Listed by TJ Wojtanowicz at Black Hills Realty 605-863-1920. Outstanding investment opportunity in West Rapid City! This 27-unit apartment complex offers an excellent mix of units including 24 studio apartments, one 2-bedroom/1-bath unit, one 1-bedroom/1-bath unit, and one efficiency unit. The property also features an on-site laundry facility with washers and dryers, six rentable garages providing additional income, plus one dedicated management garage. Tenants pay their own electricity while ownership pays water, sewer, boiler heat, and other common area expenses, creating a straightforward management structure with strong upside potential. Located in a desirable west side neighborhood near Canyon Lake, shopping, restaurants, medical facilities, schools, and major employers, the property benefits from a highly sought-after rental location with convenient access throughout Rapid City. Current ownership has maintained strong occupancy, and there is significant opportunity to increase rental income through future rent adjustments, operational efficiencies, and continued property improvements. This is an excellent value-add opportunity for investors seeking stable cash flow with long-term appreciation potential in one of Rapid City's strongest rental markets. Whether you are expanding your portfolio or completing a 1031 Exchange, this well-located multifamily investment offers immediate income, additional garage revenue, and substantial upside. Financial information available to qualified buyers upon execution of a confidentiality agreement. Call today for additional information or to schedule your private tour.
For Sale â?? Up/Down Duplex Investment Opportunity in Rapid City, SD Don't miss this excellent opportunity to own a conforming up/down duplex in Rapid City, South Dakota. Whether you're looking to expand your investment portfolio or live in one unit while generating rental income from the other, this property offers flexibility and strong income potential. Each unit features: 2 bedrooms, 1 full bathroom, a spacious living room, a functional kitchen and dining area, Separate entrances, Ample natural light, and off-street parking. The property's up/down configuration provides privacy for tenants while maximizing rental appeal. Located in a convenient Rapid City neighborhood with easy access to shopping, schools, parks, medical facilities, and downtown amenities, this duplex is positioned to attract long-term tenants. Buyer and/or Buyer's agent to verify all information provided.
Exceptional investment opportunity in a prime Rapid City location! Situated near Canyon Lake Park, schools, shopping, and restaurants, this well-maintained 5-unit multi-family property offers immediate income with strong long-term potential. Situated on 0.9 acres, the property also includes a 28' x 15' garage, providing valuable storage space for tenants and/or owners. The complex has been updated within the past five years, including improvements to windows, doors, and electrical systems. With a proven track record of stable occupancy and long-term tenants, this property has demonstrated consistent performance over the past 16 years. Current rental rates are below market value, creating an outstanding opportunity for increased cash flow, future appreciation, and enhanced return on investment. Whether you're expanding your portfolio or seeking a quality income-producing property, this is one you won't want to miss.
81 unit apartment complex with a mixture of studio (24), 1 bed (27), 2 bed (24), a3 bed apartments (6), and 12 garages. Conveniently located in SE Rapid City just down the street from Monument Hospital and between two major thoroughfares HWY 16 and HWY 79. Robbinsdale Park complex is directly to the East of this property offering tenants numerous recreation opportunities as well. The property is well kept and has a low vacancy rate making this a great opportunity add a great multifamily complex to your portfolio in the fast growing Rapid City market.
Moonlight Apartment complex. 6 units with 15 apartments per unit. 3 sets of 18 private garages. Garage rents for $100 per month. Efficiency apartments are $995 per month. One bedroom apartments $1200 per month. Two bedroom apartment is $1400 per month. Each building has 3 studio apartments, 6 one bedroom apartments and 6 two bedroom apartments. Studio apartments are 558 square feet. One bedrooms are 774 square feet and two bedroom apartment is 1013 square feet. All appliances are stainless steel. Each unit has a refrigerator, range/oven, microwave and dishwasher. Each unit has stacked washer and dryer. Vinyl plank flooring in building corridors and stairs with steel railings for low maintenance. Balconies or patio on all units. Bedrooms are carpeted. LVF vinyl flooring in kitchen, living rooms and baths. All balcony decks are Trex. 440 foot metal fence parallel to Valley Drive and two large apartment complex name signs. Blinds in all apartments. Complete apartment surveillance system with recording ability for all units exterior and interior common areas. Completely landscaped with sprinkler system. Napco fire link fire suppression system approved by Rapid City fire department. Garages are taped and textured with garage door openers with remote. Two tone cabinets in kitchens. Matching laminated counter tops and stainless steel sinks. Tenants pay water and electric. Owner pays for garbage, lawn care and snow removal. Last two units were completed by Mac Construction in 2022.
