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Property profile & analytics
OFF-MARKET
Estimated value
$1,210,000
Office buildings
2401 Main St, Rapid City, SD 57702-2405
Entity Owned
Free & Clear
Property ID
US79-0471037
Property summary
AI-generated overview
This exceptional 1,480-square-foot ground-level office suite is ideally situated in a high-traffic area of west Rapid City, South Dakota. Completely remodeled in 2022, this single-tenant space boasts five private offices, each with windows, providing ample natural light. A private bathroom, a utility/storage area, and a versatile open space—perfect for a reception area, seating, or additional workstations—complete the layout. The suite features existing cabinetry and countertops, adding immediate functionality. Convenient on-site parking is available, with the exact number of designated spaces to be determined. Enjoy the benefits of a separate entrance and secure after-hours access. A prominent space for a lighted sign marquee above the entrance is also available. The lease term is negotiable, and the landlord will provide the lease agreement for review and acceptance. Utilities are partially covered by the building's CAMs (Common Area Maintenance), with tenants responsible for their internet and phone services. Tenant's insurance is required, and approval by ownership is necessary. The rental rate is $18 per square foot, plus $3.50 for CAMs. Located at 2401 W Main St, Suite 4, Rapid City, SD 57702.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1976
Total area
7,776 SF
Lot
0.63 ac (27,443 SF)
APN
37-03-203-004
UPID
US79-0471037
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Suzanne White - Rapid City Real Estate Agent Real Estate Agency
-
Jeremy Kahler Real Estate Real Estate Agency
-
Dave Jones- KW Realty Black Hills Real Estate Agency
-
Heidrich Real Estate Team Real Estate Agency
-
Senftner Realty Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.22M
Comparable Approach
Comparable
$1.20M
Blend (final)
Blend
$1.21M
Owner & transaction history
2401 WEST MAIN LLC
2401 WEST MAIN LLC
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.0M
+19.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Rapid City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Rapid City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,320,000
6.5%
$1,220,000
7%
$1,135,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$835,000
Current use
RESTAURANT
$1,000,000
Change: +19% · Conversion: Moderate
RETAIL STORES
$755,000
Change: -10% · Conversion: Moderate
Blend value · Realmo final
$1.21M
Range $1.09M – $1.33M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$156 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$31,130
Tax year 2023
Assessed value
$2,352,200
Assessed 2024
Previous assessed
$2,352,200
+0.0% YoY
Effective rate
1.32%
On assessed value
Assessed land
$355,300
Assessed improvement
$1,996,900
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1976
Buildings
3
Stories
1
Total area
7,776 SF
Lot
0.63 ac (27,443 SF)
APN
37-03-203-004
UPID
US79-0471037
Jurisdiction
PENNINGTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$835,000
RESTAURANT
Est. value
$1.0M
RETAIL STORES
Est. value
$755,000
OFFICE BUILDING Current
RESTAURANT
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1976
Stories
1
Buildings
3
Lot
0.63 ac
Current owner
From public records · entity-resolved
2401 WEST MAIN LLC
Entity
Free & Clear · 0 yrs held
Mailing address
2401 W MAIN ST, RAPID CITY, SD 57702-2405
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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