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$415,000
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

$245,000
90236 MLS
Listed by Shauna Sheets, KWBH, 605-545-5430. 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

$245,000
90236 MLS
Listed by Shauna Sheets, KWBH, 605-545-5430. 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

$460,000
180697 MLS
Gorgeous 4,100+ sq ft brick triplex showcasing the character and craftsmanship of 1950s architecture, positioned to be the flagship of any real estate investment portfolio. Mature trees create a welcoming backdrop for three well-designed units ideal for both owner-occupants and investors. The two main-level units each feature two bedrooms, one bathroom, central air, dishwashers, and direct access to the shared commons area and backyard retreat. One unit includes a private garage, while the other offers off-street parking. Both enjoy convenient access to coin-operated laundry and dedicated storage. The spacious lower-level unit offers two bedrooms and two bathrooms, including a Jacuzzi tub, plus a large family room with a vaulted ceiling, making it a standout rental option. Each unit has its own furnace and water heater, and the property includes a detached two-car garage. Be sure to check out the well conditioned neighborhood and proximity to the city park, bike path & city rec. center. Seller financing in the form of a second mortgage may be available to help reduce down-payment requirements. Additional investment properties also available. Listed by Tony Marshall, CINC Realty, 605-391-8669.

305 E Philadelphia, Rapid City

$275,000
180660 MLS
Listed by Tony Marshall, CINC Realty, 605-391-8669. Well maintained duplex offering a solid and high performing investment opportunity. The upper unit features two spacious bedrooms, a full bath, a bright living room, and a kitchen with in unit laundry. A walkout deck off the kitchen provides excellent outdoor space. The walkout lower unit features abundant light with two bedrooms, a full bath, kitchen with laundry, and a comfortable living room. It also includes a private entrance and a patio area. Each unit enjoys its own fenced yard, dedicated storage shed, and off street parking. Tenants pay electric and gas, while the owner covers water/sewer/trash. Kitchen appliances are included in both units. Whether you’re looking to expand your investment portfolio or prefer to live in one unit and rent the other, this duplex offers flexibility and value. Conveniently located near shopping, restaurants, and major employers for an easy daily commute. Seller financing in the form of a 2nd mortgage may be available to qualified buyers allowing for a very low down payment. Could be included with other duplex investment properties in the area.

819 Blaine Ave, Rapid City

$229,900
89843 MLS
Listed with Cierra VanderPol, Black Hills Realty, 605-593-1909 - Looking for a unique income-producing opportunity? Welcome to Corbin Drive! Situated on 0.69 acres, this versatile property features 2 homes with 2 finished rentable units and one unfinished, offering endless possibilities for investors and owner-occupants alike. The main home is currently configured with an upper-level unit featuring 2 bedrooms and 1 bathroom, while the unfinished lower level is ready to be completed into an additional 1 bedroom, 1 bathroom unit, creating even more income potential. Also included is a 1975 single-wide mobile home offering 2 bedrooms and 1 bathroom, providing an additional rental opportunity. Whether you're looking to live in one unit while the others help pay your mortgage, lease all three units to maximize cash flow, explore the opportunity to sell the homes separately, or make the duplex into a single-family home, this property offers exceptional flexibility. Current tenants are in place, with a 60-day notice required to vacate. With multiple income streams and future expansion potential, this is a rare investment opportunity you won't want to miss. Property is being sold as is. Schedule your private showing today!

5823 Corbin Drive, Rapid City

$319,900
89677 MLS
OPEN HOUSE 09/10/26 11am - 1pm $ PRICE REDUCTION INVESTOR ALERT! PRICE REDUCTION (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. 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

$229,900
89843 MLS
Listed with Cierra VanderPol, Black Hills Realty, 605-593-1909 - Looking for a unique income-producing opportunity? Welcome to Corbin Drive! Situated on 0.69 acres, this versatile property features 2 homes with 2 finished rentable units and one unfinished, offering endless possibilities for investors and owner-occupants alike. The main home is currently configured with an upper-level unit featuring 2 bedrooms and 1 bathroom, while the unfinished lower level is ready to be completed into an additional 1 bedroom, 1 bathroom unit, creating even more income potential. Also included is a 1975 single-wide mobile home offering 2 bedrooms and 1 bathroom, providing an additional rental opportunity. Whether you're looking to live in one unit while the others help pay your mortgage, lease all three units to maximize cash flow, explore the opportunity to sell the homes separately, or make the duplex into a single-family home, this property offers exceptional flexibility. Current tenants are in place, with a 60-day notice required to vacate. With multiple income streams and future expansion potential, this is a rare investment opportunity you won't want to miss. Property is being sold as is. Schedule your private showing today!

