) 316-2239 (571) 244-8938 (307) 632-6481
    Learn more
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