Updated Side-by-Side
For Sale
$365,000
Pending
3609 & 3611 E 18th St, Sioux Falls, SD 57103
MULTI-FAMILY, Sioux Falls, SD
Property Size2,520 SF
Lot Size0.20 Acres
Days on Market25
Property Features for 3609 & 3611 E 18th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Not Verified
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 5, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Basement
Appliances
Dishwasher, Range, Refrigerator
Subdivision
Bergs Addn
Elementary school
Cleveland ES
Middle school
Ben REifel Middle School
High school
Washington HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
Corner of Bahnson and 18th St, one block East
Special listing conditions
Notice Of Default
Standard status
Pending
APN
26238
Size
2,520 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
Lot 3 Block 1- Bergs Addition
Tax Annual Amount
4949
Legal Description
Lot 3 Block 1- Bergs Addition
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
1969
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Wood, Carpet
Building materials
Stucco
Roof type
Composition
Listing Agency:
Keller Williams Realty Sioux Falls
Listed By:
Shaina Goedtke
(605) 275-0555
Added: Aug 12
Changed: Sep 5
Last Checked: Sep 5 at 1:06PM
MLS# 22606161
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 side-by-side duplex at 3609 & 3611 E 18th St in Sioux Falls contains 2,520 square feet on a 0.1951-acre lot. Built in 1969, the property has two residential units, each with two bedrooms and one bathroom on the main level. Both units have updated windows, kitchens, and bathrooms, with wood, carpet, and vinyl flooring throughout. One basement includes a finished area with an additional non-legal bedroom and room for a future bathroom; the other is unfinished and available for additional build-out.
Both units are currently occupied. The property is served by public water and public sewer, with forced-air natural gas heat and electric cooling. Additional features include stucco construction, a composition roof, dishwasher, range, and refrigerator appliances.
Both units are currently occupied. The property is served by public water and public sewer, with forced-air natural gas heat and electric cooling. Additional features include stucco construction, a composition roof, dishwasher, range, and refrigerator appliances.
Key Highlights
- Side‑by‑side duplex with 2,520 square feet on a 0.1951‑acre lot
- Both units are currently occupied
- Each unit includes 2 bedrooms and 1 bathroom on the main level
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
$21,999
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
6.03%
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%
$439,980
$440.0K
Cap Rate 7%
$314,271
$314.3K
Cap Rate 9%
$244,433
$244.4K
Market Conditions
NOI Build-Up for 2,520 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
$34.8K $13.80/SF
− Vacancy
−$3.3K −$1.33/SF
EGI
$31.4K $12.47/SF
− OpEx
−$9.4K −$3.74/SF
NOI
$22.0K $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%
$439,980
Cap Rate 7%
$314,271
Cap Rate 9%
$244,433
Alternative Uses
Best Use
Multifamily LT 5
$314.3K
$275.0K – $366.7K
NOI $21,999 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$288.2K
$252.2K – $336.3K
NOI $20,176 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$684.3K
$598.8K – $798.3K
NOI $47,900 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
576
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units combine refreshed interiors with separate basement space and owner-occupant flexibility.
Where is this duplex located?
The property is located at 3609 & 3611 E 18th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 2,520 square feet on a 0.1951‑acre lot; Both units are currently occupied; Each unit includes 2 bedrooms and 1 bathroom on the main level
