Mid-Rise Apartment Building with Commercial
For Sale
$1,892,094
108 South Lincoln Street, Aberdeen, SD 57401
The property combines residential occupancy with two commercial units in a mid-rise configuration.
Property Size19,500 SF
Price / SF$97.03
Days on Market71
Property Features for 108 South Lincoln Street
General Information
Standard status
Active
Size
19,500 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
14
Building Details
Building Size
19,500 SF
Buildings
1
Listing Agency:
eXp Realty
Listed By:
Todd Syhre · License #SD #20428
(605) 880-1575
Source:
7s
Added: Jun 25
Changed: Sep 1
Last Checked: Sep 2 at 4:58PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Located at 108 South Lincoln Street in Aberdeen, South Dakota, this 19,500-square-foot mid-rise property contains 14 residential units and two commercial units. The configuration brings multifamily housing and commercial space together within one building, creating a mixed-use income property with a substantial residential component.
The asset is identified as an apartment building and is offered for sale. Its address places the property in Aberdeen, SD, while the combination of residential and commercial units provides the defining physical characteristics of the offering.
The asset is identified as an apartment building and is offered for sale. Its address places the property in Aberdeen, SD, while the combination of residential and commercial units provides the defining physical characteristics of the offering.
Key Highlights
- 19,500 SF mid‑rise apartment building
- 14 residential units
- 2 commercial units
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
$152,831
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
8.08%
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%
$3,056,620
$3.1M
Cap Rate 7%
$2,183,300
$2.2M
Cap Rate 9%
$1,698,122
$1.7M
Market Conditions
NOI Build-Up for 19,500 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
$257.4K $13.20/SF
− Vacancy
−$12.9K −$0.66/SF
EGI
$244.5K $12.54/SF
− OpEx
−$91.7K −$4.70/SF
NOI
$152.8K $7.84/SF
Area
Brown County, SD
Vacancy
5.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
37.50%
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%
$3,056,620
Cap Rate 7%
$2,183,300
Cap Rate 9%
$1,698,122
Alternative Uses
Best Use
Mixed Use
$2.18M
$1.91M – $2.55M
NOI $152,831 @ 7.0% cap · market cap 8.08%
Second Best
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,676 @ 7.0% cap · market cap 4.95%
Theoretical Best
Healthcare Medical
$3.40M
$2.98M – $3.97M
NOI $238,329 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,437
Businesses Nearby
Explore this area
Business Placement
Demographics for 57401, SD
32,275
Population
15,016
Households
2.1
Avg Household Size
37
Median Age
35%
College-Educated
93%
High-School Grad
278.8 sq mi
ZIP Area
116
Density / Sq Mi
$68,183
Median Household Income
$40,562
Median Earnings
$787
Median Rent
$216,300
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?
Apartment building - The property combines residential occupancy with two commercial units in a mid-rise configuration.
Where is this apartment building located?
The property is located at 108 South Lincoln Street Aberdeen, SD.
What is the asking price?
The asking price for this property is $1,892,094.
What are key features of this property?
This property features: 19,500 SF mid‑rise apartment building; 14 residential units; 2 commercial units
