Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    729 Watertown St Rapid City, SD 57701-1340

    Property Lookup

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

    729 Watertown St Rapid City, SD 57701-1340

    View on Map
    • Office buildings
    • 2,816 SF
    • 0.55 lot acres
    Off-Market
    Property ID
    US79-0369707
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Van Beek John PE / Engineer

    Property Details for 729 Watertown St

    Year built
    1963
    Lot size
    0.55 lot acres
    Property size
    2,816 SF
    Property type
    Office buildings
    APN
    21-31-406-004
    APU
    2131406004

    Description

    This exceptional Rapid City commercial property, located at 729 E Watertown St, offers 7,072 square feet of versatile space in a single-tenant building. Situated on a 0.55-acre lot, this property boasts two buildings, each single-story, constructed in 1988. The interior features updated LVT flooring and carpeting throughout the hallways and offices. The main floor includes a welcoming reception and waiting area, a convenient copying center, a small coffee bar with sink, and two bathrooms. A 16x16 conference room with built-in cabinetry, a four-cubicle office pod (24x14), and a 11x6 copy/storage room provide ample workspace. Four private offices (16x16, 16x12 [2], and 16x11) offer individual workspaces. Abundant natural light floods the space through skylights in the hallway and elevated windows in each work area. Ceiling heights range from 8 to 11 feet. The property is zoned for General Commercial use and presents significant potential for a variety of businesses. The property's APN is 21-31-406-004

    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
    -103.199
    Latitude
    44.0882
    CBSA code
    39660
    CBSA name
    RAPID CITY, SD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,240
    $95,800
    $468,800
    $564,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,555,000
      9,940 SF

      217 Kansas City St

      OFFICE BUILDING • 9,940 SF
      217 Kansas City St, Rapid City, SD 57701-3011
      View Details
    • Value Estimation
      $1,935,000
      22,788 SF

      2330 Maple Ave

      OFFICE BUILDING • 22,788 SF
      2330 Maple Ave, Rapid City, SD 57701-7894
      View Details
    • Value Estimation by Request
      1,200 SF

      660 Maple Ave

      OFFICE BUILDING • 1,200 SF
      660 Maple Ave, Rapid City, SD 57701-1506
      View Details
    • Value Estimation
      $1,510,000
      9,368 SF

      801 Mt Rushmore Rd

      OFFICE BUILDING • 9,368 SF
      801 Mt Rushmore Rd, Rapid City, SD 57701-3614
      View Details
    • Value Estimation by Request
      1,242 SF

      601 En St

      OFFICE BUILDING • 1,242 SF
      601 En St, Rapid City, SD 57701-1675
      View Details
    • Value Estimation
      $650,000
      13,600 SF

      910 5th St

      OFFICE BUILDING • 13,600 SF
      910 5th St, Rapid City, SD 57701-3748
      View Details

    Similar Nearby for Sale

    • $599,000
      4,662 SF

      Multi-Tenant Office Building in Rapid City

      Multi-tenant office property with income potential in central Rapid City.
      2001 7Th St, Rapid City, SD 57701
      View Details
    • $1,090,000
      7,234 SF

      Rapid City Multi-Tenant Office Building

      Multi-tenant office building with income potential near Mount Rushmore.
      1010 9Th St, Rapid City, SD 57701
      View Details
    • $799,000

      Commercial Parcel Near Rushmore Crossing

      3.5 acre commercial lot near shopping complex.
      1424 Luna Ave, Rapid City, SD 57701
      View Details
    • 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
    • $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
    • $995,000
      5,527 SF

      Rapid City Professional Office Building

      Professional office building near medical corridor in Rapid City, SD.
      625 Flormann St, Rapid City, SD 57701
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Downtown Rapid City Office Building

      Flexible office suites for lease in downtown Rapid City.
      629 Quincy St, Rapid City, SD 57701
      View Details
    • Contact for pricing

      Downtown Rapid City Office Space

      Unique office spaces in a walkable downtown location.
      522 7Th St, Rapid City, SD 57701
      View Details
    • Contact for pricing

      Loft/Studio and Office Suites

      Office suites available for lease in Rapid City, SD.
      401 3Rd St, Rapid City, SD 57701
      View Details
    • Contact for pricing

      Downtown Office Suites Available

      Multiple office suites for rent in downtown Rapid City.
      701 Main St, Rapid City, SD 57701
      View Details
    • Contact for pricing

      Professional Office Space Available

      Affordable office suites with utilities included near Saint Patrick.
      811 E Street Andrew St, Rapid City, SD 57701
      View Details
    • $1.00 SF/Yr
      3,400 SF

      Rapid City Office Space Available

      Flexible office suites near Mount Rushmore Road in Rapid City.
      1010 9Th St, Rapid City, SD 57701
      View Details
    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.
    729 Watertown St
    Rapid City, SD 57701-1340
    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

    729 Watertown 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!