Moonlight Apartment complex. 6 units with 15 apartments per unit. 3 sets of 18 private garages. Garage rents for $100 per month. Efficiency apartments are $995 per month. One bedroom apartments $1200 per month. Two bedroom apartment is $1400 per month. Each building has 3 studio apartments, 6 one bedroom apartments and 6 two bedroom apartments. Studio apartments are 558 square feet. One bedrooms are 774 square feet and two bedroom apartment is 1013 square feet. All appliances are stainless steel. Each unit has a refrigerator, range/oven, microwave and dishwasher. Each unit has stacked washer and dryer. Vinyl plank flooring in building corridors and stairs with steel railings for low maintenance. Balconies or patio on all units. Bedrooms are carpeted. LVF vinyl flooring in kitchen, living rooms and baths. All balcony decks are Trex. 440 foot metal fence parallel to Valley Drive and two large apartment complex name signs. Blinds in all apartments. Complete apartment surveillance system with recording ability for all units exterior and interior common areas. Completely landscaped with sprinkler system. Napco fire link fire suppression system approved by Rapid City fire department. Garages are taped and textured with garage door openers with remote. Two tone cabinets in kitchens. Matching laminated counter tops and stainless steel sinks. Tenants pay water and electric. Owner pays for garbage, lawn care and snow removal. Last two units were completed by Mac Construction in 2022. Newer access through to Anamosa Street making it extremely convenient for tenants to get to shopping and the base. One owner who is retiring. This complex is ready to go and in excellent like new condition. Efficiency apartments and 1 bedrooms have mini split heating and cooling. 2 bedroom apartments have for air furnace.
The very definition of House Hacking! This property has 2 homes on one lot. The front house is a 2 bedroom, 1 bath with shower, 840 square foot home that has been recently painted inside. The house in the back is currently rented for $850/mth (the past 3 owners have raved about this tenant! She would love to stay â?? instant payday!) Her house is a 420 square foot home with 1 bedroom and 1 bathroom. Plus a beautiful private backyard with privacy fence. Both homes have a storage shed, their own parking spot, and separate utility meters. Located minutes away from Canyon Lake Parkâ?¦go fishing in the morning before work! Perfect owner-investor or straight up investment opportunity. Listed by Tristan Emond, Mindful Living Realty 605-391-7086.
Turn key investment opportunity! This up & down duplex features two units, each with a private entrance. The upper unit offers 2 bedrooms, 1 bathroom, and a spacious living area. The lower unit includes 1 bedroom and 1 bathroom with an efficient layout. A shared common area with washer and dryer is available for both units. Conveniently located near downtown Rapid City, schools, shopping, and restaurants. Ideal for investors or owner-occupants looking for rental income potential.
Listed by TJ Wojtanowicz at Black Hills Realty 605-863-1920. Combining historical character with modern comforts, welcome to 1116 Mt Rushmore Rd! This charming 1925 bungalow-style home has been completely renovated while maintaining its timeless elegance and character. This 2-bedroom, 2-bathroom property features extensive updates including new Pella windows, updated lighting fixtures, flooring, kitchen cabinets, appliances, electrical, plumbing, and fresh paint inside and out. The home offers flexible use potential and could function as a non-conforming duplex or vacation rental. The basement includes a separate entrance and second kitchen, creating additional income or guest space possibilities. Currently operating as a successful short-term rental with strong performance numbers, this property presents a great opportunity for homeowners and investors alike. Convenient location with historic charm and modern updates throughoutâ??schedule your showing today! Property comes FULLY FURNISHED!
