1555 Haines AveRapid City, SD 57701

Property Details for 1555 Haines Ave

Year built

1994

Lot size

3.08 AC

Property size (Sq ft)

18,784 SF

Property type

Outlet malls

APN

20-25-379-010

APU

2025379010

Description

This exceptional investment opportunity presents a 32,810 square foot, multi-tenant retail property located in Rapid City, South Dakota, the state's second-largest city, boasting approximately 78,000 residents. The property, built in 1994 and situated on a 3.08-acre lot, features a strong tenant mix including Harbor Freight Tools and CSL Plasma, both with significant remaining lease terms. Harbor Freight Tools, a Fortune Top Ten Best Workplace in Retail, recently renewed their lease for an additional five years with four, five-year options remaining, demonstrating their commitment to the location. Significant recent improvements include a $26,000 parking lot upgrade. CSL Plasma, a subsidiary of a publicly traded global biopharmaceutical company with over 315 locations, has a remaining lease term of 10 years. The property benefits from a prime location near major retailers such as Walmart, Target, and Sam's Club, as well as popular tourist attractions including Mount Rushmore and the Badlands National Park. The current asking price is $4,032,000, representing a compelling cap rate of 6.65% and a NOI of $268,414. The property's strong tenant base, long-term leases (15-year initial term with 10% rent bumps every 5 years), and strategic location make it an ideal investment for discerning buyers seeking stable income and significant appreciation potential in a thriving South Dakota market. The lease is a Net Lease (NN) with corporate guarantees.

• CAP approach

  CAP return

  Valuation

  6%

  $6,597,306

  6.5%

  $6,089,821

  7%

  $5,654,834

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,429,776

  Geo Method

  $3,910,874

• Alternative Use

  Use

  Valuation

  Residential

  $5,136,992

  Hospitality

  $4,705,457

  Educational

  $3,914,885

  Medical

  $4,049,524

  Retail

  $6,089,821

Location Insight

City

Rapid City

County

Pennington

State

South Dakota

Latitude

44.0994

Longitude

-103.223

CBSA code

39660

CBSA name

RAPID CITY, SD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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