Six-Unit Apartment
For Sale
$675,000
1011 S 2nd Ave, Sioux Falls, SD 57105
MULTI-FAMILY, Sioux Falls, SD
Property Size5,832 SF
Lot Size0.17 Acres
Price / SF$115.74
Days on Market174
Property Features for 1011 S 2nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bedroom 5, Bathroom 3, Bedroom 10, Bedroom 2, Bedroom 8, Bathroom 2, Bedroom 7, Bedroom 4, Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 4, Bedroom 9, Bathroom 5, Basement, Bedroom 6
Parking features
Off Street
Appliances
Dishwasher, Range, Refrigerator
Subdivision
Boulevard Addn
Elementary school
Susan B Anthony ES
Middle school
Patrick Henry MS
High school
Lincoln HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
18th and Minnesota - East on 18th - South on 2nd Ave
Standard status
Active
APN
26711
Size
5,832 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Lot 10 Block 2 Boulevard Addn To City Of Sioux Falls
Tax Annual Amount
5750
Legal Description
Lot 10 Block 2 Boulevard Addn To City Of Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
on-site laundry
garage parking
off-street parking
Building Details
Year built
1971
Floors in Building
2
Number of units
6
Flooring type
Carpet, Laminate
Building materials
Brick
Roof type
Tar/Gravel
Listing Agency:
Better Homes and Gardens Real Estate Beyond
(605) 275-4663
Listed By:
Kim Hofer
(605) 413-7522
Added: Apr 7
Changed: Sep 27
Last Checked: Sep 27 at 1:06PM
MLS# 22602400
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 six-unit apartment property contains a mix of one- and two-bedroom residences within 5,832 square feet. The building was constructed in 1971 with brick exterior materials, tar and gravel roofing, carpet and laminate flooring, and natural gas heating. Recent improvements are noted, and the property includes on-site laundry facilities, garage parking, and additional off-street parking accessed from the alley. Individual units include dishwashers, ranges, and refrigerators. Public water and public sewer serve the property, which occupies 0.1722 acres at 1011 S 2nd Ave in Sioux Falls, South Dakota.
Key Highlights
- Six‑unit apartment property with a mix of one- and two‑bedroom units
- 5,832 square feet on 0.1722 acres
- On‑site laundry facilities and garage parking
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
$46,694
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
6.92%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,184
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick construction, laundry facilities, garage parking, and alley-accessible off-street parking serve the residential layout.
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 a mix of one- and two‑bedroom units; 5,832 square feet on 0.1722 acres; On‑site laundry facilities and garage parking
