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    Undeveloped Land in Sioux Falls Title is generated by Realmo AI

    27002 S Louise Ave, Sioux Falls, SD 57108

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    Claim this Listing
    For Sale
    $7,960,000

    LAND - Sioux Falls, SD

    Lot size:
    45.53 Acres
    Added:
    Aug 26, 2024
    Days on Market:
    635
    Last Refresh:
    May 22 at 1:06 am

    Property Features for 27002 S Louise Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    A-1 Agricultural but will
    Standard status
    Active
    APN
    100.50.21.2010
    Lot size
    45.53 Acres

    Taxes and HOA fees

    Tax Description
    N1/2 NW1/4 NW1/4 Ex Lots H 1-2-3 NE1/4 NW1/4 Ex Debultens Add & Tr A&B & LIVING WORD ADD - 21-100-50
    Tax Annual Amount
    3856

    We can help!

    Listing Contact
    Brian Smit

    Listing agent Brian Smit

    Listing office Better Homes and Gardens Real Estate Beyond 5915 S Remington PL. Ste 100, Sioux Falls, SD

    Listing date Aug 26, 2024

    MLS# 22406722 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

    • Large undeveloped land parcel in the rapidly growing south side of Sioux Falls.
    • Significant street frontage on three major roads: Louise Ave, 85th St, and Meredith Ave.
    • Potential for diverse future zoning options: RD‑1, RA‑2, RA‑3, LW/O & C2/C3.
    • Excellent mixed‑use development opportunity.
    • Convenient access to I‑229 and the future Highway 100/85th St interchange.
    • High traffic counts: 8,500 per day on W 85th St and 17,900 per day on S Louise Ave (2023 data).

    Overview

    This large parcel of undeveloped land is located on the corner of 85th Street and Louise Avenue in the expanding south side of Sioux Falls. The property has significant street frontage on Louise Avenue to the west, 85th Street to the north, and Meredith Avenue to the east. Potential future zoning includes RD-1, RA-2, RA-3, LW/O, and C2/C3. This presents a mixed-use development opportunity with quick access to I-229, as well as Highway 100 and the upcoming 85th Street interchange. The property is currently zoned A-1 Agricultural. Traffic counts from 2023 show 8,500 vehicles per day on West 85th Street and 17,900 vehicles per day on South Louise Avenue. The lot size is 45.5298 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Real Estate Agency Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    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
    -96.766473
    Latitude
    43.474793

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    FAQs

    What type of property is this?
    Land - Large land parcel with development potential in expanding Sioux Falls.
    Where is this land located?
    The property is located at 27002 S Louise Ave Sioux Falls, SD.
    What is the asking price?
    The asking price for this property is $7,960,000.
    What are key features of this property?
    This property features: Large undeveloped land parcel in the rapidly growing south side of Sioux Falls.; Significant street frontage on three major roads: Louise Ave, 85th St, and Meredith Ave.; Potential for diverse future zoning options: RD‑1, RA‑2, RA‑3, LW/O & C2/C3.
    (605) 413-7522
    We can help!
    Listing Contact
    Brian Smit
    Learn More
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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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    27002 S Louise Ave, Sioux Falls, SD 57108-8114
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