Rapid City, SD Multifamily Properties for Sale

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Aberdeen, SD Summerset, SD Box Elder, SD Black Hawk, SD Piedmont, SD Keystone, SD Nemo, SD Sturgis, SD

31 properties

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Updated: Mar 27

8-Unit Apartment Building with Zero-Entry

811 Mallow Street, Rapid City, SD 57701

$999,500

5,198 sqft 0.40 AC lot

8 units with four on the upper level and four on the ground level
Ground‑level zero‑entry access plus private entries for every unit
2005 construction with framed exterior and composition roof
Private paved parking lot and electric heating with wall unit cooling
Separate electric meters and private in‑unit laundry in each unit

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Updated: Jun 12

8-Unit Multifamily Apartment Building

10 E Quincy Street, Rapid City, SD 57701

$899,000

0.16 AC lot

Prime location near South Dakota School of Mines & Technology and downtown Rapid City.
8‑unit multifamily property in a consistently occupied rental corridor.
Diverse unit mix: studios, 2‑bedroom, and 3‑bedroom units.
Strong rental income potential: $650-$1,500/month per unit.
Off‑street parking and common laundry available.

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Up-and-Down Duplex with Garage

611 St. Patrick Street, Rapid City, SD 57701

$245,000

1,928 sqft

Two units include a three-bedroom main residence and a ground-level studio with shared laundry and storage.

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See what stands out in Pennington County

We check every for-sale listing in the county against comparable properties across the country. Most price about where you would expect. A few are worth a second look.

We check every listing here. A few are worth a second look.

Cap Rate available after sign in

NOI available after sign in

Local Demand available after sign in

Brick Triplex with Detached Garage

305 E PHILADELPHIA, Rapid City, SD 57701

$460,000

4,100 sqft

Three residential units offer distinct layouts, private parking options, shared outdoor areas, and individual furnaces and water heaters.

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Duplex with Privacy-Fenced Backyards

905/907 Clark Lane, Rapid City, SD 57702

$550,000

2,680 sqft

Move-in ready duplex with two renovated units, each featuring 1,340 SF and private outdoor space.

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Rented Duplex Investment Property

3417 W Rapid Street, Rapid City, SD 57702

$285,000

Duplex in Rapid City offered for sale, fully rented with zero vacancy reported for over three years.

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Fully Rented Duplex

3417 W Rapid Street, Rapid City, SD 57702

$285,000

Two-unit residential property with current occupancy and a documented vacancy-free period exceeding three years.

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Duplex Property With Mobile Home

5823 Corbin Dr, Rapid City, SD 57703

$249,900

0.69 AC lot

Two homes offer finished rental space alongside an unfinished lower-level unit for added flexibility.

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Fully Rented Duplex

3417 W RAPID, Rapid City, SD 57702

$285,000

Two-unit residential property with current occupancy and an established operating history.

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5-Unit Apartment Building

1948 Hillsview Dr, Rapid City, SD 57702

$549,900

0.90 AC lot

Updated multifamily property near Canyon Lake Park, schools, shopping, and restaurants with tenant and owner storage options.

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Eight-Unit Apartment Building

811 MALLOW ST, Rapid City, SD 57701

Contact for pricing

5,198 sqft

Eight apartments offer varied two- and three-bedroom layouts with on-site private parking.

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Downtown Two-Unit Duplex

711 5TH ST, Rapid City, SD 57702

$600,000

Commercially zoned property with residential occupancy, basement access, and a detached single-car garage.

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Furnished Side-by-Side Duplex

200 Saint Cloud St, Rapid City, SD 57701

$455,000

Each residence offers a single-level layout with a kitchen, living room, and laundry area.

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Triplex with Detached ADU

510 E Chicago, Rapid City, SD 57701

$324,900

Non-conforming tri-plex includes a main residence, finished basement suite, and detached one-bedroom efficiency cottage with electrical upgrades.

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Duplex with Attached Garage

818 South St, Rapid City, SD 57701

$279,000

Two-level layout offers separate living areas, distinct entrances, and shared in-home laundry.

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Two-Unit Duplex with Newer Roof

811 N Maple Ave, Rapid City, SD 57701

$265,000

Raised-ranch duplex with matching two-bedroom layouts, one bathroom per unit, basement space, and a storage shed.

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Duplex with Detached Garage

820 BLAINE AVE, Rapid City, SD 57701

$285,000

Income property offering fenced outdoor areas, alley-accessed garage space, and off-street parking.

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Side-by-Side Duplex with Storage

801 N MAPLE AVE, Rapid City, SD 57701

$285,000

Separate metering, private laundry, and recent exterior improvements support straightforward property management.

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Duplex Investment Property

809 HALLEY AVE, Rapid City, SD 57701

$265,000

Two-unit residential asset at an established Rapid City address.

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Mobile Home Park Portfolio

1702 E Hwy 44, Rapid City, SD 57703

$299,000

Multiple manufactured homes are available across designated Brookdale Estates lots, with purchase options tailored to the selected properties.

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Two-Residence Duplex Property

421 Spruce St, Rapid City, SD 57701

$145,000

Separate residences occupy one lot and require repair and renovation work.

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Updated Duplex with Rented Lower Unit

625 Saint Cloud St, Rapid City, SD 57701

$325,000

1,747 sqft

Upper-level improvements include a new kitchen, carpeting, paint, trim, and flooring, while the lower unit is occupied.

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Triplex with Updated Exterior

710 Haines Avenue, Rapid City, SD 57701

$229,000

2,352 sqft

Three-unit residential income property near downtown with separate utility metering and tenant parking.

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27-Unit Apartment Building with Garages

3313 Leland Ln, Rapid City, SD 57702

$1,649,000

Apartment property with on-site laundry, multiple unit layouts, and separate garage facilities.

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Rapid City, SD Multifamily Properties Market Trends and Statistics

Explore 37 multifamily properties for sale in Rapid City, SD, showcased through 31 active listings on our real estate platform. These investment opportunities span a total of 23,203 square feet of properties for sale, with an estimated market value of $10,567,200.

Sale prices for multifamily properties in Rapid City, SD start at $78,000, averaging $422,688, and reaching up to $1,649,000 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

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Top Commercial Asset Segments

Commercial property segments ranked by active listings on the market

Demographics Overview

Population 99K

Population Growth (5Y) +3.2%

Median Household Income $70,356

College Educated 33.1%

High-Yield Neighborhoods for Investment

Identify Rapid City submarkets with the highest inventory density on the market and evaluate the average listing prices of real estate assets

Neighborhood	Average Price
57703	$274.5K
57701	$377.9K
57702	$600.7K

Taxes & Financing

Tax Rate (average for all types) 1.36%

Property Tax per SF $31.57 per SF

Tax Rate vs County Average 0.02 pp below county avg

Average Loan-to-Value 65.0%

Listings Trend

New vs delisted commercial listings in Pennington County

New Delisted

Total CRE Inventory on Market (SF)

Average Property Price per SF

For-sale pricing trends across core commercial property types in Pennington County

Residential Income

Property Size Breakdown

The majority of commercial real estate listings in Rapid City fall within the 25,000 to 50,000 square foot range.

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