Current Use by Public Records
- Chapter Aesthetic Studio / Spa & Massage Center / Alternative Medicine Practice
Property Details for 908 Eglin St
- Year built
- 2023
- Lot size
- 0.85 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a 3,540 square foot, single-tenant storefront located at 908 Eglin St, Rapid City, SD 57701. The property, built in 2023, sits on a 0.85-acre lot within a thriving super regional power center. The tenant, Chapter Aesthetic Studio, is a leading medical aesthetic studio with 22 locations nationwide, backed by a corporate guarantee from Aspen Dental, a major US dental provider with over 1,000 locations. Their partnership, established in 2020, benefits from significant synergy, occupying a space within the #1 most trafficked Aspen Dental location in South Dakota, and a top 9% nationally trafficked center according to Placer.ai data. This prime location is further enhanced by its proximity to major retailers including Sam's Club, Target, Walmart Supercenter, and many others. The property features a new 10-year NNN lease commencing November 2, 2023, with a remaining term of 9 years and built-in rent bumps of 10% every 5 years. The lease includes two 5-year options, each with a 10% rent increase. The property boasts a strong NOI of $177,000 and a 6.25% cap rate, making it an attractive investment in a rapidly growing market. Rapid City's robust economy, fueled by tourism and a low unemployment rate, positions this property for significant long-term growth. The area boasts a population of 156,000 within the Rapid City MSA, no state income tax, and is consistently ranked among the fastest-growing cities in the Midwest. The asking price is $2,832,000.
Value Estimations
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AI approach
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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
- -103.196
- Latitude
- 44.1019