Excellent investment opportunity or ideal owner-occupant setup at 1616 1st St in Rapid City! This up/down duplex offers great income potential with a 3 bedroom, 1 bathroom upper unit and a fully remodeled 2 bedroom, 1 bathroom lower unit â?? perfect for investors or buyers looking to live in one unit while offsetting their mortgage with rental income from the other. The upper unit features a formal dining room along with newer flooring and a completely remodeled bathroom. Ceiling fans add additional comfort and efficiency throughout the home. The property has seen numerous major updates over the years including a gas furnace, hot water heater, updated water lines, upgraded electrical panel, newer roof, air conditioner, gutters, and new windows installed in 2023. The remodeled lower level has its own private entrance, separate electrical meter, and laundry hookups available both upstairs and downstairs for added convenience and flexibility. Basement bedrooms feature egress windows, adding safety and functionality. Outside, the large backyard offers excellent alley access with plenty of room to add a future garage or shop. A heavy-duty storage shed is already in place for extra storage needs. Whether you're looking to expand your rental portfolio or purchase a property with built-in income potential, this duplex is packed with opportunity!
This perfectly located vertical tri-plex sits within walking distance of downtown. All 3 units offer 2 beds, 1 bath, in unit laundry, and separate electric and gas meters. An abundance of off street parking for tenants. Some units have recent updates including windows, flooring, appliances, and so much more! This investment opportunity would be perfect for a first time investor looking to live in one unit and rent out the other 2 or the ideal property that puts off good cash flow to start a real estate investment portfolio.
This beautifully updated 4-plex offers the perfect blend of strong cash flow potential and low-maintenance ownership. Situated on a spacious lot with abundant green space, the property provides a desirable setting for both long-term tenants and short/mid-term rental guests. Extensively renovated in 2022, this property has been thoughtfully upgraded from top to bottom. Improvements include all new windows, flooring, doors, cabinets, trim, and fresh paint throughout. Each unit features updated kitchens with new appliances, creating a modern and cohesive feel across the entire property. Major system upgrades have already been handled, including a new boiler system and the addition of mini-split A/C units in the upper units for improved comfort and efficiency. A newly installed coin-operated laundry setup adds an additional income stream, while the new rear patio enhances outdoor living space for tenants. Two of the units are being sold fully furnished, complete with TVs and everything needed to operate immediately as short-term or mid-term rentals, offering a rare opportunity to step into an income-producing setup from day one. Whether youâ??re looking to house-hack, expand your portfolio, or run a hybrid rental strategy, this property checks all the boxes: updated, income-ready, and positioned for flexibility.
Excellent investment! Opportunity zone for long-term investors in Rapid City! This 8-unit multifamily apartment building features all 2-bedroom, 1-bathroom units â?? a highly desirable and consistent rental layout. The property is fully sprinkled and includes an exterior sprinkler system for added safety and functionality. The roof and siding have been replaced recently. Extensive exterior renovations have been completed, enhancing both curb appeal and long-term durability. All units have been renovated, with two units updated within the last year. The building maintains a strong occupancy history, with vacancy rates historically ranging between 0â??5%, demonstrating solid rental demand and stability. Two shared coin-operated laundry units are located in the common area, providing additional income potential. This turnkey asset offers consistent unit mix, modernized interiors, and proven performance â?? making it a strong addition to any investorâ??s portfolio. Listed by Josiah LaFrance- L'Avance Real Estate and Capital 605-786-3098
Listed by Rich Hegre Engel & Volkers 605-381-RICH(7424) This is a great opportunity to own a west side investment property. This duplex is fully rented with great income. Zero vacancy for over 3 years, gives you peace of mind knowing you will have income.
