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$ 9,060,000
Est. payment /mo
Under Contract
1845 Haines Ave Rapid City, SD 57701
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Under Contract
Purchase Type For Sale
MLS Listing ID 87427
Property Sub-Type Other
Property Description
Rapid City is a core regional market serving the Black Hills and a multi-state trade area spanning western South Dakota, northeastern Wyoming, and portions of Nebraska and Montana—supporting durable tenant demand and long-term cash flow. The property is located on Haines Avenue just south of Interstate 90, with traffic counts exceeding 35,000 vehicles per day. This highly visible site offers excellent access and consistent customer flow. Haines Avenue is a primary north–south arterial connecting I-90 to downtown Rapid City and the city’s main medical corridor. Recent capital improvements (2024–2025) include an extensive interior remodel (including multiple office/warehouse spaces on the 27,342sf, 2nd-floor mezzanine), parking lot refinishing and restriping, new LED lighting, and exterior paint. Planet Fitness invested over $2.5 million in its approximately 30,000-square-foot space, reinforcing its long-term commitment. In January 2026, the tenants executed new 12-year NNN leases with multiple 5-year renewal options, providing stable, predictable income. The investment offers a 7.59% Year One cap rate on base rent, with tenant reimbursement of capital improvements over an amortized term. Listed by: Randy Olivier, RE/MAX Advantage | 605-430-6246
Location
State SD
County Pennington
Area Rapid City -North
Listed by RE/MAX Advantage