Three-Unit Multifamily
For Sale
$264,000
Pending
514 S Summit Ave, Sioux Falls, SD 57104
MULTI-FAMILY, Sioux Falls, SD
Property Size1,864 SF
Lot Size0.11 Acres
Days on Market49
Property Features for 514 S Summit Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Not Verified
Rooms
Basement
Appliances
Range, Refrigerator
Subdivision
Grigsby Addn
Elementary school
Lowell ES
Middle school
Edison MS
High school
Washington HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
2 Blocks south of 12th and Summit Ave.
Standard status
Pending
APN
34078
Size
1,864 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
W23 4 BLOCK 8 GRIGSBY`S ADDN TO CITY OF SIOUX FALLS
Tax Annual Amount
2850
Legal Description
W23 4 BLOCK 8 GRIGSBY`S ADDN TO CITY OF SIOUX FALLS
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Flooring type
Vinyl, Carpet, Wood
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Market First Real Estate
Listed By:
Terry Keller
(605) 940-6601
Added: Jul 21
Changed: Sep 5
Last Checked: Sep 7 at 3:06PM
MLS# 22605473
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 1,864-square-foot triplex contains three residential units. The main-level apartment has three bedrooms and one bathroom, while each of the other two units includes two bedrooms and one bathroom. Carpet was installed on the main level, and the property also features wood and vinyl flooring, a basement, forced-air heating, and a composition roof. Range and refrigerator appliances are included.
Built in 1910, the property occupies a 0.1148-acre lot at 514 S Summit Ave in Sioux Falls. Public water and public sewer serve the building, which is located in ZIP Code 57104.
Built in 1910, the property occupies a 0.1148-acre lot at 514 S Summit Ave in Sioux Falls. Public water and public sewer serve the building, which is located in ZIP Code 57104.
Key Highlights
- Three‑unit configuration with one 3‑bedroom/1‑bath unit and two 2‑bedroom/1‑bath units
- 1,864 square feet on a 0.1148‑acre lot
- Built in 1910 with wood siding and a composition roof
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
$16,272
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
6.16%
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%
$325,440
$325.4K
Cap Rate 7%
$232,457
$232.5K
Cap Rate 9%
$180,800
$180.8K
Market Conditions
NOI Build-Up for 1,864 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
$25.7K $13.80/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$23.2K $12.47/SF
− OpEx
−$7.0K −$3.74/SF
NOI
$16.3K $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%
$325,440
Cap Rate 7%
$232,457
Cap Rate 9%
$180,800
Alternative Uses
Best Use
Multifamily LT 5
$232.5K
$203.4K – $271.2K
NOI $16,272 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$213.2K
$186.6K – $248.7K
NOI $14,924 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$506.2K
$442.9K – $590.5K
NOI $35,431 @ 7.0% cap · market cap 13.42%
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
2,912
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 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?
Triplex - Wood-sided income property with varied unit layouts, basement space, public utilities, and forced-air heat.
Where is this triplex located?
The property is located at 514 S Summit Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $264,000.
What are key features of this property?
This property features: Three‑unit configuration with one 3‑bedroom/1‑bath unit and two 2‑bedroom/1‑bath units; 1,864 square feet on a 0.1148‑acre lot; Built in 1910 with wood siding and a composition roof
