Six-Unit Apartment
1011 S 2nd Ave, Sioux Falls, SD 57105
For Sale
$675,000
MULTI-FAMILY, Sioux Falls, SD
Property Size5,832 SF
Lot Size0.17 Acres
Price / SF$115.74
Days on Market220
Property Features for 1011 S 2nd Ave
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Appliances
Subdivision
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Water source
Amenities
on-site laundry
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Listing Agency:
Better Homes and Gardens Real Estate Beyond
(605) 275-4663
Listed By:
Kim Hofer
(605) 413-7522
Added: Apr 7
Changed: Nov 12
Last Checked: Nov 12 at 9:06AM
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.
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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 / 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
Properties on Market for Apartment buildings in Sioux Falls
Vacancy Rate% for Multifamily in Midwest region
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
