Well-Maintained Duplex With Washer/Dryer
For Sale
$305,000
1012 W 8th St St E, Sioux Falls, SD 57104
MULTI_FAMILY - Sioux Falls, SD
Property Size2,478 SF
Lot Size0.15 Acres
Price / SF$123.08
Days on Market166
Property Features for 1012 W 8th St St E
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Appliances
Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
Covell's 1st Addn
Elementary school
Lowell ES
Middle school
George McGovern MS - Sioux Falls
High school
Thomas Jefferson High School
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
West on 12th St-North on West Ave-East On 8th St-and left to property Driveway.
Standard status
Active
APN
28859
Size
2,478 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
E13 10 TO 12 BLOCK 5 COVELL`S 1ST-ADDN TO CITY OF SIOUX FALLS
Tax Annual Amount
3944
Legal Description
E13 10 TO 12 BLOCK 5 COVELL`S 1ST-ADDN TO CITY OF SIOUX FALLS
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Cooling system
Electric
Water source
Public
Amenities
washer/dryer hookup
Building Details
Year built
1965
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Realty Sioux Falls
(605) 275-0555
Listed By:
Alem Gabremariam
(605) 275-0555
Added: Feb 27
Changed: Aug 12
Last Checked: Aug 12 at 8:06AM
MLS# 22601322
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 well-maintained duplex offers two separate units with individual washer/dryer hookups. The main floor unit features three bedrooms and one full bath, with two bedrooms on the main floor and one bedroom in the basement. The upper unit includes two bedrooms and one full bathroom. Appliances included in the property information list include a range, refrigerator, microwave, and washer and dryer.
Constructed in 1965, the duplex has vinyl siding and a mix of vinyl and carpet flooring. Heating is listed as hot water (heating) and natural gas, with electric cooling. The property has public water and public sewer services, and it includes a recent update noted as a water heater for the upper unit.
The layout supports owner-occupancy with rental income potential, with each unit having its own laundry hookups and bathroom arrangement.
Constructed in 1965, the duplex has vinyl siding and a mix of vinyl and carpet flooring. Heating is listed as hot water (heating) and natural gas, with electric cooling. The property has public water and public sewer services, and it includes a recent update noted as a water heater for the upper unit.
The layout supports owner-occupancy with rental income potential, with each unit having its own laundry hookups and bathroom arrangement.
Key Highlights
- Two‑unit duplex with washer/dryer hookups for each unit
- Main floor: three bedrooms and one full bath
- Upper unit: two bedrooms and one full bath
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
$21,632
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
7.09%
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%
$432,640
$432.6K
Cap Rate 7%
$309,029
$309.0K
Cap Rate 9%
$240,356
$240.4K
Market Conditions
NOI Build-Up for 2,478 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
$34.2K $13.80/SF
− Vacancy
−$3.3K −$1.33/SF
EGI
$30.9K $12.47/SF
− OpEx
−$9.3K −$3.74/SF
NOI
$21.6K $8.73/SF
Area
Sioux Falls, SD
Vacancy
9.63%
Lease Rate
$13.80 /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%
$432,640
Cap Rate 7%
$309,029
Cap Rate 9%
$240,356
Alternative Uses
Best Use
Multifamily LT 5
$309.0K
$270.4K – $360.5K
NOI $21,632 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$283.4K
$248.0K – $330.7K
NOI $19,840 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$672.9K
$588.8K – $785.0K
NOI $47,102 @ 7.0% cap · market cap 15.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,611
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex built in 1965 with separate unit washer/dryer hookups and public water and sewer services.
Where is this duplex located?
The property is located at 1012 W 8th St St E Sioux Falls, SD.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Two‑unit duplex with washer/dryer hookups for each unit; Main floor: three bedrooms and one full bath; Upper unit: two bedrooms and one full bath
