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    606 5Th St Brookings, SD 57006
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    606 5Th St Brookings, SD 57006

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    • Specialty properties
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    Cap Rate Potential
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    Current Use by Public Records

    • Central Park / Park / Playground
    • 5th Street Gym / Gym & Fitness Center

    Property Details for 606 5Th St

    Property type
    Specialty properties
    Property subtype
    Land

    Description

    This exceptional commercial property, located at 606 5th St, Brookings, SD 57006, presents a unique investment opportunity. Priced at $500,000, this special-purpose property consists of over 19,000 square feet of versatile indoor court space, ideal for a wide range of recreational activities. The expansive area provides ample room for various sports and year-round use, regardless of weather conditions. The property is designated as commercial land and offers significant potential for entrepreneurs seeking to establish an indoor recreation center. Showings for this property will commence on November 19th, 2024, by appointment only. All offers will be reviewed at the Brookings School District Regular Board Meeting on January 13th, 2024. This is a rare chance to acquire a substantial indoor space with high potential for return on investment in a thriving community. The property's prime location in Brookings County, South Dakota, ensures excellent visibility and accessibility. Don't miss this opportunity to own a unique and versatile commercial property. Serious inquiries are encouraged to schedule a viewing promptly.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Brookings
    County
    Brookings
    State
    South Dakota
    Longitude
    -96.7949
    Latitude
    44.3099

    Comparable in this City

    • Value Estimation by Request

      Development Wilbert Sq

      Land
      Development Wilbert Sq, Brookings, SD 57006
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    • Value Estimation by Request
      8.04 Acres

      200 Hwy 14th Byp

      CENTRALLY ASSESSED • 8.04 Acres
      200 Hwy 14th Byp, Brookings, SD 57006-4218
      View Details
    • Value Estimation by Request
      1.89 Acres

      1232 22nd S Ave

      CENTRALLY ASSESSED • 1.89 Acres
      1232 22nd S Ave, Brookings, SD 57006-2804
      View Details
    • Value Estimation by Request
      0.14 Acres

      Brookings, SD 57006

      CENTRALLY ASSESSED • 0.14 Acres
      Brookings, SD 57006
      View Details
    • Value Estimation by Request
      0.22 Acres

      Brookings, SD 57006

      CENTRALLY ASSESSED • 0.22 Acres
      Brookings, SD 57006
      View Details
    • Value Estimation by Request
      0.94 Acres

      1021 25th Ave

      COMMERCIAL (GENERAL) • 0.94 Acres
      1021 25th Ave, Brookings, SD 57006-5589
      View Details

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    606 5Th St
    Brookings, SD 57006
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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
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