Building Details

Year Built 1973

Buildings 1

Listing Agency: The Experience Real Estate Show Phone

Listed By: Amy Stockberger Real Estate Show Phone

Source: Findahomeinsiouxfalls

Added: Jul 10 Changed: Aug 30 Last Checked: Aug 30 at 4:19PM

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Investment Insights

Based on property information with market context.

This 3,920-square-foot triplex was built in 1973 and includes three residential units. Unit A offers three bedrooms, one bathroom, an open living area, and the property’s only attached single-stall garage. Units B and C each provide two bedrooms, one full bathroom, spacious living areas, private entrances, and baseboard heat. A roof replacement was completed within the past few years.

The property occupies a treed lot at 1008 4th St in Garretson, South Dakota, with no backyard neighbors. The unit mix and distinct entrances provide varied residential layouts within one multifamily asset.

Key Highlights

• 3,920‑square‑foot triplex built in 1973
• Unit mix includes one 3‑bedroom unit and two 2‑bedroom units
• Unit A has the property's only attached single‑stall garage

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

$31,840

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

8.27%

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%

$636,800 $636.8K

Cap Rate 7%

$454,857 $454.9K

Cap Rate 9%

$353,778 $353.8K

Market Conditions

NOI Build-Up for 3,920 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

$50.3K $12.84/SF

− Vacancy

−$4.8K −$1.24/SF

EGI

$45.5K $11.60/SF

− OpEx

−$13.6K −$3.48/SF

NOI

$31.8K $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%

$636,800

Cap Rate 7%

$454,857

Cap Rate 9%

$353,778

Alternative Uses

Best Use

Multifamily LT 5

$454.9K

$398.0K – $530.7K (±1% cap)

NOI $31,840 @ 7.0% cap · market cap 8.27%

Second Best

Apartment 5plus

$418.5K

$366.2K – $488.2K (±1% cap)

NOI $29,293 @ 7.0% cap · market cap 7.61%

Theoretical Best

Office A

$1.06M

$924.6K – $1.23M (±1% cap)

NOI $73,969 @ 7.0% cap · market cap 19.21%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Building Supply Plumbing Service Real Estate Agency Locksmith Hair Salon Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

113

Businesses Nearby

Explore this area Business Placement

Demographics for 57030, SD

3,042

Population

1,155

Households

2.6

Avg Household Size

39

Median Age

29%

College-Educated

96%

High-School Grad

132.8 sq mi

ZIP Area

23

Density / Sq Mi

$83,932

Median Household Income

$49,086

Median Earnings

$731

Median Rent

$278,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Treed residential income property with varied unit layouts, private entrances, and one attached single-stall garage.

Where is this triplex located?

The property is located at 1008 4th St Garretson, SD.

What is the asking price?

The asking price for this property is $385,000.

What are key features of this property?

This property features: 3,920‑square‑foot triplex built in 1973; Unit mix includes one 3‑bedroom unit and two 2‑bedroom units; Unit A has the property's only attached single‑stall garage