Property Listing No Longer Available for Sale

1845 Haines Ave Shopko Building

Rapid City, SD

Retail for Sale - $8,772,413 - 94,106 Sq. Ft. on 10.53 acres

Property Info

CIMLS #1036699
Location1845 Haines Ave Shopko Building
Rapid City SD 57701
Last UpdatedJune 14th, 2019
Building94,106 Sq. Ft.
Land10.53 acres
DemographicsView data

Property Description

10.53 acre Shopko property at 1845 Haines Avenue in Rapid City, South Dakota. This offering includes the 1 acre outlot currently listed at $795,000 (a ground lease on this 1 acre parcel could yield $70,000/yr in revenue - or simply pay down your note with the sale of the outlot). The Shopko lease is Absolute Triple-Net with no landlord obligations to the building maintenance and expires November 30, 2034 with two ten-year renewal options. The note in place is non-recourse, subject to a 30-year amortization schedule with a fixed interest rate of 5.26% until September 30, 2025 and must be assumed. The cap rate is at 7.25% with an actual cash on cash return of 8.13%. With one of the most visible, high traffic locations in Rapid City, this property will continue to be relevant now and into the future.


Net Income: $636,000

Rent/SqFt $6,758

Taxes 2017 $123,292.16

Special Assassment Amt $3,440.15 ( For Storm)