Furnished Duplex With New
For Sale
$299,900
202 N French Ave, Sioux Falls, SD 57103
Multi-Unit, Sioux Falls, SD
Property Size2,000 SF
Lot Size0.08 Acres
Price / SF$149.95
Days on Market232
Property Features for 202 N French Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
res
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 2
Directions
From 6th & Phillips, north on Phillips, west on 7th, north on French to east side.
Subdivision
Surrounding Areas/Other Areas
Standard status
Active
APN
033943
Size
2,000 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
(EX E59.5) Lot 22 Block 1 GREATER SIOUX FALLS ADDN TO CITY OF SIOUX FALLS
Tax Annual Amount
2688
Legal Description
(EX E59.5) Lot 22 Block 1 GREATER SIOUX FALLS ADDN TO CITY OF SIOUX FALLS
Building Details
Year built
1916
Number of units
2
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# 831620
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.
Located at 202 N French Ave in Sioux Falls, this duplex contains two residential units within a 2,000-square-foot property on 0.08 acres. Both residences are furnished, and the current operating structure combines mid-term and long-term rentals with utilities included.
The property was built in 1916 and is zoned res. A new roof was installed in 2022, adding a recent major improvement to the building’s physical profile.
The property was built in 1916 and is zoned res. A new roof was installed in 2022, adding a recent major improvement to the building’s physical profile.
Key Highlights
- Two residential units in a 2,000‑square‑foot duplex
- Both units are furnished with utilities included in rent
- Current rental mix includes mid‑term and long‑term arrangements
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
$17,459
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
5.82%
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%
$349,180
$349.2K
Cap Rate 7%
$249,414
$249.4K
Cap Rate 9%
$193,989
$194.0K
Market Conditions
NOI Build-Up for 2,000 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
$27.6K $13.80/SF
− Vacancy
−$2.7K −$1.33/SF
EGI
$24.9K $12.47/SF
− OpEx
−$7.5K −$3.74/SF
NOI
$17.5K $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%
$349,180
Cap Rate 7%
$249,414
Cap Rate 9%
$193,989
Alternative Uses
Best Use
Multifamily LT 5
$249.4K
$218.2K – $291.0K
NOI $17,459 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$228.8K
$200.2K – $266.9K
NOI $16,013 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$543.1K
$475.2K – $633.6K
NOI $38,016 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
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?
Duplex - Two furnished residential units support mid-term and long-term rental arrangements with utilities included.
Where is this duplex located?
The property is located at 202 N French Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two residential units in a 2,000‑square‑foot duplex; Both units are furnished with utilities included in rent; Current rental mix includes mid‑term and long‑term arrangements
