Current Use by Public Records
- Retail properties & Spaces
Property Details for 326 Broadway Ave
- Property type
- Retail properties & Spaces
- Property subtype
- Restaurants
Description
This exceptional 10,500 square foot mixed-use property in Valley Springs, South Dakota, presents a compelling value-add investment opportunity. Located at 326 Broadway Ave, 57068, on a busy intersection, this property boasts ample parking and offers significant income potential. The building currently comprises four distinct spaces: a 4,500 square foot vacant former bar/casino space (easily convertible to a smaller bar and additional industrial space), a 1,500 square foot vacant shop, and two additional 2,500 and 2,000 square foot shops currently leased month-to-month, generating a combined annual gross pro forma income of $45,600. The property's pro forma NOI is $40,505, resulting in a 7.72% cap rate. The asking price is $525,000, or $50 per square foot. The 4,500 square foot former bar space offers the potential for significant redevelopment, allowing for a reduction in bar space to 1,500 square feet and the conversion of 3,000 square feet back to industrial use. An adjacent 1,500 square foot space presents an additional expansion opportunity. The property sits on a 19,600 square foot lot and features a net rentable area of 4,500 square feet. This versatile property is ideal for both investors seeking strong returns and owner-occupants looking for a multi-faceted business venture. The current lease structure is gross, with multiple tenants. This is a rare opportunity to acquire a well-located, income-producing property with substantial upside potential in a growing market.
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
- Valley Springs
- County
- Minnehaha
- State
- South Dakota
- Longitude
- -96.4684
- Latitude
- 43.5827
