Townhome-Style
For Sale
$640,000
2800 E Madison St, Sioux Falls, SD 57103
MULTI-FAMILY, Sioux Falls, SD
Property Size5,200 SF
Lot Size0.40 Acres
Price / SF$123.08
Days on Market77
Property Features for 2800 E Madison St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Not Verified
Appliances
Dishwasher, Disposal, Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
Timberline Estates 2
Elementary school
Anne Sullivan ES
Middle school
Whittier MS
High school
Washington HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
From N. Cleveland Ave, turn East on E. Madison St. then turn left on N. Archer Ave.
Standard status
Active
APN
78995
Size
5,200 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Description
Lot 1 Block 1 Timberline Estates 2nd Addn to City of Sioux Falls
Tax Annual Amount
7821
Legal Description
Lot 1 Block 1 Timberline Estates 2nd Addn to City of Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
2015
Floors in Building
2
Number of units
4
Flooring type
Carpet, Vinyl
Building materials
Brick Veneer, Vinyl Siding
Roof type
Composition
Listing Agency:
Amy Stockberger Real Estate
(605) 376-6780
Listed By:
Brandyn Vetos
(605) 595-2623
Added: Jun 24
Changed: Sep 8
Last Checked: Sep 8 at 4:06AM
MLS# 22604661
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.
Built in 2015, this quadplex contains four townhome-style units totaling 5200 square feet. Each residence has two bedrooms and one-and-a-half baths, with central HVAC, walk-in closets, vinyl and carpet flooring, and an in-unit washer and dryer. Kitchens include dishwashers, refrigerators, electric ranges, microwaves, and disposals. Brick veneer and vinyl siding, forced-air natural-gas heating, electric cooling, a composition roof, and public water and sewer complete the building profile.
The property occupies 0.3967 acres at 2800 E Madison St in Sioux Falls, SD 57103. On-site parking serves tenants. Water, sewer, and garbage are owner-paid, while tenants handle other utilities.
The property occupies 0.3967 acres at 2800 E Madison St in Sioux Falls, SD 57103. On-site parking serves tenants. Water, sewer, and garbage are owner-paid, while tenants handle other utilities.
Key Highlights
- Four townhome‑style units with two bedrooms and one‑and‑a‑half baths each
- 5200 square feet of total multi‑unit living space
- Built in 2015 on a 0.3967‑acre parcel
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
$45,395
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
7.09%
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%
$907,900
$907.9K
Cap Rate 7%
$648,500
$648.5K
Cap Rate 9%
$504,389
$504.4K
Market Conditions
NOI Build-Up for 5,200 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
$71.8K $13.80/SF
− Vacancy
−$6.9K −$1.33/SF
EGI
$64.8K $12.47/SF
− OpEx
−$19.5K −$3.74/SF
NOI
$45.4K $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%
$907,900
Cap Rate 7%
$648,500
Cap Rate 9%
$504,389
Alternative Uses
Best Use
Multifamily LT 5
$648.5K
$567.4K – $756.6K
NOI $45,395 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$594.8K
$520.4K – $693.9K
NOI $41,634 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $98,842 @ 7.0% cap · market cap 15.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
96
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four townhome-style residences offer individual laundry, central HVAC, and on-site tenant parking.
Where is this quadplex located?
The property is located at 2800 E Madison St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Four townhome‑style units with two bedrooms and one‑and‑a‑half baths each; 5200 square feet of total multi‑unit living space; Built in 2015 on a 0.3967‑acre parcel
