803 St Patrick St Rapid City, SD 57701
- Retail properties
- 1,108 SF
Current Use by Public Records
- Retail properties
Property Details for 803 St Patrick St
- Year built
- 2023
- Property size
- 1,108 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a 1,108 square foot, newly constructed (2023) Take 5 Oil Change in Rapid City, South Dakota. Located at 803 St Patrick St, this property boasts a prime location on a signalized intersection with high daily traffic counts (37,795 vehicles). The property is situated near major national retailers including Safeway, Starbucks, Walgreens, and AutoZone, ensuring high visibility and accessibility. A 15-year absolute NNN lease commenced September 1, 2023, with a remaining term of 14 years. The lease includes rent bumps, specifically a 6% increase after year 5 and 1.5% annual increases thereafter. The property generates a strong NOI of $114,000, resulting in a 6.50% cap rate. The asking price is $1,754,000. Benefiting from its proximity to two local colleges (South Dakota School of Mines & Technology and Western Dakota Technical College), this investment offers a stable and growing income stream within a thriving market. The strong tenant, Take 5 Oil Change, operates nearly 800 locations, demonstrating consistent performance. This property is ideal for a 1031 exchange. The affluent demographic within a five-mile radius (82,934 residents with an average household income of $87,105, projected to increase 16% in five years) further enhances the investment's appeal. This is a rare opportunity to acquire a high-performing, net-leased asset with a long-term lease and significant upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Rapid City
- County
- Pennington
- State
- South Dakota
- Longitude
- -103.232
- Latitude
- 44.0673
