Investment Property For Sale

Transcription

1 Updated November 2017 Investment Property For Sale 731 St. Joseph St., Rapid City, SD Exclusively Listed By: Chris Long KW Commercial CCIM, Commercial Broker Ashley Bradsky Bradsky Properties LLC Broker/Agent Keller Williams Realty Black Hills 2401 W. Main St. Rapid City, SD

2 Overview: 731 St Joseph Street, the former Federal building, constructed in 1912, served as the post office and location for the federal government for many decades. The building is now Rushmore Professional Building and serves as offices for the area. The historic, stone cut structure sits in the heart of down town Rapid City on a prominent highly visible intersection of Mt. Rushmore Rd and St Joseph St. The Rushmore building makes a stunning first impression for any professional office. A large, ornate main floor lobby directs clients up the stairs to the second floor where tall ceilings and historic architecture house large offices, restrooms, a shared conference room, a built-in vault and a spacious filing/desk area. Large wooden doors separate each individually numbered office. Highlights 7,914 sq ft on each of 3 levels Upper level unit features 6 private offices, private and shared conference rooms, two restrooms and a large file/ reception area with a built-in vault Owner may consider leasing back a portion of the 2nd floor Spacious conference rooms Parking lot in rear of building with additional off street parking alon geast of building Large glass front for natural light and attractive views of Rapid City s central business district New HVAC unit in 2017

3 Property Information: PIN: Tax ID: Taxes Payable in 2017: $13, Assessed Valuation: $1,125,400 (under protest) Rapid City Storm Water Assessment: $ Legal Description: ORIGINAL TOWN OF RAPID CITY; BLOCK 93; LOT TS: 1N RNG: 07E SEC: 1 Land: 0.4 acres Building Financial Summary Annual Rent Massage Therapist - Lower Level - MTM $3, Rensch Law Office - Main Floor - Lease Expires $63, Van Zee Insurance - Main Floor - Lease Expires $8, Banks Johnson Law Firm - Second Floor - MTM $24, Vacant Space - Second Floor $66, Total Income: $165, Two Year Expense Average $71, Potential Net Operating Income: $93, Capitalization rate at current listed price of $1,290, % NOTE: All of the above information was provided by the owner.

4 Interior Photos:

5 Location: Parcel Dimensions * Parcel Dimensions are 125 x 140 Street View

6 Location: Aerial View Historic District

7 The Area: The Black Hills area is home to many tourist attractions, including Mount Rushmore, Custer State Park, Wind Cave National Park, Reptile Gardens, Badlands National Park, and the Hills themselves. The area sees over 2.1 million visitors per year! South Dakota was also named the #1 State for Business was the 140th Anniversary of Rapid City Rapid City, named for the limestone spring stream that passes through the city, was founded 1876 by a group of disheartened prospectors who had come to the Black Hills in search of gold. John Brennan and Samuel Scott, along with a small party of men, laid out the site of the present-day Rapid City. They designated six blocks in the center of the site to be the business district and appointed committees to convince prospective merchants and their families to locate in the new settlement. Throughout the years, Rapid City has grown to be South Dakota s second largest city. The economic base in Rapid City remains fundamentally the same as it was in the 1800's. Since its beginning, Rapid City has been a center for commerce, culture, transportation and education. Rapid City enjoys a diverse economy that includes agriculture, forestry, government, tourism, healthcare, manufacturing and an extremely strong service sector. The city is also the tourist center of the Black Hills and the gateway to many attractions, including Mount Rushmore National Memorial, Crazy Horse Memorial, the Badlands National Park and Wind Cave National Park. Disclaimer: All information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified by purchaser prior to purchase or lease.