One-Level Four-Plex Apartment
For Sale
$2,150,000
Pending
1100 E Elder St, Canton, SD 57013
MULTI-FAMILY, Canton, SD
Property Size13,984 SF
Lot Size1.49 Acres
Days on Market53
Property Features for 1100 E Elder St
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Dishwasher, Disposal, Range, Refrigerator
Subdivision
Marshik
Elementary school
Lawrence Elementary School - Canton School Distric
Middle school
Canton MS
High school
Canton HS
Elementary school district
Canton 41-1
Middle school district
Canton
High school district
Canton
Directions
From the stop light in Canton, North on Dakota to Lynn, East on Lynn to Lawler, South to property
Standard status
Pending
APN
200.70.03.001
Size
13,984 SF
Lot size
1.49 Acres
Taxes and HOA fees
Tax Description
Canton - Marshik Addn Lot 1A - Replat of Lots 1, 2,10, 11 & 12, Block 3
Tax Annual Amount
26206
Legal Description
Canton - Marshik Addn Lot 1A - Replat of Lots 1, 2,10, 11 & 12, Block 3
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
1996
Floors in Building
1
Number of units
16
Flooring type
Carpet, Laminate, Vinyl
Building materials
HardiPlank Type
Roof type
Composition
Listing Agency:
Keller Williams Realty Sioux Falls
(605) 275-0555
Listed By:
John Schutte
(605) 275-0555
Added: Jun 29
Changed: Aug 19
Last Checked: Aug 20 at 1:06AM
MLS# 22604819
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 one-level four-plex apartment building includes four units with two bedrooms and one bathroom each, along with laundry hookups inside every unit. The layout is step-free for easy tenant access. Each unit has a single attached garage, and tenants pay their own utilities. The landlord provides lawn service and snow removal. Additional utility convenience is supported by public water and public sewer services.
The property spans 1.493 acres and totals 13,984 square feet, built in 1996. Exterior updates include new siding in 2023. Many units also received recent interior paint and floor coverings, with flooring that includes laminate, carpet, and vinyl.
Operational features include natural gas forced-air heating with electric cooling. The building uses a composition roof and HardiPlank type construction materials. In addition to the attached garages, there are 16 detached garage stalls that can be used as storage or additional garage space for tenants.
The property spans 1.493 acres and totals 13,984 square feet, built in 1996. Exterior updates include new siding in 2023. Many units also received recent interior paint and floor coverings, with flooring that includes laminate, carpet, and vinyl.
Operational features include natural gas forced-air heating with electric cooling. The building uses a composition roof and HardiPlank type construction materials. In addition to the attached garages, there are 16 detached garage stalls that can be used as storage or additional garage space for tenants.
Key Highlights
- Four units with two bedrooms, one bath, and laundry hookups in each unit
- One‑level, no‑steps layout plus single attached garages for each unit
- 16 detached garage stalls for storage or additional tenant garage space
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
$108,754
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
5.06%
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%
$2,175,080
$2.2M
Cap Rate 7%
$1,553,629
$1.6M
Cap Rate 9%
$1,208,378
$1.2M
Market Conditions
NOI Build-Up for 13,984 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
$206.4K $14.76/SF
− Vacancy
−$8.7K −$0.62/SF
EGI
$197.7K $14.14/SF
− OpEx
−$89.0K −$6.36/SF
NOI
$108.8K $7.78/SF
Area
Lincoln County, SD
Vacancy
4.20%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$2,175,080
Cap Rate 7%
$1,553,629
Cap Rate 9%
$1,208,378
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,754 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.10M
$2.72M – $3.62M
NOI $217,311 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Explore this area
Business Placement
Demographics for 57013, SD
4,482
Population
2,064
Households
2.2
Avg Household Size
40
Median Age
20%
College-Educated
91%
High-School Grad
132.7 sq mi
ZIP Area
34
Density / Sq Mi
$77,813
Median Household Income
$43,553
Median Earnings
$704
Median Rent
$224,600
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 - Four units with 2 bedrooms, one bath, laundry hookups, and tenant-paid utilities, plus attached single garages and 16 detached storage stalls.
Where is this apartment building located?
The property is located at 1100 E Elder St Canton, SD.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Four units with two bedrooms, one bath, and laundry hookups in each unit; One‑level, no‑steps layout plus single attached garages for each unit; 16 detached garage stalls for storage or additional tenant garage space
