Furnished Triplex with Separate
For Sale
$450,000
2504 S Summit Ave, Sioux Falls, SD 57105
MULTI-FAMILY, Sioux Falls, SD
Property Size2,420 SF
Lot Size0.22 Acres
Price / SF$185.95
Days on Market96
Property Features for 2504 S Summit Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 3, Basement, Bathroom 2, Bathroom 1, Bedroom 1
Security features
Security Lighting
Appliances
Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
F A Smith Addn
Elementary school
Laura Wilder ES
Middle school
Edison MS
High school
Roosevelt HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
N on Minnesota Ave to W 33rd St, W on 33rd St to Summit Ave, S on Summit Ave to home
Standard status
Active
APN
47019
Size
2,420 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Block 4, Lot 14, N 8' 12 & All 13, Smith's F.A. Addn to City ofSioux Falls
Tax Annual Amount
4945
Legal Description
Block 4, Lot 14, N 8' 12 & All 13, Smith's F.A. Addn to City ofSioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Electric
Water source
Public
Amenities
shared laundry
on-site paved parking
Building Details
Year built
1948
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Laminate, Carpet, Wood, Tile
Building materials
HardiPlank Type, Wood Siding
Roof type
Composition
Listing Agency:
Amy Stockberger Real Estate
(605) 376-6780
Listed By:
Keisha Tran
(605) 595-2623
Added: May 27
Changed: Aug 30
Last Checked: Aug 30 at 6:06AM
MLS# 22603776
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 2,420-square-foot triplex contains three furnished residential units with separate living areas, kitchens, bedrooms, and bathrooms. The main-level residence has two bedrooms and one full bath, while the upper and lower units each provide one bedroom and one bath. The upper unit includes exterior balcony access and an additional den or living area. Shared basement laundry serves all three units, and the property includes appliances, public water, and public sewer. Built in 1948, the building has forced-air natural gas heat, electric cooling, composition roofing, and a combination of HardiPlank and wood siding.
Set on 0.2242 acres at 2504 S Summit Ave in Sioux Falls, the property is near 33rd Street, Minnesota Avenue, schools, shopping, dining, and daily amenities. Paved on-site parking is included. The property is currently used for short-term rental stays, and the seller intends to include furnishings subject to some exclusions.
Set on 0.2242 acres at 2504 S Summit Ave in Sioux Falls, the property is near 33rd Street, Minnesota Avenue, schools, shopping, dining, and daily amenities. Paved on-site parking is included. The property is currently used for short-term rental stays, and the seller intends to include furnishings subject to some exclusions.
Key Highlights
- Three‑unit triplex totaling 2,420 square feet
- Unit mix includes one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units
- Furnished property currently used for short‑term rental stays
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
$21,126
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
4.69%
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%
$422,520
$422.5K
Cap Rate 7%
$301,800
$301.8K
Cap Rate 9%
$234,733
$234.7K
Market Conditions
NOI Build-Up for 2,420 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
$33.4K $13.80/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$30.2K $12.47/SF
− OpEx
−$9.1K −$3.74/SF
NOI
$21.1K $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%
$422,520
Cap Rate 7%
$301,800
Cap Rate 9%
$234,733
Alternative Uses
Best Use
Multifamily LT 5
$301.8K
$264.1K – $352.1K
NOI $21,126 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$276.8K
$242.2K – $322.9K
NOI $19,376 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$657.1K
$575.0K – $766.7K
NOI $45,999 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 57105, SD
22,635
Population
10,550
Households
2.1
Avg Household Size
36
Median Age
44%
College-Educated
97%
High-School Grad
7.5 sq mi
ZIP Area
3,018
Density / Sq Mi
$74,066
Median Household Income
$43,271
Median Earnings
$956
Median Rent
$247,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three furnished residences offer distinct kitchens, living areas, bedrooms, and baths, with shared basement laundry and paved parking.
Where is this triplex located?
The property is located at 2504 S Summit Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three‑unit triplex totaling 2,420 square feet; Unit mix includes one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units; Furnished property currently used for short‑term rental stays