5823 Corbin Drive, Rapid City

$229,900
180350 MLS
Listed with Cierra VanderPol, Black Hills Realty, 605-593-1909 - Looking for a unique income-producing opportunity? Welcome to Corbin Drive! Situated on 0.69 acres, this versatile property features 2 homes with 2 finished rentable units and one unfinished, offering endless possibilities for investors and owner-occupants alike. The main home is currently configured with an upper-level unit featuring 2 bedrooms and 1 bathroom, while the unfinished lower level is ready to be completed into an additional 1 bedroom, 1 bathroom unit, creating even more income potential. Also included is a 1975 single-wide mobile home offering 2 bedrooms and 1 bathroom, providing an additional rental opportunity. Whether you're looking to live in one unit while the others help pay your mortgage, lease all three units to maximize cash flow, explore the opportunity to sell the homes separately, or make the duplex into a single-family home, this property offers exceptional flexibility. Current tenants are in place, with a 60-day notice required to vacate. With multiple income streams and future expansion potential, this is a rare investment opportunity you won't want to miss. Property is being sold as is. Schedule your private showing today!

5823 Corbin Dr, Rapid City

$319,900
89677 MLS
OPEN HOUSE 09/10/26 11am - 1pm $ PRICE REDUCTION INVESTOR ALERT! PRICE REDUCTION (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. 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

$299,000
180007 MLS
8 Mobile Homes for Sale | Brookdale Estates Listed by Drew Yeoman | Black Hills Realty | 605-484-5392 Investment opportunity in Brookdale Estates featuring 8 mobile homes available for purchase. With flexible purchase options, buyers can acquire one property, all eight, or any combination in between. Lots included: 9, 66, 77, 78, 142, 161, 167 & 187 (Rented Lots @ $535/month + tenants pay utilities) 6 of the 8 homes are currently rented, providing an opportunity for immediate rental income and portfolio growth. Whether you're an investor looking to add an individual rental to your portfolio or seeking a larger investment package, this offering provides the flexibility to build the purchase that best fits your investment goals. Flexible Purchase Options Available — Buy One, Several, or All 8!

1702 E Hwy 44, Rapid City

$531,977
179920 MLS
This 5-plex is being offered at $106,395 per unit—this well-maintained 5-unit multi-family property currently generates $49,380 in annual rental income and offers immediate income with long-term potential. With a proven 16-year track record of stable occupancy, the property has demonstrated consistent rental performance. Current average rent is approximately $823 per unit/month, with rental rates believed to be below market, creating an opportunity for future income growth. Situated on approximately 0.9 acres near Canyon Lake Park, schools, shopping and restaurants, the property also includes a 28' x 15' garage, providing valuable additional storage. Improvements within the past five years include updates to roof, siding, windows, doors and electrical systems. Whether expanding an existing portfolio or seeking an established income-producing property, 1948 Hillsview offers an attractive combination of rental history, location, price per unit and potential upside.

1948 Hillsview Dr, Rapid City

$1,649,000
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

$1,649,000
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

$16,500,000
88899 MLS
Moonlight Apartment complex. 6 units with 15 apartments per unit. 3 sets of 18 private garages. Garage rents for $100 per month. Efficiency apartments are $995 per month. One bedroom apartments $1200 per month. Two bedroom apartment is $1400 per month. Each building has 3 studio apartments, 6 one bedroom apartments and 6 two bedroom apartments. Studio apartments are 558 square feet. One bedrooms are 774 square feet and two bedroom apartment is 1013 square feet. All appliances are stainless steel. Each unit has a refrigerator, range/oven, microwave and dishwasher. Each unit has stacked washer and dryer. Vinyl plank flooring in building corridors and stairs with steel railings for low maintenance. Balconies or patio on all units. Bedrooms are carpeted. LVF vinyl flooring in kitchen, living rooms and baths. All balcony decks are Trex. 440 foot metal fence parallel to Valley Drive and two large apartment complex name signs. Blinds in all apartments. Complete apartment surveillance system with recording ability for all units exterior and interior common areas. Completely landscaped with sprinkler system. Napco fire link fire suppression system approved by Rapid City fire department. Garages are taped and textured with garage door openers with remote. Two tone cabinets in kitchens. Matching laminated counter tops and stainless steel sinks. Tenants pay water and electric. Owner pays for garbage, lawn care and snow removal. Last two units were completed by Mac Construction in 2022.

