Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Rapid City Residential Development Land Title is generated by Realmo AI

    TBD Harmony Heights Lane, Rapid City, SD 57702

    View on Map
    Claim this Listing
    For Sale
    $600,000

    Residential Multi - Rapid City, SD

    Lot size:
    7.47 Acres
    Added:
    Aug 5, 2025
    Days on Market:
    290
    Last Refresh:
    May 21 at 8:06 pm

    Property Features for TBD Harmony Heights Lane

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential,Multi-Family
    Standard status
    Active
    Lot size
    7.47 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Will Dixon
    Will Dixon

    Listing agent Will Dixon

    Listing office Keller Williams Realty Black Hills RC 2401 W Main Street, Rapid City, SD

    Listing date Aug 5, 2025

    MLS# 85570 Listing URL

    Copyright © 2026 Mt. Rushmore Area Association 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.

    HighLights

    • 7.47 acres suitable for medium or high‑density residential development (townhomes or apartments).
    • City's future land use plan designates the land for urban neighborhood development.
    • Potential for light industrial/commercial zoning consideration by the city.
    • Great Interstate Exposure.
    • Located across the street from Harmony Heights Apartments.
    • Ready for immediate possession.

    Overview

    This 7.47-acre parcel is positioned for development of apartment and townhome building sites. It offers exposure to the interstate and is located across the street from Harmony Heights Apartments. According to zoning maps, the parcel is currently zoned general ag, but the city's future land use plan indicates the land is intended for urban neighborhood development, suitable for medium or high-density residential zoning, making it ideal for townhomes or apartments. The city may also consider light industrial or commercial zoning. The property is ready for immediate possession.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Rapid City
    County
    Pennington
    State
    South Dakota
    Longitude
    -103.2477516
    Latitude
    44.1052595

    Nearby Similar for Sale

    • $599,000
      4,662 SF

      Multi-Tenant Office Building in Rapid City

      Multi-tenant office property with income potential in central Rapid City.
      2001 7th Street, Rapid City, SD 57701
      View Details
    • $995,000
      5,527 SF

      Rapid City Professional Office Building

      Professional office building near medical corridor in Rapid City, SD.
      625 Flormann Street, Rapid City, SD 57701
      View Details
    • $549,000
      3,456 SF

      Remodeled Retail Space in Rapid City

      2,136 SF remodeled retail space with additional income potential.
      12300 W Hwy 44, Rapid City, SD 57702
      View Details
    • $975,000
      10,840 SF

      Rapid City Warehouses on Cambell

      Two warehouses totaling 10,840 SF on 2.22 acres.
      3418 Cambell Street, Rapid City, SD 57701
      View Details
    • $1,090,000
      7,234 SF

      Rapid City Multi-Tenant Office Building

      Multi-tenant office building with income potential near Mount Rushmore.
      1010 9th Street, Rapid City, SD 57701
      View Details
    • $999,500
      5,198 SF

      Rapid City Apartment Investment Opportunity

      Eight-unit apartment complex in central Rapid City with high occupancy.
      811 Mallow Street, Rapid City, SD 57701
      View Details
    • $610,000

      Rapid City Development Opportunity

      4-acre commercial/multifamily development site in established Orchard Meadows subdivision.
      3222 Jaffa Garden Way, Rapid City, SD 57703
      View Details
    • $450,000
      1,920 SF

      Rapid City Commercial Corner Property

      Commercial property with showroom, garage, and highway frontage.
      1585 Valley Drive, Rapid City, SD 57703
      View Details
    • $899,000

      Rapid City Multifamily Investment Property

      8-unit multifamily property near downtown and School of Mines.
      10 E Quincy Street, Rapid City, SD 57701
      View Details
    • $1.00
      4,000 SF

      New Construction Warehouse Space Available

      New construction warehouse space for contractor, service, and equipment-based businesses.
      1931 Dyess Avenue, Rapid City, SD 57701
      View Details
    • $1.00
      8,000 SF

      New Construction Warehouse Space Available

      New construction warehouse space for contractor, service, and equipment-based businesses.
      1931 Dyess Avenue, Rapid City, SD 57701
      View Details
    • $350,000

      Residential Land with Panoramic Views

      Rare Rapid City land with development potential and stunning views.
      4022 Linden Ln, Rapid City, SD 57702
      View Details

    FAQs

    What type of property is this?
    Land - 7.47 acres suitable for apartments or townhomes development.
    Where is this land located?
    The property is located at TBD Harmony Heights Lane Rapid City, SD.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: 7.47 acres suitable for medium or high‑density residential development (townhomes or apartments).; City's future land use plan designates the land for urban neighborhood development.; Potential for light industrial/commercial zoning consideration by the city.
    (605) 390-1140
    We can help!
    Listing Contact
    Will Dixon
    Will Dixon
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    TBD Harmony Heights Lane, Rapid City, SD 57702
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!