Great investment opportunity with this duplex at 854 & 860 Waterloo, offering functional layouts and solid updates. All appliances stay, and both units have new roofs installed in 2022, adding peace of mind for future ownership. Utilities are separately metered, with tenants paying their own utilities, making management straightforward. 860 Waterloo, built in 1935, is currently owner-occupied and features 1 bedroom and 1 bathroom with a tub/shower combo, gas stove, gas heat, and an window A/C unit. This unit also includes a chain-link fenced yard, dog run, and a detached garage, offering added convenience and outdoor space. 854 Waterloo, built in 1947, offers 2 bedrooms and 1 bathroom and is currently rented for $1,000/month. This unit includes a chain-link fenced yard, Window A/C unit, and its own shed. With a mix of features and layouts, this duplex provides flexibility for rental income or multi-unit living, along with practical storage and outdoor amenities. Listed by Cheyenne McGriff, RE/MAX RESULTS (605) 209-1988 and co-listed by Karen Soderquist, RE/MAX RESULTS (605) 381-4300.
Listed by TJ Wojtanowicz at Black Hills Realty 605-863-1920. Exceptional investment opportunity in Rapid City! This 16-unit multifamily property located at 1920 & 1930 Monte Vista Drive features all 2-bedroom, 2-bath units, each offering a functional layout with private patio or deck space. The property shows strong, consistent rental performance with average rents of $1,300 per unit, providing immediate cash flow with additional upside potential through future rent adjustments. Units are highly desirable due to their size, layout, and outdoor living spaceâ??appealing to long-term tenants and helping maintain occupancy. Situated in a convenient location with easy access to shopping, dining, and major corridors, this asset offers both stability and growth potential for investors looking to expand their portfolio in the Rapid City market. Opportunities like thisâ??well-performing, multi-unit properties with solid unit mix and incomeâ??are hard to find. Donâ??t miss your chance to own a proven income-producing asset!
Listed by Pete Jensen, KWBH, 605-484-6713. Great opportunity to add your investment porfolio- 8 unit apartment complex in central Rapid City with impressive occupancy rate and consistent rental history! Built in 2005, the building has 4 units on the upper level and 4 units on ground level, with a private parking lot. Ground level units are zero-entry for great accessibilty. Upper levels are accessed via recently refreshed decks on either end of the building. Combination of 2 bedroom/1 bathroom and 3 bedroom/2 bathroom units with rent ranging from $875-$1,075/unit, each having private entries, an open concept living space, full kitchen, private in-unit laundry and separate electric meters. Consistently improved on, units have updated kitchens, wall AC, low maintenance flooring, egress windows as needed and all appliances stay. Lots of recent preventive maintenance - water heater replacements, newer roof, deck staining, sprinkler system recharge, etc. Added income potential- room to raise rents or enjoy a strong excellent CAP rate as is. Conveniently located near downtown Rapid City, the Monument Arena and easy access to I90 and the Black Hills.
Do NOT miss out on this opportunity! Side-by-side duplex, each unit with 2 bedrooms, 1 bathroom, full kitchen with all appliances, laundry hook ups (tenant appliances), access to their own fenced yard, and they each have their own detached oversize 1-car garage! All on a large corner lot! Rents are low for a friend of the owner and one unit will be opening soon. Affordable housing is on short supply so you can either live in one side and have the other side help pay your mortgage OR find another quality tenant at market rent and build your investment portfolio! Sewer line was recently replaced along with many other interior and exterior updates! Schedule your showing today!
This is one of the most versatile properties on the market. The property has a history of being a successful vacation rental and short-term rental. However, that is not all! It can also be used as a long-term rental, an up/down duplex, or a single-family residence. The perks donâ??t end there! This adorably decorated home is being sold fully furnished, and the lot at 1108 Mount Rushmore Rd. (the lot next door) is also being included in the sales price. As if that werenâ??t enough, you are also wonderfully located within walking distance to downtown, have plenty of off-street parking, and ample outdoor space to sit and watch the world go by. Buyer and/or Buyer's agent to verify all information provided.
