Two-Unit
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 Market175
Property Features for 1012 W 8th St St E
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 5, Bedroom 2, Basement, Bedroom 1
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
Carpet, Vinyl
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 21
Last Checked: Aug 21 at 3:06AM
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 2,478-square-foot duplex contains two separate residences within a 1965-built property. The main-floor unit includes three bedrooms and one full bathroom, with two bedrooms on the main level and a third bedroom in the basement. The upper unit provides two bedrooms and one full bathroom. Each residence has its own washer and dryer hookup, supporting separate household use.
The property sits on a 0.1515-acre lot in Sioux Falls, South Dakota. Improvements include vinyl siding, carpet and vinyl flooring, electric cooling, and natural-gas hot-water heating. Public water and public sewer serve the property. Appliances listed for the duplex include washers, dryers, ranges, refrigerators, and a microwave. The upper unit has a water heater identified as a recent update.
The property sits on a 0.1515-acre lot in Sioux Falls, South Dakota. Improvements include vinyl siding, carpet and vinyl flooring, electric cooling, and natural-gas hot-water heating. Public water and public sewer serve the property. Appliances listed for the duplex include washers, dryers, ranges, refrigerators, and a microwave. The upper unit has a water heater identified as a recent update.
Key Highlights
- 2,478 square feet on a 0.1515‑acre lot
- Two separate units with 3‑bedroom and 2‑bedroom layouts
- Main‑floor unit includes 3 bedrooms and 1 full bathroom
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
743
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 - Income property with separate laundry hookups and distinct main-floor and upper-level residences.
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: 2,478 square feet on a 0.1515‑acre lot; Two separate units with 3‑bedroom and 2‑bedroom layouts; Main‑floor unit includes 3 bedrooms and 1 full bathroom
