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    216 Main St Lennox, SD 57039

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    216 Main St Lennox, SD 57039

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    • Retail properties & Spaces
    • 4,359 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 216 Main St

    Year built
    1930
    Property size
    4,359 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Office properties & Spaces

    Description

    This exceptional executive office space, located at 216 S. Main Street in Lennox, South Dakota, presents a unique leasing opportunity. The property, a Class B building constructed in 1930, offers a total of 4,359 square feet, with 2,674 square feet currently vacant and ready for immediate occupancy. The building is categorized as both retail and office space, currently configured as a single-tenant space, ideal for a business seeking a prominent location in a thriving community. Situated on a 0.1-acre lot, the property benefits from high visibility and convenient access. The address is 216 S Main St, Lennox, SD 57039, within Lincoln County. This presents a rare chance to secure a well-established space in a desirable location. The building's history adds character, while the available square footage provides ample room for expansion and customization to suit specific business needs. The single-tenant occupancy ensures privacy and control over the space. This property is perfect for businesses seeking a blend of historical charm and modern functionality in a convenient and accessible location. The property's classification as an executive office space highlights its suitability for professional businesses requiring a sophisticated and well-presented workspace. The ample square footage allows for a variety of configurations to meet diverse business requirements.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lennox
    County
    Lincoln
    State
    South Dakota
    Longitude
    -96.8913
    Latitude
    43.3537

    Comparable in this City

    • Value Estimation by Request
      2,674 SF

      216 Main St

      Office properties & Spaces • 2,674 SF
      216 Main St, Lennox, SD 57039
      View Details
    • Value Estimation by Request
      3.00 Acres

      Lennox, SD 57039

      COMMERCIAL (GENERAL) • 3.00 Acres
      Lennox, SD 57039
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    • Value Estimation by Request
      3.21 Acres

      216 Oriole Ave

      COMMERCIAL (GENERAL) • 3.21 Acres
      216 Oriole Ave, Lennox, SD 57039
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    • Value Estimation by Request
      0.32 Acres

      1005 Blaine St

      COMMERCIAL (GENERAL) • 0.32 Acres
      1005 Blaine St, Lennox, SD 57039-2424
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    • Value Estimation by Request
      0.07 Acres

      100 Main St

      COMMERCIAL (GENERAL) • 0.07 Acres
      100 Main St, Lennox, SD 57039-2172
      View Details
    • Value Estimation by Request
      2.31 Acres

      Lennox, SD 57039

      COMMERCIAL (GENERAL) • 2.31 Acres
      Lennox, SD 57039
      View Details
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    Lennox, SD 57039
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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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