Renovated Quadplex with Unit
For Sale
$374,900
201 N French Ave, Sioux Falls, SD 57103
Multi-Unit, Sioux Falls, SD
Property Size2,729 SF
Lot Size0.09 Acres
Price / SF$137.38
Days on Market232
Property Features for 201 N French Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
res
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 3, Bathroom 1, Bedroom 4, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 3, Bedroom 5, Bedroom 7, Bedroom 8, Bedroom 2
Directions
N. Cliff And 8 Th St., West 1 Block To French, 4 Plex On Corner
Subdivision
Surrounding Areas/Other Areas
Standard status
Active
APN
033983
Size
2,729 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 20 (EX W 55') BLOCK 2 GREATER SIOUX FALLS ADDN TO CITY OF SIOUX FALLS
Tax Annual Amount
3570
Legal Description
LOT 20 (EX W 55') BLOCK 2 GREATER SIOUX FALLS ADDN TO CITY OF SIOUX FALLS
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1915
Number of units
4
Listing Agency:
Gateway Real Estate Advisors
(712) 226-8000
Listed By:
Nic Madsen · License #S67281000
(712) 540-6562
Added: Jan 23
Changed: Sep 7
Last Checked: Sep 12 at 12:06AM
MLS# 831621
Copyright © 2026 Northwest Iowa Regional Board of Realtors. 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 2,729-square-foot quadplex contains four residential units: two with one bedroom and one bathroom, plus two with three bedrooms and one bathroom. Three units have been renovated, while work continues on the remaining unit. The property was built in 1915 and includes forced-air heating and window-unit cooling.
A new roof was installed in 2022. The building sits on a 0.0937-acre parcel at 201 N French Ave in Sioux Falls, South Dakota, with residential zoning. Its established neighborhood setting places the property within Sioux Falls and Minnehaha County.
A new roof was installed in 2022. The building sits on a 0.0937-acre parcel at 201 N French Ave in Sioux Falls, South Dakota, with residential zoning. Its established neighborhood setting places the property within Sioux Falls and Minnehaha County.
Key Highlights
- Four‑unit quadplex with two 1‑bed/1‑bath units and two 3‑bed/1‑bath units
- Three units renovated; improvements underway in the fourth unit
- 2,729 square feet on a 0.0937‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,823
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$476,460
$476.5K
Cap Rate 7%
$340,329
$340.3K
Cap Rate 9%
$264,700
$264.7K
Market Conditions
NOI Build-Up for 2,729 SF
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.
Gross rent
$37.7K $13.80/SF
− Vacancy
−$3.6K −$1.33/SF
EGI
$34.0K $12.47/SF
− OpEx
−$10.2K −$3.74/SF
NOI
$23.8K $8.73/SF
Area
Sioux Falls, SD
Vacancy
9.63%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$476,460
Cap Rate 7%
$340,329
Cap Rate 9%
$264,700
Alternative Uses
Best Use
Multifamily LT 5
$340.3K
$297.8K – $397.1K
NOI $23,823 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$312.1K
$273.1K – $364.2K
NOI $21,850 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$741.0K
$648.4K – $864.6K
NOI $51,873 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,248
Businesses Nearby
Explore this area
Business Placement
Demographics for 57103, SD
36,069
Population
15,326
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
91%
High-School Grad
9.5 sq mi
ZIP Area
3,797
Density / Sq Mi
$73,945
Median Household Income
$43,661
Median Earnings
$938
Median Rent
$244,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with ongoing renovations, forced-air heating, and window-unit cooling.
Where is this quadplex located?
The property is located at 201 N French Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: Four‑unit quadplex with two 1‑bed/1‑bath units and two 3‑bed/1‑bath units; Three units renovated; improvements underway in the fourth unit; 2,729 square feet on a 0.0937‑acre lot
