Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    401 3Rd St Rapid City, SD 57701

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    401 3Rd St Rapid City, SD 57701

    View on Map
    • Warehouses
    • 9,520 SF
    For Lease
    $5 SF/Yr
    View Listing →
    Downtown Rapid City Warehouse For Lease
    $5 SF/Yr

    Downtown Rapid City Warehouse

    9,520 SF Cold Storage Warehouse, $4,500/month

    401 3Rd St, Rapid City, SD 57701
    View Listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Kato Studios / Artist
    • Davanzo Medical Group / Medical Group
    • Nichole Rose Photography / (Bike/Boat/Book/etc) Store / Photography Service
    • C CLEAN CORP / Hardware & Home Improvement
    • Confirmed Portable Toilet Rental of Rapid City / Building Supply

    Property Details for 401 3Rd St

    Year built
    1948
    Property size
    9,520 SF
    Property type
    Warehouses
    Property subtype
    Industrial properties

    Description

    This exceptional 9,520-square-foot warehouse, built in 1948, presents a rare opportunity in the heart of downtown Rapid City, South Dakota. Located at 401 3rd Street, this single-tenant industrial property offers a spacious, clear-span interior perfect for various uses, particularly cold storage given its 14-foot ceiling height. The building boasts two convenient drive-in doors for efficient loading and unloading. Its prime location offers excellent visibility and accessibility, situated just one block from well-lit intersections at Omaha Street and Main Street. The entire 9,520 square feet is currently vacant and available for immediate occupancy. The monthly lease rate is $4,500, plus electricity. This freestanding warehouse is situated in Pennington County, South Dakota, and features a single story. The property's address is 401 3rd St, Rapid City, SD 57701. This is a unique chance to secure a substantial warehouse space in a thriving downtown area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Rapid City
    County
    Pennington
    State
    South Dakota
    Longitude
    -103.221
    Latitude
    44.0809

    Comparable in this City

    • Value Estimation by Request
      4.68 Acres

      4451 Seger Dr

      Flex space • 4.68 Acres
      4451 Seger Dr, Rapid City, SD 57701
      View Details
    • Value Estimation by Request
      1.91 Acres

      5632 Fargo Ln

      Distribution properties • 1.91 Acres
      5632 Fargo Ln, Rapid City, SD 57701
      View Details
    • Value Estimation by Request
      25,000 SF

      Old Folsom Rd

      Distribution properties • 25,000 SF
      0 Old Folsom Rd, Rapid City, SD 57701
      View Details
    • Value Estimation by Request
      9,584 SF

      4703 Interstate 90 Service Rd

      Distribution properties • 9,584 SF
      4703 Interstate 90 Service Rd, Rapid City, SD 57701
      View Details
    • Value Estimation
      $3,485,000
      60,214 SF

      1313 Saint Patrick St

      DISTRIBUTION WAREHOUSE • 60,214 SF
      1313 Saint Patrick St, Rapid City, SD 57701-5874
      View Details
    • Value Estimation
      $2,335,000
      37,500 SF

      3636 Seger Dr

      DISTRIBUTION WAREHOUSE • 37,500 SF
      3636 Seger Dr, Rapid City, SD 57701-8113
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,000 SF

      New Construction Warehouse/Office Space

      New construction warehouse with office space for sale or lease.
      353 Americas Way, Box Elder, SD 57701
      View Details
    • Contact for pricing
      8,000 SF

      New Construction Warehouse Space Available

      New construction warehouse space for contractor, service, and equipment-based businesses.
      1931 Dyess Ave, Rapid City, SD 57701
      View Details
    • $1,185,000
      11,600 SF

      Rapid City Flex Building

      11,600 SF flex building in central Rapid City location.
      1202 E St. Francis St, Rapid City, SD 57701
      View Details
    • $975,000
      10,840 SF

      Rapid City Warehouses on Cambell

      Two warehouses totaling 10,840 SF on 2.22 acres.
      3418 Cambell St, Rapid City, SD 57701
      View Details
    • $1,250,000

      Versatile Commercial Property For Sale

      11,600 SF building with office and industrial space.
      1202 East Saint Francis St, Rapid City, SD 57701
      View Details
    • Contact for pricing
      4,000 SF

      New Construction Warehouse Space Available

      New construction warehouse space for contractor, service, and equipment-based businesses.
      1931 Dyess Ave, Rapid City, SD 57701
      View Details

    Similar Nearby for Lease

    • $5 SF/Yr
      9,520 SF

      Downtown Rapid City Warehouse

      9,520 SF Cold Storage Warehouse, $4,500/month
      401 3Rd St, Rapid City, SD 57701
      View Details
    • $11 SF/Yr
      3,600 SF

      New Shop Condominiums For Rent

      Shop condominiums with easy I-90 access, estimated completion October 2024.
      4551 Seger Dr, Rapid City, SD 57701
      View Details
    • Contact for pricing

      Rapid City Retail/Warehouse Space

      11,400 SF retail and warehouse space available August 2025.
      17 New York St, Rapid City, SD 57701
      View Details
    • Contact for pricing

      Rapid City Service Shop with Office

      3,516 SF service shop with office and secured yard.
      29 Main St, Rapid City, SD 57701
      View Details
    • $1.00 SF/Yr
      20,028 SF

      Freestanding Commercial Building on Haines Avenue

      Freestanding commercial building on a primary retail corridor.
      2130 Haines Ave, Rapid City, SD 57701
      View Details
    • Contact for pricing

      High-Traffic Retail Center Anchor Space

      Prime retail spaces available in high-traffic Rapid City location.
      2255 Haines Ave, Rapid City, SD 57701
      View Details
    View Listing
    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.
    401 3Rd St
    Rapid City, SD 57701
    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

    401 3Rd St, Rapid City, SD, 57701

    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!