1845 Haines Ave Shopko Building

Rapid City, SD

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

RE/MAX Advantage

Print   |   Report Error   |   Email Listing

Agent Info

NameRandy Olivier, CCIM
CompanyRE/MAX Advantage

Property Info

CIMLS #1036699
Location1845 Haines Ave Shopko Building
Rapid City SD 57701
Last UpdatedJune 14th, 2019
TypeRetail
Price$8,772,413
Building94,106 Sq. Ft.
Land10.53 acres
DemographicsView data

Attached Documents


Contact


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.


Financials

Net Income: $636,000

Rent/SqFt $6,758

Taxes 2017 $123,292.16

Special Assassment Amt $3,440.15 ( For Storm)