Historic Office
For Sale
$2,600,000
335 N Main Ave, Sioux Falls, SD 57104
COMMERCIAL, Sioux Falls, SD
Property Size14,368 SF
Lot Size0.44 Acres
Price / SF$180.96
Days on Market143
Property Features for 335 N Main Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RE6
Parking features
Offsite
Security features
Security Lighting
Subdivision
J Phillips Addn
Directions
Located at the corner of 6th Street and N Main Ave
Standard status
Active
APN
43001
Size
14,368 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Description
Lots 16A, 17 and Lot 18 Block 12 J L Phillips Addition to the City of Sioux Falls
Tax Annual Amount
21074
Legal Description
Lots 16A, 17 and Lot 18 Block 12 J L Phillips Addition to the City of Sioux Falls
Utilities
Utilities
Water Available
Heating system
Hot Water(Heating)
Cooling system
Central Air
Building Details
Year built
1892
Floors in Building
3
Number of units
4
Flooring type
Concrete, Carpet, Wood, Tile
Roof type
Rubber
Listing Agency:
Bridges Real Estate
Listed By:
Kevin Kuiper
(605) 271-1818
Added: Apr 16
Changed: Sep 5
Last Checked: Sep 5 at 11:06AM
MLS# 22602650
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 1892, this three-level office property combines historic architectural character with established commercial improvements. The 14,368-square-foot building includes professional offices on the upper floors, a main level configured as a portrait studio, and approximately 1,300 square feet of finished basement area. Garden-level windows bring natural light to the lower level, while an elevator serves the second and third floors. Original oak, pine, maple, and cherry flooring remains on the main level, complemented by tile, concrete, and carpet elsewhere in the building. The property also features 14-foot ceilings on the main floor, central air, hot-water heating, a rubber roof, and water availability.
Set on 0.439 acres near downtown Sioux Falls and Falls Park, the property includes a treed court area and off-street parking. The building is zoned RE6 and was designed by architect Dow Wallace.
Set on 0.439 acres near downtown Sioux Falls and Falls Park, the property includes a treed court area and off-street parking. The building is zoned RE6 and was designed by architect Dow Wallace.
Key Highlights
- 14,368‑square‑foot office building constructed in 1892
- Approximately 1,300 square feet of finished basement space with garden‑level windows
- 14‑foot main‑level ceilings and original oak, pine, maple, and cherry flooring
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
$192,352
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
7.40%
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%
$3,847,040
$3.8M
Cap Rate 7%
$2,747,886
$2.7M
Cap Rate 9%
$2,137,244
$2.1M
Market Conditions
NOI Build-Up for 14,368 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
$301.7K $21.00/SF
− Vacancy
−$45.3K −$3.15/SF
EGI
$256.5K $17.85/SF
− OpEx
−$64.1K −$4.46/SF
NOI
$192.4K $13.39/SF
Area
Sioux Falls, SD
Vacancy
15.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,847,040
Cap Rate 7%
$2,747,886
Cap Rate 9%
$2,137,244
Alternative Uses
Best Use
Office B
$2.75M
$2.40M – $3.21M
NOI $192,352 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $273,107 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,354
Businesses Nearby
Explore this area
Business Placement
Demographics for 57104, SD
26,998
Population
13,952
Households
1.9
Avg Household Size
37
Median Age
25%
College-Educated
90%
High-School Grad
30.4 sq mi
ZIP Area
888
Density / Sq Mi
$59,161
Median Household Income
$39,101
Median Earnings
$849
Median Rent
$183,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 1892 office property with professional suites, original hardwood flooring, an elevator, and finished garden-level space.
Where is this office building located?
The property is located at 335 N Main Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 14,368‑square‑foot office building constructed in 1892; Approximately 1,300 square feet of finished basement space with garden‑level windows; 14‑foot main‑level ceilings and original oak, pine, maple, and cherry flooring
