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Rapid City, SD 57701 402 E Madison Dr

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Presented By: JIM L. BIERS REAL ESTATE
  • MLS# 180531
  • 08/14/2026
  • Request Tour
  • Request Info

Home Details

2 HOMES. Projected Income Potential $43,000 Plus! BUYER'S PLEASE NOTE- Both homes must be sold as 1 unit. Please talk to your lender to see their loan qualifications for 2 homes on a property with 1 being a tri-plex. If you were to do a search for 402 E Madison only 1 of the homes shows up. Front home is a tr-plex built in 1946. Would make for a great owner-occupied property and have rental income. Property has 3 separate units with separate private entry, separate heating/AC units, separate electric meters, common utility room where each unit can have their own washer & dryer. Owner pays the gas, water & garbage. Tenants pay electric. Home electrical updated to breaker boxes. Main floor has 2 bedrooms, large living room & formal dining area. This unit normally has the option to rent the garage. Recent updates include new carpet in living room, new kitchen counter, and new tub surround. Gas forced air heating unit with electric central air. Upper-level unit is 1 bedroom unit with electric mini-split for heat & air conditioning. Recently updated all windows in that unit except for 1. Lower-level 1 bedroom unit has new carpeting. The 2nd Home in back is identified by Pennington County as Parcel ID-21-31-181-008 and also as 402 E Madison St. This 2- bedroom home was built in 1925. Home has 2023 Empire natural gas heater and electric radiant heat. There is an outside entry door to crawl space where city water meter is connected. PLEASE NOTE: Home is NOT vacant. The pictures are prior to current tenants. Please DO NOT walk around home or bother tenants. Property shown to Lender Qualified Buyers Only. Real Estate Taxes and Insurance numbers are for BOTH properties combined. Owner Jim Biers is a Licensed Real Estate Broker.
Presented By: JIM L. BIERS REAL ESTATE

Interior Features for 402 E Madison Dr

Other Interior Features

Total Number of Units4
Unit FeaturesWindow Coverings, Common Utility Room, Pet Restrictions, Smoke Free, Individual Heat, Individual A/C, Laundry Hookups

General for 402 E Madison Dr

Auction Y/NNo
CityRapid City
CoolingCentral, Mini Split
CountyPennington
Docs on FileProperty Disclosure
HeatingElectric, Forced Air, Natural Gas, Gravity, Radiant Heat, Heat Pump Mini Split
Originating MLSBlack Hills AOR
ParkingAssigned, Garage, See Remarks
Postal Code57701
Primary CityRAPID CITY
Public Remarks2 HOMES. Projected Income Potential $43, 000 Plus! BUYER'S PLEASE NOTE- Both homes must be sold as 1 unit. Please talk to your lender to see their loan qualifications for 2 homes on a property with 1
RoofComposition
SewerCity (at site)
StatusACTIVE
Status Detail0
SubdivisionWISE ADD
SubdivisionSD
TermsCash, New Loan
TypeFourplex
Unit2 HOMES
ViewNeighborhood
WaterCity (at site)
Year Built1946
ZoningConforming

Exterior for 402 E Madison Dr

FoundationCrawl Space, Poured Concrete, Other (See Remarks), Partial Basement
Lot Dimensions.30
Lot TypeFlat, Corner

Additional Details

Price History

Jerilyn Suridis

Broker Associate
Price $399,500
MLS#180531
List Date 08/14/2026
Property Type Multi-Family
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