Location: Within Rapid City’s Central Business District lies one of the most prominent office buildings– Turnac Tower. Built in 1974, the building still stands as the tallest in Rapid City. That, along with its convenient central location, makes it easy to recognize and locate. On the corner of St. Joseph and 9th St., it is directly opposite the Federal Building and Wells Fargo. Mount Rushmore Road/Highway 16 is just one block east, providing access to the primary north-south thoroughfare. It is within walking distance to downtown restaurants and entertainment, and has easy access to I-90.
Locale: Rapid City is the second largest city in South Dakota and offers all types of shopping, fine and casual dining, medical facilities and industry. The city itself offers cultural pursuits, outdoor activities, and countless family and entertainment attractions. Regional flight service is available from Rapid City Regional Airport, just twenty minutes away.
The Black Hills region supports a thriving tourism industry, with a large amount of attractions and cultural events. As populations increase in the region, this property will be more conveniently-located than ever. Today the Black Hills offer an inviting mix of recreational and cultural experiences and the area continues to be a destination of choice for tourists and retirees alike.
Property Address: 909 Saint Joseph St., Rapid City, SD 57701 (4th Floor)
Property Type: The property is Class A Commercial office space.
Property Sub-Type: Condominium
Property Description: The offering consists of the 4th Floor of the Turnac Tower, which is a 10-story Condominium office building located in the Central Business District of Rapid City, SD. The building was built in 1974 and still stands as the tallest building in Rapid City. The downtown location coupled with the Turnac Tower’s prominent presence makes it an iconic landmark in the city center.
Occupying a half city block, from the attractive landscaping to the marbled lobby, private and public elevators, lighted and on-street parking, and one-way glass exterior the Turnac Tower has timeless appeal as well as functionality.
The property is anchored by highly visible Accounting Firms, Securities Companies, Law Firms, Real Estate Companies, Commodity Brokerages and high level Governmental Agencies.
The property is located within the Opportunity Zone providing additional ownership incentive and opportunity.
Construction: The building construction is masonry and steel with a stucco and glass exterior and has been exceptionally well maintained. The building is comprised of 10 floors totaling 60,000 sq. ft.
Lease: The property is currently leased to the United States General Services Administration and is occupied by the FBI. The base rental rate is currently $20.54/ sq. ft. plus an additional $9.29/ sq. ft. for operating costs and taxes. The rent is calculated on 5,175 rentable sq. ft. of space, yielding NNN $106,294.50 annually (8.85% Cap rate).
Broker Comments: There is very little Class A Commercial property in the busy downtown area of Rapid City. The Turnac Tower meets or exceeds the standard on every level and would make an ideal owner occupied space or continue as a high profile tenant occupied property.
- Commercial Farming
- Land is 5,500 sqft