Four-Unit Property with
New
For Sale
$635,000
528 Prairie Ave, Baltic, SD 57003
MULTI-FAMILY, Baltic, SD
Property Size4,032 SF
Lot Size0.37 Acres
Price / SF$157.49
Days on Market3
Property Features for 528 Prairie Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 7, Bedroom 8, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6
Appliances
Refrigerator, Range, Dishwasher, Disposal, Washer, Dryer, Microwave
Subdivision
Valley View Meadows
Elementary school
Baltic ES
Middle school
Baltic MS
High school
Baltic HS
Elementary school district
Baltic 49-1
Middle school district
Baltic
High school district
Baltic
Directions
South on Lovely & 6th, W on Prairie to property (on N side of the street).
Standard status
Active
APN
089472
Size
4,032 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Description
Lots 60 & 61 Valley View Meadows Addition to City of Baltic
Tax Annual Amount
7911
Legal Description
Lots 60 & 61 Valley View Meadows Addition to City of Baltic
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Electric
Water source
Public
Amenities
patio
washer and dryer
Building Details
Year built
2016
Floors in Building
1
Number of units
4
Flooring type
Vinyl, Carpet
Roof type
Composition
Listing Agency:
Keller Williams Realty Sioux Falls
(605) 275-0555
Listed By:
Darla Ling
(605) 521-6174
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 6 at 9:06AM
MLS# 22606921
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 2016, this quadplex contains four two-bedroom, one-bath residences with more than 1,000 square feet per unit and an attached 12-by-24-foot garage for each home. The 4,032-square-foot property includes full kitchen appliances, cabinet storage, a pantry, decorative solid-core doors, vinyl and carpet flooring, forced-air natural gas heat, and electric cooling. Three units also have washers and dryers. Interior units feature vaulted ceilings, while the homes provide private outdoor patio areas.
All four units have remained occupied since construction. Current lease terms extend through July 2028 for three residences and July 2027 for the remaining unit. Tenants pay their own electric and gas costs. The property sits on 0.3667 acres at 528 Prairie Ave in Baltic, near the school and ball fields. Public water and sewer serve the property, and the composition roof is scheduled for new shingles in 2026.
All four units have remained occupied since construction. Current lease terms extend through July 2028 for three residences and July 2027 for the remaining unit. Tenants pay their own electric and gas costs. The property sits on 0.3667 acres at 528 Prairie Ave in Baltic, near the school and ball fields. Public water and sewer serve the property, and the composition roof is scheduled for new shingles in 2026.
Key Highlights
- Four 2‑bedroom, 1‑bath units with attached garages
- 4,032 square feet on 0.3667 acres
- Each unit offers over 1,000 sq ft of living space
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
$32,750
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
5.16%
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%
$655,000
$655.0K
Cap Rate 7%
$467,857
$467.9K
Cap Rate 9%
$363,889
$363.9K
Market Conditions
NOI Build-Up for 4,032 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
$51.8K $12.84/SF
− Vacancy
−$5.0K −$1.24/SF
EGI
$46.8K $11.60/SF
− OpEx
−$14.0K −$3.48/SF
NOI
$32.7K $8.12/SF
Area
Minnehaha County, SD
Vacancy
9.63%
Lease Rate
$12.84 /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%
$655,000
Cap Rate 7%
$467,857
Cap Rate 9%
$363,889
Alternative Uses
Best Use
Multifamily LT 5
$467.9K
$409.4K – $545.8K
NOI $32,750 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$430.4K
$376.6K – $502.2K
NOI $30,130 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$1.09M
$951.0K – $1.27M
NOI $76,083 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 57003, SD
2,109
Population
772
Households
2.7
Avg Household Size
37
Median Age
25%
College-Educated
97%
High-School Grad
51.0 sq mi
ZIP Area
41
Density / Sq Mi
$108,875
Median Household Income
$52,917
Median Earnings
$1,134
Median Rent
$261,500
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 residential units provide attached garages, private patios, and individual electric and gas responsibility.
Where is this quadplex located?
The property is located at 528 Prairie Ave Baltic, SD.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units with attached garages; 4,032 square feet on 0.3667 acres; Each unit offers over 1,000 sq ft of living space
