Multi-Residential Homes for Sale in Rapid City, SD

Rare opportunity to acquire a very well-established and well-maintained income producing 80-unit apartment property in Southeast Rapid City. Sitting on approximately 8.69 acres, the property offers a unique setting with all 80 residences arranged as single-level units and 57 garages. The unit mix consists of attractive two- and three-bedroom floor plans. The property has demonstrated consistently strong occupancy with a wait list. Residents can enjoy a recently renovated clubhouse featuring a large community gathering room, two private offices, 2 restrooms, a kitchen, and laundry facilities with coin operated washer and dryers. Additional outdoor amenities include a basketball court and playground. With its single-story configuration, substantial acreage, established occupancy history, and on-site amenities, this property represents an opportunity to acquire a sizable multifamily asset in Rapid City, close to local amenities. For additional information or to schedule a showing, contact Ariel Rudland, West River Realty 605-786-4816 or Travis Haan, Black Hills Realty 605-415-2344

3151 Outlook Cir, Rapid City

$279,900

181347 MLS

PRICED TO SELL! BUILT IN 2007. Listed by Tony Marshall, CINC Realty, 605-391-8669. Well performing investment property with each unit nearly 900 sqft + 2 CAR GARAGE. Rents are $1,350 for the upstairs and the RAISED RANCH basement was recently rented for $1,435 which includes rent for the 2 car garage. Landlord pays for water and the tenants pay the rest. There are multiple other income properties that could potentially be sold with this property. Some seller financing terms may be possible.

109 E Monroe Ave, Rapid City

$239,900

181346 MLS

GREAT PRICE. GREAT CONDITION. Nearly a 9% cap rate investment calculated using a 5% vacancy & excellent rental history (no capex reserve included). Seller financing terms, in the form of a 2nd mortgage, for example, may be considered. Other duplex properties also available. Listed by Tony Marshall, CINC Realty, 605-391-8669.

211 E Monroe Ave, Rapid City

$319,900

181308 MLS

Opportunity meets versatility in Sunnyside Subdivision! Conveniently located just minutes from downtown, this 3-bedroom, 2-bath property offers a unique setup, with plenty of potential for homeowners and investors alike. Currently configured as a duplex, the main level features 2 bedrooms and 1 bath, while the lower level offers an additional 1 bedroom and 1 bath. Continue using the property as a duplex, transform it into a single-family home, or bring your vision and updates to unlock its full potential. A detached 2-stall garage and additional off-street parking add even more functionality. Whether you are looking for an investment, a renovation project, or a property you can make your own, this property offers the location, flexibility, and opportunity to make it happen.

11 St Charles, Rapid City

$198,900

181156 MLS

This frame stucco, nonconforming side-by-side duplex could also work for multi-generational families. Unit 118 features 2 bedrooms, a backyard shed, and a fenced backyard with parking on the street. Unit 120 features 2 bedrooms, a fenced back yard, a shared driveway & 1-stall garage. There is a blocked doorway connecting the two units that could possibly be reopened if desired. Unit 118 tenant broke the lease in September, but was paying $895/mo; unit 120 tenant plans to leave sometime in October and currently pays $925/mo. Laundry hook-ups are in place, but tenants supply their own washer, dryer, and window AC units. Actual income (including late fees) & expenses for 2025 are listed, providing a cap rate of >8%. Listing Agent is an officer of the LLC holding this property.

118 E Signal Dr, Rapid City

$219,000

181152 MLS

This legal nonconforming up/down duplex with a walk-out basement has been recently updated with a new roof & hot water heater in 2025 & a new basement wall heater in 2024. Unit 1 upstairs features 2 bedrooms, 3 off-street parking spaces, and a fenced front & side yard. Unit 2 downstairs features 1 bedroom, lots of extra storage, 2 off-alley parking spaces, and a fenced back yard. There is no interior stairway connecting the two units, but the rent from unit 2 could offset a substantial portion of the mortgage for anyone wanting to live in unit 1. Unit 1 tenants are leaving by 9/30/26, but have paid $940/mo the past 2 years; unit 2 tenant (Section 8 subsidized) would like to stay with her 2 cats and currently pays $825/mo (including $60/mo in pet rent). Both units have laundry hookups, but tenants supply their own washer & dryer. Upstairs tenant owns the window AC units, but downstairs window AC unit conveys with purchase. Actual income & expenses for 2025 are listed, but current rents are below market rates to minimize vacancy. Seller is willing to consider concessions to the Buyer. Listing Agent is an officer of the LLC holding this property.

722 Silver St, Rapid City

4815 5th St 4801- 4829 5th (165 Units), Rapid City

$31,250,000

181006 MLS

ATTENTION INVESTORS! Excellent opportunity to acquire a 165-unit apartment complex consisting of 11 buildings with 15 apartments per building, plus 72 garage stalls. The property includes 4 garage buildings with 18 stalls each, currently renting for $100/month per stall. Each apartment building features 3 studio units at approximately 558 sq ft renting for $900/month, 6 one-bedroom/one-bath units at approximately 774 sq ft renting for $1,100/month, and 6 two-bedroom/two-bath units at approximately 1,013 sq ft renting for $1,400/month. Apartments feature Whirlpool stainless steel refrigerator, range, microwave and dishwasher, along with a white stackable washer and dryer in each unit. Interior finishes include carpeted bedrooms, LVF vinyl flooring throughout kitchens, living rooms, bathrooms and laundry closets, laminate countertops, stainless steel sinks and blinds throughout. Exterior and common-area features include Trex maintenance-free decking, metal railings and balconies, maintenance-free fencing along the rear retaining wall, complete landscaping with plantings, sod and sprinkler system, and a fire suppression system approved by the Rapid City Fire Department. All 72 garages are drywalled and taped and include garage door openers with remotes. Tenants are responsible for electricity. Owner pays garbage, sewer, water, lawn care and snow removal. Current professional property management is in place and the property maintains high occupancy. Listing agent is a member of the selling LLC. Broker Owned.

