Multi-Residential Homes for Sale in Rapid City, SD

(Tri-Plex: Home + Finished Basement Suite + Detached ADU) Unlock the rare opportunity to live in your own home while your tenants help pay the mortgage. This versatile property functions as a non-conforming triplex, offering three unique living spaces: a main-floor residence, a fully finished lower-level suite, and a detached one-bedroom efficiency cottage. Whether youâre an investor, a house-hacker, or someone looking to offset monthly expenses, this property delivers immediate income and long-term potential. Upgrades throughout including electrical updates. FINANCIALS AND UTILITY REPORTS AVAILABLE UPON REQUEST WITH SIGNED NDA; long term tenant main floor (showings best between 3 and 5 and no showings Fridays at 5:00 through Saturday at 5:00 (sabbatical for owners)

510 E Chicago Street, Rapid City

$219,000

180209 MLS

Most duplexes need work before they give cash flow. This one does not. Located in the heart of Rapid City's north side, this duplex offers a 2 bedroom, 1 bath upstairs unit with a covered front porch, and a 1 bedroom, 1 bath downstairs unit, with new carpet, paint, and windows already in place across both. That is less capital out of pocket and more room in your return from day one. The fenced front and back yard, onsite laundry hookups, and two sheds are the kind of tenant friendly touches that keep occupancy steady. If you have been waiting for a duplex that works without a renovation punch list, this is it. Book your showing today! Note: One of the Sellers, Heath Shields, is a licensed real estate agent in the state of South Dakota.

213 E Watertown Watertown Street, Rapid City

$219,000

89665 MLS

Most duplexes need work before they give cash flow. This one does not. Located in the heart of Rapid City's north side, this duplex offers a 2 bedroom, 1 bath upstairs unit with a covered front porch, and a 1 bedroom, 1 bath downstairs unit, with new carpet, paint, and windows already in place across both. That is less capital out of pocket and more room in your return from day one. The fenced front and back yard, onsite laundry hookups, and two sheds are the kind of tenant friendly touches that keep occupancy steady. If you have been waiting for a duplex that works without a renovation punch list, this is it. Book your showing today! Note: One of the Sellers, Heath Shields, is a licensed real estate agent in the state of South Dakota. Listed by Heath Shields, Real Broker LLC, 972-363-5002

213 E Watertown Street, Rapid City

$334,900

180112 MLS

(Tri-Plex: Home + Finished Basement Suite + Detached ADU) Unlock the rare opportunity to live in your own home while your tenants help pay the mortgage. This versatile property functions as a non-conforming triplex, offering three unique living spaces: a main-floor residence, a fully finished lower-level suite, and a detached one-bedroom efficiency cottage. Whether you’re an investor, a house-hacker, or someone looking to offset monthly expenses, this property delivers immediate income and long-term potential. Upgrades throughout including electrical updates

510 E Chicago, Rapid City

$350,000

180007 MLS

Listing by Drew Yeoman @ Black Hills Realty 605-484-5392 8 mobile homes for sale. Investment opportunity in Brookdale Estates. Lots: 9, 66, 77, 78, 142, 161, 167, & 187 Flexible purchase options available! Buy one property, all 8, or any combination in between. An excellent opportunity for both individual investors and portfolio buyers!

1702 E Hwy 44, Rapid City

$350,000

89480 MLS

Listing by Drew Yeoman @ Black Hills Realty 605-484-5392 8 mobile homes for sale. Investment opportunity in Brookdale Estates. Lots: 9, 66, 77, 78, 142, 161, 167, & 187 Flexible purchase options available! Buy one property, all 8, or any combination in between. An excellent opportunity for both individual investors and portfolio buyers!

1702 E Hwy 44, Rapid City

$549,900

179920 MLS

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.

1948 Hillsview Dr, Rapid City

$1,750,000

89161 MLS

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

3313 Leland Lane, Rapid City

$1,750,000

179607 MLS

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.

3313 Leland Ln, Rapid City

$250,000

89150 MLS

Listed by Chris Twiggs, Blair Allen Luxury Real Estate, 605-545-1218. CONTRACT FOR DEED AVAILABLE - SELLER FINANCING WITH FAVORABLE TERMS. Whether you're a seasoned investor expanding your portfolio, a first-time investor looking for a seller-financed entry point, or someone interested in house hacking with a tenant helping cover the payment, this turnkey two-unit property delivers! Situated on a single lot are two separate homes: a 4-bed/1-bath (remodeled in 2022) and a 2-bed/1-bath. Both units are fully leased with a strong occupancy history and have been maintained under professional management. Each tenant enjoys a private yard with a fence separating the units, dedicated on- or off-street parking, and separate utility meters. With no shared walls between the units and separate yards and parking, you avoid the noise complaints and neighbor disputes common to typical multifamily layouts. Don't miss this rare seller-financed opportunity, schedule your private showing today!

205 E Watertown Street, Rapid City

$275,000

179509 MLS

8+% cap rate investment calculated using a 5% vacancy & excellent rental history (no capex reserve nor maintenance exp. included). Listed by Tony Marshall, CINC Realty, 605-391-8669.

211 E Monroe Ave, Rapid City

$209,000

179472 MLS

For Sale – 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.

720 Haines Ave, Rapid City

Multi-Residential Homes for Sale in Rapid City, SD

All Multi-Residential Homes for Sale in Rapid City, SD

Pioneer Properties SD, Adam Johnson RE

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