10 E Quincy Rapid City South Dakota
Prime Midtown Rapid City | 8-Unit Multifamily Steps from SDSM&T | Black Hills, SD
Marketing description
10 E Quincy Street | Rapid City, SD | 8-Unit Multifamily
Rarely does a value-add multifamily opportunity present itself this cleanly. Located in Rapid City's Midtown corridor, minutes from the South Dakota School of Mines and Technology and downtown Rapid City, this 8-unit income property is being offered with three intentionally vacant units, giving the incoming investor an immediate and executable path to full stabilization with no capital improvement required.
The building features a proven unit mix of two studios, five two-bedrooms, and one three-bedroom, currently generating $67,200 in annual gross income from five occupied units. At full stabilization, gross income reaches $100,200 annually. A below-market three-bedroom lease renewing August 2026 adds a third layer of upside, bringing total identifiable revenue growth to approximately $33,000 per year.
Rapid City's multifamily market remains one of the most resilient in Western South Dakota, supported by consistent renter demand from SDSM&T students and staff, Monument Health employees, downtown professionals, and a steady stream of Black Hills region in-migration. Vacancy across the Midtown submarket remains historically low, and new affordable and workforce housing supply continues to lag demand.
Investment highlights
The Asset
8-unit multifamily in Rapid City's Midtown corridor
Single building with diverse unit mix: 2 studios, 5 two-bedrooms, 1 three-bedroom
Built 1956, effective year 1994-1997
0.16 acre parcel | All public utilities | Paved road and alley access
Minutes from South Dakota School of Mines and Technology and downtown Rapid City
The Income
Scenario Monthly Annual
Current Occupied (5 units) $5,600 $67,200
Stabilized (all 8 units) $8,350 $100,200
Proforma Upside $2,750 $33,000
The Value-Add Story
Seller has intentionally maintained 3 vacant units to provide incoming investor immediate occupancy flexibility
All 3 vacant units are in rentable condition and available for immediate lease-up
No capital improvement required to stabilize
Below-market 3-bedroom lease ($1,200 vs. $1,500 market) renews August 2026, presenting immediate rent correction opportunity
Total identifiable upside from day one: approximately $33,000 in additional annual gross revenue
Landlord-paid utilities present a longer-term expense recovery opportunity
Vacant Unit Upside
Unit Type Market Rent Annual Upside
B Studio $675 $8,100
D Studio $675 $8,100
G 2 Bedroom $1,100 $13,200
Total $29,400
The Proforma Case
Lever Annual Impact
Lease up 3 vacant units at market +$29,400
3-bed rent correction at renewal +$3,600
Modest rent increases across occupied units +$9,000
Partial utility recovery +$6,000
Total Proforma Upside +$48,000
Proforma NOI $88,012
Supported Value at 7.5 Cap $1,173,493
The Market
Rapid City multifamily vacancy remains among the lowest in South Dakota
Limited new supply in the affordable and workforce housing segment
Steady population growth driven by in-migration and regional employment expansion
Strong renter demand supported by proximity to SDSM&T, Monument Health, and downtown employers
Black Hills region continues to attract investors seeking stable, recession-resistant multifamily assets
All information deemed reliable but not guaranteed. Buyer to verify all financial projections, rents, and expenses. Three vacant units are intentionally held by seller and available for immediate lease-up. Offered in compliance with all applicable Fair Housing laws.
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