625 Flormann St Rapid City, SD 57701-5469

Property Details for 625 Flormann St

Year built

2001

Lot size

0.32 lot acres

Property size

4,032 SF

Property type

Office buildings

APN

37-12-107-002

APU

3712107002

Description

This exceptional Class A, 5,527 square foot medical office building presents a compelling net lease investment opportunity in Rapid City, South Dakota. Located in the city's medical corridor at 625 Flormann St, 57701, this single-tenant property boasts a strong occupancy rate of 100% with a lease expiring May 31, 2025. The tenant, a subsidiary of QuickMD, acquired the business in March 2024 and has five, five-year renewal options, ensuring long-term stability. The building, constructed in 2001 and extensively renovated in 2019 and 2023, features four large offices, four consultation rooms, three restrooms, a breakroom/kitchenette, and a 1,495 square foot renovated basement providing additional workspace. Ample parking is available with 20 spaces, supplemented by four former drive-thru lanes. The property sits on a 0.56-acre lot and includes key card entry and building-wide security. Unique features include a fully functional vault, a legacy from its previous use as a bank. The property is zoned for general commercial use and offers a compelling return on investment with a current monthly net rent of $7,333.33. This is a turnkey investment opportunity with a proven tenant and significant upside potential.

Location Insight

City

Rapid City

County

Pennington

State

South Dakota

Longitude

-103.229

Latitude

44.0642

CBSA code

39660

CBSA name

RAPID CITY, SD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments