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NNN Investment property for sale 1845 Haines Avenue, Rapid City, SD 57701
Retail - Free Standing
Property Description
NNN Investment Opportunity – Rapid City represents a core regional market for net-lease investment, serving as the commercial hub for the Black Hills and a multi-state trade area encompassing western South Dakota, northeastern Wyoming, and portions of Nebraska and Montana. This depth of regional draw supports long-term tenant performance and durable cash flow. The subject property is strategically positioned on Haines Avenue, immediately south of Interstate 90, benefiting from average daily traffic counts exceeding 35,000 vehicles. This prime location offers exceptional visibility, ease of access, and sustained customer traffic—key drivers of tenant sales and lease longevity. Haines Avenue is a major north–south arterial that directly connects I-90 to downtown Rapid City and the city’s primary medical corridor. In 2024 and 2025, the property underwent extensive capital improvements, including a full interior remodel (including the office space in the 27,342 sf 2nd-floor mezz), acomplete parking lot refinish and restriping, new LED parking lot lighting, and fresh exterior paint. The Planet Fitness tenant alone invested more than $2.5 million into improvements within its approximately 30 ,000-square-foot space, further reinforcing its long-term commitment to the location. Each tenant (see addendum for details) has recently executed a new 12-year initial lease term with multiple 5-year renewal options, providing stable, predictable income under a true NNN structure. This NNN investment delivers a 7.50% Year One cap rate on base rent, with strong downside protection. Although the landlord advances capital improvement costs, the tenant reimburses these expenses over an amortized term, effectively mitigating long -term ownership exposure. This property is being offered as part of a four-property portfolio.
Area Description
- Interstate access
- Visible from I-90
- High traffice
Full Address: 1845 Haines Avenue, Rapid City, SD 57701
Listing Type: FOR SALE
Status: Active
Occupancy Rate: 100%
Building Class: B
Zoning: General Commercial - Retail
Region: M-WN
County: Pennington County
Closest Cross Streets: I-90
Property ID: 4101850
Has Sewer: Yes
Has Water: Yes
Has Electric: Yes
Heating: Yes
Cooling: Yes
Has Gas: Yes
Has Sprinkler: Yes
Building Construction: Masonry
Roof: Rubber
Building Sf: 121,440
Warehouse Percent: 25
Parcel Num: 2025332012
Number Buildings: 1
Year Built: 1987
Year Renovation: 2025
Free Standing: Yes
Number Parking Spaces: 100
Cap Rate: 7.5%
Tenancy Type: Multi-Tenant
Tenants1: Planet Fitness Occupied: 29968 SF Lease Expiration: 2037
2: Napa Autoparts Occupied: 64130 SF Lease Expiration: 2037