1050 Valley View Drive, Rapid City

$16,500,000
179267 MLS
Moonlight Apartment complex. 6 units with 15 apartments per unit. 3 sets of 18 private garages. Garage rents for $100 per month. Efficiency apartments are $995 per month. One bedroom apartments $1200 per month. Two bedroom apartment is $1400 per month. Each building has 3 studio apartments, 6 one bedroom apartments and 6 two bedroom apartments. Studio apartments are 558 square feet. One bedrooms are 774 square feet and two bedroom apartment is 1013 square feet. All appliances are stainless steel. Each unit has a refrigerator, range/oven, microwave and dishwasher. Each unit has stacked washer and dryer. Vinyl plank flooring in building corridors and stairs with steel railings for low maintenance. Balconies or patio on all units. Bedrooms are carpeted. LVF vinyl flooring in kitchen, living rooms and baths. All balcony decks are Trex. 440 foot metal fence parallel to Valley Drive and two large apartment complex name signs. Blinds in all apartments. Complete apartment surveillance system with recording ability for all units exterior and interior common areas. Completely landscaped with sprinkler system. Napco fire link fire suppression system approved by Rapid City fire department. Garages are taped and textured with garage door openers with remote. Two tone cabinets in kitchens. Matching laminated counter tops and stainless steel sinks. Tenants pay water and electric. Owner pays for garbage, lawn care and snow removal. Last two units were completed by Mac Construction in 2022. Newer access through to Anamosa Street making it extremely convenient for tenants to get to shopping and the base. One owner who is retiring. This complex is ready to go and in excellent like new condition. Efficiency apartments and 1 bedrooms have mini split heating and cooling. 2 bedroom apartments have for air furnace.

1050 Valley Dr, Rapid City

$287,400
178958 MLS
Excellent investment opportunity or ideal owner-occupant setup at 1616 1st St in Rapid City! This up/down duplex offers great income potential with a 3 bedroom, 1 bathroom upper unit and a fully remodeled 2 bedroom, 1 bathroom lower unit — perfect for investors or buyers looking to live in one unit while offsetting their mortgage with rental income from the other. The upper unit features a formal dining room along with newer flooring and a completely remodeled bathroom. Ceiling fans add additional comfort and efficiency throughout the home. The property has seen numerous major updates over the years including a gas furnace, hot water heater, updated water lines, upgraded electrical panel, newer roof, air conditioner, gutters, and new windows installed in 2023. The remodeled lower level has its own private entrance, separate electrical meter, and laundry hookups available both upstairs and downstairs for added convenience and flexibility. Basement bedrooms feature egress windows, adding safety and functionality. Outside, the large backyard offers excellent alley access with plenty of room to add a future garage or shop. A heavy-duty storage shed is already in place for extra storage needs. Whether you're looking to expand your rental portfolio or purchase a property with built-in income potential, this duplex is packed with opportunity!

1616 1st, Rapid City

$287,400
88625 MLS
Excellent investment opportunity or ideal owner-occupant setup at 1616 1st St in Rapid City! This up/down duplex offers great income potential with a 3 bedroom, 1 bathroom upper unit and a fully remodeled 2 bedroom, 1 bathroom lower unit — perfect for investors or buyers looking to live in one unit while offsetting their mortgage with rental income from the other. The upper unit features a formal dining room along with newer flooring and a completely remodeled bathroom. Ceiling fans add additional comfort and efficiency throughout the home. The property has seen numerous major updates over the years including a gas furnace, hot water heater, updated water lines, upgraded electrical panel, newer roof, air conditioner, gutters, and new windows installed in 2023. The remodeled lower level has its own private entrance, separate electrical meter, and laundry hookups available both upstairs and downstairs for added convenience and flexibility. Basement bedrooms feature egress windows, adding safety and functionality. Outside, the large backyard offers excellent alley access with plenty of room to add a future garage or shop. A heavy-duty storage shed is already in place for extra storage needs. Whether you're looking to expand your rental portfolio or purchase a property with built-in income potential, this duplex is packed with opportunity!

1616 1st Street, Rapid City