626 N 1st St Rapid City, SD 57701
North Rapid City NeighborhoodEstimated payment $5,340/month
Highlights
- Public Water Access
- Handicap Accessible
- Heating Available
- City View
About This Home
Excellent investment! Opportunity zone for long-term investors in Rapid City! This 8-unit multifamily apartment building features all 2-bedroom, 1-bathroom units — a highly desirable and consistent rental layout. The property is fully sprinkled and includes an exterior sprinkler system for added safety and functionality. The roof and siding have been replaced recently. Extensive exterior renovations have been completed, enhancing both curb appeal and long-term durability. All units have been renovated, with two units updated within the last year. The building maintains a strong occupancy history, with vacancy rates historically ranging between 0–5%, demonstrating solid rental demand and stability. Two shared coin-operated laundry units are located in the common area, providing additional income potential. This turnkey asset offers consistent unit mix, modernized interiors, and proven performance — making it a strong addition to any investor’s portfolio. Listed by Josiah LaFrance- L'Avance Real Estate and Capital 605-786-3098
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $3,882
Year Built
- Built in 2003
Parking
- Paved Parking
Home Design
- Slab Foundation
- Frame Construction
- Composition Roof
Utilities
- Window Unit Cooling System
- Heating Available
- Public Septic
Additional Features
- City Views
- Handicap Accessible
- Public Water Access
Community Details
- 8 Units
- Blakes Add Subdivision
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $3,969 | $292,100 | $67,100 | $225,000 |
| 2024 | $3,948 | $284,000 | $67,100 | $216,900 |
| 2023 | $3,983 | $276,900 | $67,100 | $209,800 |
| 2022 | $4,005 | $263,800 | $67,100 | $196,700 |
| 2021 | $4,239 | $251,200 | $67,100 | $184,100 |
| 2020 | $7,108 | $411,000 | $67,100 | $343,900 |
| 2019 | $6,893 | $395,200 | $67,100 | $328,100 |
| 2018 | $6,519 | $394,100 | $67,100 | $327,000 |
| 2017 | $6,722 | $380,200 | $67,100 | $313,100 |
| 2016 | $6,920 | $369,400 | $67,100 | $302,300 |
| 2015 | $6,920 | $362,100 | $67,100 | $295,000 |
| 2014 | $6,899 | $351,300 | $67,100 | $284,200 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 04/21/2026 04/21/26 | For Sale | $925,000 | -- | -- |
Source: Black Hills Association of REALTORS®
MLS Number: 178594
APN: 20-36-427-011
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