Sioux Falls 6-Plex
1011 S 2nd Ave Sioux Falls, SD 57105
For Sale
$675,000
MULTI_FAMILY - Sioux Falls, SD
Property Size5,832 SF
Lot Size0.17 Acres
Price / SF$115.74
Days on Market112
Property Features for 1011 S 2nd Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement
- Parking features
- Off Street
- Appliances
- Dishwasher, Range, Refrigerator
- Standard status
- Active
- APN
- 26711
- Size
- 5,832 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Description
- Lot 10 Block 2 Boulevard Addn To City Of Sioux Falls
- Tax Annual Amount
- 5750
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas
- Water source
- Public
Building Details
- Year built
- 1971
- Floors in Building
- 2
- Number of units
- 6
- Flooring type
- Carpet, Laminate
- Building materials
- Brick
- Roof type
- Tar/Gravel
Listing Agency:
Better Homes and Gardens Real Estate Beyond
(605) 275-4663
Listed By:
Kim Hofer
(605) 413-7522
Added: Apr 7
Changed: Jul 27
Last Checked: Jul 27 at 8:06AM
MLS# 22602400
Copyright © 2026 Realtor Association of the Sioux Empire MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained 6-plex is positioned in a convenient central Sioux Falls location. It presents a strong investment opportunity with reliable in-place income and future upside potential. The property features a mix of 1- and 2-bedroom units, appealing to a broad tenant base and supporting consistent occupancy. Recent improvements enhance both functionality and tenant satisfaction. Additional income is generated through on-site laundry. Tenants also enjoy the convenience of garage parking, along with added off-street parking accessible via the alley. This stabilized small multifamily asset offers steady cash flow today with opportunities to further increase returns through rent optimization and operational efficiencies. The property is situated on a lot of 0.1722 acres. The building size is 5832 square feet. It is located in the city of Sioux Falls, SD. It is a practical, income-producing property with long-term potential.
Key Highlights
- 6‑plex with a mix of 1- and 2‑bedroom units in central Sioux Falls
- On‑site laundry provides additional income
- Garage parking for tenants plus off‑street parking accessible via the alley
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $94.5k | $16.20 |
| − Vacancy | −$9.6k | −$1.64 |
| EGI | $84.9k | $14.56 |
| − OpEx | −$38.2k | −$6.55 |
| NOI | $46.7k | $8.01 |
5,832 SF · lease $16.20/SF/yr · vacancy 10.14% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$667.1K
$583.7K – $778.2K
NOI $46,694 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.39M – $1.85M
NOI $110,855 @ 7.0% cap · market cap 16.42%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Well-maintained 6-plex in central Sioux Falls with income potential.
Where is this apartment building located?
The property is located at 1011 S 2nd Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 6‑plex with a mix of 1- and 2‑bedroom units in central Sioux Falls; On‑site laundry provides additional income; Garage parking for tenants plus off‑street parking accessible via the alley
