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    120 S Indiana Ave, Sioux Falls, SD 57104

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    COMMERCIAL - Sioux Falls, SD

    Type:Office
    Property size:
    850 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $1.53/SF
    Added:
    Feb 11, 2026
    Days on Market:
    115
    Last Refresh:
    Jun 6 at 6:06 am

    Property Features for 120 S Indiana Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    office
    Standard status
    Active
    APN
    41956
    Size
    850 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Description
    W 14' 23 & E 30' LOT 24 BLOCK 2 PAULTON'S ADDN TO CITY OF SIOUX FALLS

    Utilities

    Utilities
    Water Available
    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1959
    Flooring type
    Vinyl, Carpet
    Building materials
    Frame
    Roof type
    Tar/Gravel

    We can help!

    Listing Contact
    Larry Luetke
    Larry Luetke

    Listing agent Larry Luetke License #12096

    Listing office Keller Williams Realty Sioux Falls 6300 S Connie Avenue, Sioux Falls, SD

    Listing date Feb 11, 2026

    MLS# 22600904 Listing URL

    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.

    HighLights

    • 850 SF office space near downtown Sioux Falls with a large reception area
    • Layout includes 3 offices (or 2 offices plus a large conference room)
    • Shared bathrooms
    • Central heating and central air; frame construction; vinyl and carpet flooring
    • Tar/gravel roof; water available
    • Gross lease plus utilities; additional 830 SF space available for $400/month more

    Overview

    This office space offers 850 square feet of practical, client-friendly layout, anchored by a large reception area. The interior includes three offices, or alternatively two offices with a large conference room, giving flexibility depending on your operating needs. Shared bathrooms are available for occupants. The lease structure is gross plus utilities, helping simplify ongoing occupancy costs.

    Located at 120 S Indiana Ave in Sioux Falls, the space is described as being close to Downtown Sioux Falls, positioning it for teams that want convenient access to the business core. If additional space is needed, there is another 830 square foot space that can be leased as well, with the listing noting it would be $400 more per month.

    This configuration is well suited for professional offices such as administrative operations, consultation-based practices, or teams that require a reception area plus separate private rooms for focused work and meetings. The option to expand into the adjacent additional suite can appeal to tenants planning to grow, while still keeping the space oriented around welcoming front-of-house reception and contained office usage.
    Property Profile Location Intelligence

    Current Use by Public Records

    Experience Works Employment Agency UMOS Inc Social Service Agency Redemption Technology Charitable Organization

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Spa & Massage Center Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sioux Falls
    County
    Lincoln
    State
    South Dakota
    Longitude
    -96.715373
    Latitude
    43.546982

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    FAQs

    What type of property is this?
    Office units - Functional office layout with a large reception area and multiple private rooms, offered with gross rent plus utilities.
    Where is this office units located?
    The property is located at 120 S Indiana Ave Sioux Falls, SD.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: 850 SF office space near downtown Sioux Falls with a large reception area; Layout includes 3 offices (or 2 offices plus a large conference room); Shared bathrooms
    (605) 275-0555
    We can help!
    Listing Contact
    Larry Luetke
    Larry Luetke
    Real Estate License ID: 12096
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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