6-Unit Apartment
For Sale
$675,000
1011 S 2nd Ave, Sioux Falls, SD 57105
One- and two-bedroom units include on-site laundry and garage parking.
Property Size5,832 SF
Price / SF$115.74
Days on Market200
Property Features for 1011 S 2nd Ave
General Information
Standard status
Active
Size
5,832 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
all Saints
Additional Details
Multifamily Units
6
Amenities
on-site laundry
Building Details
Year Built
1971
Listing Agency:
Better Homes and Gardens Real Estate Beyond
Listed By:
Kim Hofer
(605) 413-7522
Source:
Siouxfallsareahomesearch
Added: Apr 8
Changed: Oct 3
Last Checked: Oct 23 at 7:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Better Homes and Gardens Real Estate Beyond
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Investment Insights
Based on property information with market context.
This 5,832-square-foot apartment property contains six units with a mix of one- and two-bedroom floor plans. Built in 1971, the building has received recent improvements, and on-site laundry provides an additional income stream.
Residents have access to garage parking as well as additional off-street spaces reached from the alley. The property is located at 1011 S 2nd Ave in Sioux Falls, South Dakota, in a central area of the city.
Residents have access to garage parking as well as additional off-street spaces reached from the alley. The property is located at 1011 S 2nd Ave in Sioux Falls, South Dakota, in a central area of the city.
Key Highlights
- Six‑unit apartment property with 1- and 2‑bedroom units
- 5,832 SF building constructed in 1971
- Recent improvements to the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,694
Cap Rate
6.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$933,880
$933.9K
Cap Rate 7%
$667,057
$667.1K
Cap Rate 9%
$518,822
$518.8K
Market Conditions
NOI Build-Up for 5,832 SF
Gross rent
$94.5K $16.20/SF
− Vacancy
−$9.6K −$1.64/SF
EGI
$84.9K $14.56/SF
− OpEx
−$38.2K −$6.55/SF
NOI
$46.7K $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 Rate 5%
$933,880
Cap Rate 7%
$667,057
Cap Rate 9%
$518,822
Alternative Uses
Best Use
Apartment 5plus
$667.1K
$583.7K – $778.2K
NOI $46,694 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.39M – $1.85M
NOI $110,855 @ 7.0% cap · market cap 16.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,184
Businesses Nearby
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Business Placement
Demographics for 57105, SD
22,635
Population
10,550
Households
2.1
Avg Household Size
36
Median Age
44%
College-Educated
97%
High-School Grad
7.5 sq mi
ZIP Area
3,018
Density / Sq Mi
$74,066
Median Household Income
$43,271
Median Earnings
$956
Median Rent
$247,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - One- and two-bedroom units include on-site laundry and garage parking.
Where is this apartment building located?
The property is located at 1011 S 2nd Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Six‑unit apartment property with 1- and 2‑bedroom units; 5,832 SF building constructed in 1971; Recent improvements to the property
