Dan Logan - Rapid City Commercial Real Estate - Keller Williams Realty BH

Dan Logan - Rapid City Commercial Real Estate - Keller Williams Realty BH "I’m Dan Logan, a commercial realtor based in Rapid City and a member of the Rapid City Commercial team at Keller Williams Realty Black Hills. Let's connect!

I work exclusively on commercial property—whether buying, selling, or leasing.

09/28/2026

In South Dakota, the Relationship Disclosure Form is required on every real estate transaction. It lays out the representation options available to you, single agency, appointed agency, limited agency, and transaction brokerage, and makes clear what your working relationship with an agent actually is.

Signing it once means you acknowledge that you received the form and were made aware of your options. Signing it twice means something more specific: you're also acknowledging that the agent who gave it to you is not representing you in the deal.

Here's what that looks like in practice. If I'm representing a landlord and you want to lease the space as a tenant, I'll have you sign the form twice. I'll also walk you through exactly what that means and who I'm working on behalf of in the deal.

It's a small form, but it matters. Know which side your agent is actually representing before you get into negotiations.

09/25/2026

The age old question, is it better to lease, or to buy? Small business owners face this question the same way a renter/homeowner does. The answer very much depends on the situation, but more often than not, leasing is the best starting point for early business owners.

09/21/2026

Estimating the value of commercial real estate is not as straightforward as pricing a house.

There are two primary methods brokers use: the sale comparable approach and the income approach. Appraisers also have access to a third, the cost approach, but that's a more complex process and not something I do as a broker.

What I provide is more accurately described as a BPO, a broker opinion of value. It follows a lot of the same steps an appraiser uses, and it should land in a similar range, but it doesn't carry the same level of credibility. A BPO is a useful tool for getting a read on where a property stands. It is not a substitute for a proper appraisal.

If you're buying a property, or you need a value for something like estate planning, get an appraisal. A broker's opinion can point you in the right direction, but it shouldn't be the number you build a major financial decision around.

09/16/2026

The South Dakota Defense Institute launched in April to connect defense contractors and supporting businesses with local partners in western South Dakota. If your organization is evaluating Rapid City, here's an honest read on the commercial real estate market.

The foundation here is real. Ellsworth Air Force Base is one of the region's largest employers, the B-21 Raider is almost here, and the engineering talent coming out of South Dakota School of Mines is exactly what a program like this is built to plug into.

But the market itself is smaller than what most of these organizations are used to. Industrial vacancy is tight, large format space above 20,000 square feet is limited, and purpose built facilities for specialized manufacturing are almost nonexistent. Most organizations with specific buildout needs are looking at a significant tenant improvement project or a ground up development, and either one typically runs 12 to 18 months. Smaller flex spaces are more available, but land acquisition and build to suit construction is usually the right path for anything large.

Rapid City doesn't have deep national broker coverage. In a market like this, local relationships matter more than they do in bigger cities.

08/26/2026

If you own multifamily in Rapid City, this number matters. There are still roughly 700 apartment units under construction, on top of the one to two thousand already delivered in recent years.

That's probably no surprise if you've been driving around town and watching new buildings go up. Because of this new supply, there hasn't been much rent growth recently, and more landlords are offering concessions to fill units. First month free, waived deposits, move-in gifts, all of it, as new buildings compete for the same pool of renters.

For existing owners, the priority right now is retention, not rent increases. Rapid City is still growing, and I think these units will eventually fill, but it may take longer than many developers hoped. Investors should underwrite accordingly.

08/19/2026

Compared to other types of commercial real estate, the unit mix at a campground or RV park is far more complicated.

A strip mall might have six 2,000 square foot retail units that are essentially identical. An apartment building might have 40 units ranging from one to three bedrooms. A campground is a different animal. A single property can include full length pull-through RV sites with 50 amp power, smaller RV sites with only 30 amp power, sleeper cabins that fit four people, a deckhouse suite overlooking the property, and dozens of tent camping sites scattered throughout.

Each of those unit types charges a different nightly rate and carries a different occupancy pattern. What that variety provides is diversification. A wider mix of site types appeals to a wider range of campers, which keeps revenue more stable across the season.

If you're evaluating a campground purchase or sale in the Black Hills, understanding that mix is a key part of underwriting the property correctly.

08/12/2026

When comparing commercial spaces, rent per square foot isn't always an apples to apples number.

Some landlords quote rent on usable square footage, the space you actually occupy. Others quote on rentable square footage, which adds in a proportional share of common areas like hallways, bathrooms, and lobbies. A space quoted at 2,000 usable square feet might bill you on 2,300 rentable square feet once that's factored in.

Both approaches are fair. What matters is understanding how your landlord is structuring it. A landlord charging $15 per square foot on rentable footage and one charging $17 on usable footage might be offering nearly identical economics once you run the math.

Know what's happening behind the number before you decide based on it alone.

08/05/2026

The vast majority of campgrounds in the Black Hills operate seasonally, typically April or May through October, then shut down entirely for the rest of the year.

There are two straightforward reasons for that. Winter weather and tourist season. Water lines for many RV sites and cabins aren't buried deep enough to avoid freezing, so operators have them blown out and shut off for the winter. And tied to that, there just isn't much demand to camp when it's below freezing outside.

The exceptions are hunters and the skiing or snowmobiling crowd in the northern hills, but that's a small enough segment that only a handful of properties stay open to serve them during the off months.

Buyers evaluating a campground need to underwrite around that seasonality, not against it. A property generating strong revenue over five or six months is a different asset than one running twelve months, and the numbers should be read accordingly.

07/29/2026

More and more, we're seeing tenants upload their lease to an AI tool and send back negotiation points that are obviously AI-generated. I get it, I use AI all the time too. But two real problems come up when you do this.

First, AI will never stop finding problems with a lease. Upload a fair lease and it will still generate concerns indefinitely. It has no concept of what's a real red flag versus a reasonable, standard clause, so it treats everything like a threat.

Second, AI doesn't know what's normal in your local market. It's drawing from lease data across the entire country. What's standard in a 50 page corporate lease out of Seattle or New York may not apply to a 12 page lease in a small Midwest town.

Use AI as a starting point. Just pair it with common sense and a local, trusted advisor, like your attorney or broker, before you push back on things that don't need pushing back on.

Lots of great options, but these are some of our favorite spots in town! What others would you add??
07/28/2026

Lots of great options, but these are some of our favorite spots in town! What others would you add??

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