10 E Quincy Street Rapid City, SD 8-Unit Multifamily Investment Listed by Lori Barnett Engel & Völkers Black Hills 605.786.5817 Located minutes from the South Dakota School of Mines & Technology and downtown Rapid City, this 8-unit, non-conforming multifamily property is a compelling acquisition for investors building a Black Hills real estate portfolio. Situated in Rapid City's city center, one of the most consistently occupied rental corridors in Western South Dakota, the building features a diverse unit mix including two studios at $650-700/month, five 2-bedrooms at $1,100/month, and one 3-bedroom at $1,500/month. Dedicated off street parking. Coined, common laundry. All utilities are landlord-paid. Rapid City's continued population growth, low multifamily vacancy rates, and proximity to major employers support strong long-term demand for rental housing in South Dakota.
Priced for Quick Sale. Investors,,,take a Look. Rare opportunity. *4 Plex - Four 1 Bdrm/1bth units with strong history and potential for excellent cashflow *Near schools, shopping, & easy access to downtown & I-90 *Has been easy to rent *Tons of upside potential *2 units rented, with deposits *Time for a New Owner! *Price discounted $45,100 from May of 2025 *Private Off-Street parking *Coin-operated Laundry in common laundry room *Small yard, vinyl siding and windows for ease of maintenance *Has been owner managed and maintained. *Great "1031 Replacement Property". A little elbow grease, could result in maximum profits. * Excellent CASH PURCHASE property. **BEST 4-PLEX Value in, or near Rapid City. ------At this price, there is room for all investors---- Contact your favorite Realtor, or Listing Agent for details. Listed by Tom Blain, Keller Williams Realty Black Hills - 605-716-1111
Opportunity meets location at 1948 Hillsview Drive! Ideally situated near Canyon Lake Park, schools, shopping, and restaurants, this well-maintained 5-unit multi-family property offers both stability and upside. The complex sits on approximately 0.9 acres and includes a 28â?? x 15â?? garage suitable for tenant or owner storage. All units have been updated within the past five years, including new windows, doors, and electrical improvements. The property has a strong rental history, consistently occupied by long-term tenants over the past 16 years. Rents are currently below market rents presenting an excellent opportunity for future income growth and value appreciation. Call for more information!
This perfectly located vertical tri-plex sits within walking distance of downtown. All 3 units offer 2 beds, 1 bath, in unit laundry, and separate electric and gas meters. An abundance of off street parking for tenants. Some units have recent updates including windows, flooring, appliances, and so much more! This investment opportunity would be perfect for a first time investor looking to live in one unit and rent out the other 2 or the ideal property that puts off good cash flow to start a real estate investment portfolio.
Offered by Dante Colicheski Black Hills Realty. Excellent investment opportunity in a convenient Rapid City location! This well-maintained duplex offers two spacious units, each with its own private entrance, ample parking, and functional layouts. Both units feature generous living areas, full kitchens, and in-unit laundry hookups, making them highly attractive to tenants. Whether youâ??re looking to expand your rental portfolio or live in one unit while offsetting your mortgage with income from the other, this property provides flexibility and long-term potential. Situated close to schools, shopping, and major roadways, vacancy risk stays low and rental demand stays high. Donâ??t miss your chance to secure a solid property with strong returns.
Listed by Melissa Houska with CENTURY 21 ClearView Realty, (605) 209-3031. Here's your chance to invest in an income producing property in the West Boulevard area! Live in one unit and rent the other two, or rent all three! Property could also be returned to a single family residence by making some adjustments. Main level unit is 2 bed/1 bath, upper level is 1bed / 1bath, and basement level is 1 bed / 1 bath. Each has its own private entrance and separate utilities! New roof in 2023, new windows in the upper unit in 2025. Off-street parking. Will be sold as-is.
Rapid City is located in South Dakota. Rapid City, South Dakota has a population of 73,942. Rapid City is less family-centric than the surrounding county with 27.21% of the households containing married families with children. The county average for households married with children is 27.5%.
The median household income in Rapid City, South Dakota is $58,072. The median household income for the surrounding county is $62,546 compared to the national median of $69,021. The median age of people living in Rapid City is 38.1 years.
The average high temperature in July is 85.3 degrees, with an average low temperature in January of 14.2 degrees. The average rainfall is approximately 18.2 inches per year, with 38 inches of snow per year.
