Renovated 11-Unit Apartment
For Sale
$1,300,000
700 W 6th St, Sioux Falls, SD 57104
MULTI-FAMILY, Sioux Falls, SD
Property Size10,800 SF
Lot Size0.26 Acres
Price / SF$120.37
Days on Market36
Property Features for 700 W 6th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
15
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 5, Bathroom 3, Bedroom 13, Bedroom 6, Bathroom 1, Bathroom 6, Bedroom 12, Bathroom 8, Bedroom 9, Bedroom 15, Bathroom 4, Bathroom 5, Bedroom 4, Bathroom 2, Bedroom 14, Bedroom 3, Bedroom 8, Bedroom 10, Bedroom 11, Bedroom 1, Bedroom 2, Bedroom 7, Basement, Bathroom 7
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator
Subdivision
McClellans Addn To West Sioux Falls
Elementary school
Hawthorne ES
Middle school
Patrick Henry MS
High school
Lincoln HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
Minnesota north to 6th street, west to Summit and 6th
Standard status
Active
APN
39594
Size
10,800 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
7 & S 21' 8 Block 24 McClellan's Addn to West Sioux Falls
Tax Annual Amount
9935
Legal Description
7 & S 21' 8 Block 24 McClellan's Addn to West Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard
Cooling system
Window Unit(s)
Water source
Public
Amenities
coin-operated laundry facilities
storage closets
Building Details
Year built
1969
Floors in Building
3
Number of units
11
Flooring type
Vinyl, Carpet, Laminate
Building materials
HardiPlank Type, Brick
Roof type
Composition
Listing Agency:
Keller Williams Realty Sioux Falls
(605) 275-0555
Listed By:
Amber Ellingsen · License #15778
(605) 360-6707
Added: Aug 9
Changed: Sep 13
Last Checked: Sep 13 at 10:06AM
MLS# 22606056
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 10,800-square-foot apartment building contains 11 units, including ten two-bedroom, one-bath apartments and one efficiency. The property was renovated in 2015 and offers spacious interiors with kitchen and cabinet space, dining areas, open living areas, large windows, and unit-specific storage closets. Appliances include dishwashers, disposals, microwaves, ranges, and refrigerators. Two coin-operated laundry areas serve the building, while five garage stalls and additional off-street parking support residents. Heating is provided by hot water and baseboard systems, with window-unit cooling.
Located at 700 W 6th St in Sioux Falls, the property is near downtown and provides access to shopping, dining, schools, and medical facilities. Current occupancy is 90%, and professional management has been in place for several years. Public water and sewer serve the site.
Located at 700 W 6th St in Sioux Falls, the property is near downtown and provides access to shopping, dining, schools, and medical facilities. Current occupancy is 90%, and professional management has been in place for several years. Public water and sewer serve the site.
Key Highlights
- 11‑unit apartment building with ten two‑bedroom, one‑bath units and one efficiency
- 10,800 square feet on 0.2636 acres
- Renovated in 2015; current occupancy is 90%
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
$86,470
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
6.65%
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%
$1,729,400
$1.7M
Cap Rate 7%
$1,235,286
$1.2M
Cap Rate 9%
$960,778
$960.8K
Market Conditions
NOI Build-Up for 10,800 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
$175.0K $16.20/SF
− Vacancy
−$17.7K −$1.64/SF
EGI
$157.2K $14.56/SF
− OpEx
−$70.7K −$6.55/SF
NOI
$86.5K $8.01/SF
Area
Sioux Falls, SD
Vacancy
10.14%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,729,400
Cap Rate 7%
$1,235,286
Cap Rate 9%
$960,778
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.08M – $1.44M
NOI $86,470 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.57M – $3.42M
NOI $205,286 @ 7.0% cap · market cap 15.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11
Residential units
90%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,818
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Professionally managed property with varied layouts, storage, laundry facilities, garages, and off-street parking.
Where is this apartment building located?
The property is located at 700 W 6th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 11‑unit apartment building with ten two‑bedroom, one‑bath units and one efficiency; 10,800 square feet on 0.2636 acres; Renovated in 2015; current occupancy is 90%
