Two-Unit Duplex with Laundry
New
For Sale
$305,000
1012 W 8th St St Ee, Sioux Falls, SD 57104
Separate washer and dryer hookups serve both units, with three-bedroom and two-bedroom layouts.
Property Size2,478 SF
Price / SF$123.08
Days on Market6
Property Features for 1012 W 8th St St Ee
General Information
Standard status
Active
Size
2,478 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1965
Listing Agency:
Keller Williams Realty Sioux Falls
Listed By:
Alem Gabremariam
(605) 275-0555
Source:
Siouxfallsareahomesearch
Added: Sep 2
Changed: Sep 7
Last Checked: Sep 7 at 10:12AM
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 Keller Williams Realty Sioux Falls
Investment Insights
Based on property information with market context.
This 2,478-square-foot duplex contains two residential units with distinct layouts. The main-floor unit includes two bedrooms on the main level, a third bedroom in the basement, and one full bathroom. The upper unit provides two bedrooms and one full bathroom. Both units have dedicated washer and dryer hookups.
Built in 1965, the property is located near downtown Sioux Falls at 1012 W 8th St St Ee. A water heater serving the upper unit is among the stated recent updates. The configuration also supports owner-occupancy with the option to rent the other unit, as well as separate use of both residences as an income property.
Built in 1965, the property is located near downtown Sioux Falls at 1012 W 8th St St Ee. A water heater serving the upper unit is among the stated recent updates. The configuration also supports owner-occupancy with the option to rent the other unit, as well as separate use of both residences as an income property.
Key Highlights
- Two‑unit duplex totaling 2,478 square feet
- Main‑floor unit with 3 bedrooms and 1 full bathroom
- Upper unit with 2 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
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 - Separate washer and dryer hookups serve both units, with three-bedroom and two-bedroom layouts.
Where is this duplex located?
The property is located at 1012 W 8th St St Ee 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 totaling 2,478 square feet; Main‑floor unit with 3 bedrooms and 1 full bathroom; Upper unit with 2 bedrooms and 1 full bathroom