4815 5th St 4801- 4829 5th (165 Units), Rapid City

$414,500

180870 MLS

Charming Historic Multifamily Home with Garage! Located in the West Boulevard Historic District, this beautifully maintained multifamily home offers great investment potential or an ideal owner-occupied setup. The main floor unit features hardwood floors and abundant natural light, while the lower-level unit has a private entrance, ample storage, and a smart layout for rental income or extended living. Garage and off-street parking provide added convenience—rare in this sought-after neighborhood. Just minutes from downtown Rapid City, Main Street Square, parks, dining, and shopping, this home blends historic charm with modern comfort in a prime location where rentals lease quickly. Property is currently leased. Whether you're looking for a home with rental income or a full investment property, this is an opportunity you won’t want to miss! Contact Listing Broker: Shannon Brinker-True North Asset Group- 6054307750

620 W Blvd, Rapid City

$235,000

90236 MLS

Listed by Shauna Sheets, KWBH, 605-545-5430. **MOTIVATED SELLER!!** Looking to build your investment portfolio? Check out this centrally located Up/Down duplex offering flexibility, value and an opportunity for easy instant equity! Offering flexible living options, the main level unit is filled with great natural light and beautiful wood floors.The functional layout includes 3 bedrooms and 1 full bathroom, a corner kitchen with 2-tone ceiling-height cabinetry, convenient bar seating, and all appliances stay. The ground level Studio apartment has a separate secured entrance, and a functional layout with sleeping space, cozy kitchenette (all appliances stay) and a bathroom with walk in shower. Common laundry and storage area. Upper unit has a covered back deck, and lower unit has access to the partially fenced back yard. Plenty of off street parking via the alley, and a 1-car garage. Live on one level and rent the other, or use the entire home for a great income producing property- this affordable home offers great BANG for your buck. Call today. *Property is a non-conforming multi-unit home, and has 1 meter for utilities.

611 St Patrick, Rapid City

$245,000

90236 MLS

Listed by Shauna Sheets, KWBH, 605-545-5430. **MOTIVATED SELLER!!** Looking to build your investment portfolio? Check out this centrally located Up/Down duplex offering flexibility, value and an opportunity for easy instant equity! Offering flexible living options, the main level unit is filled with great natural light and beautiful wood floors.The functional layout includes 3 bedrooms and 1 full bathroom, a corner kitchen with 2-tone ceiling-height cabinetry, convenient bar seating, and all appliances stay. The ground level Studio apartment has a separate secured entrance, and a functional layout with sleeping space, cozy kitchenette (all appliances stay) and a bathroom with walk in shower. Common laundry and storage area. Upper unit has a covered back deck, and lower unit has access to the partially fenced back yard. Plenty of off street parking via the alley, and a 1-car garage. Live on one level and rent the other, or use the entire home for a great income producing property- this affordable home offers great BANG for your buck. Call today. *Property is a non-conforming multi-unit home, and has 1 meter for utilities.

611 St. Patrick Street, Rapid City

$600,000

180788 MLS

Listed by Mike Bulich (605-786-8107) with Berkshire Hathaway HomeServices Midwest Realty. Unique downtown Rapid City investment opportunity with multiple possibilities! Located directly behind the historic Pillen Optical Building, this non-conforming duplex is commercially zoned, offering potential to continue its current residential use or explore conversion to commercial space, subject to applicable city requirements and approvals. The property features two units, including a 1-bedroom, 1-bath upper apartment and a 2-bedroom, 1-bath main-level unit with basement access, plus a single-car garage. Its downtown location creates opportunities for rental income, office or commercial use, or a larger redevelopment vision utilizing both neighboring properties. Property must be sold with, or simultaneously with, the Pillen Optical Building at 501 Kansas City Street, MLS #178324. The list price of $600,000 is for both properties (711 5Th street & 501 Kansas City). Two neighboring downtown properties with income potential, commercial zoning, and flexibility for future use.

711 5th St, Rapid City

$285,000

180763 MLS

Listed by Tony Marshall, CINC Realty, 605-391-8669. This prized side-by-side duplex checks all the boxes for investors seeking a clean, well-maintained property with dependable returns. Both units offer 2 bedrooms, cozy freestanding gas fireplaces, and their own washer and dryer. Utilities are separately metered, making management simple. Major updates—new roof and partial exterior in 2022—add peace of mind. Sitting on a corner lot with generous off-street parking and two large storage sheds, this duplex delivers comfort, functionality, and long-term rental appeal.

801 N Maple Ave, Rapid City

Multi-Residential Homes for Sale in Rapid City, SD

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