Multifamily
For Sale
$888,000
1104 N Spring Avenue, Sioux Falls, SD 57104
Built in 1975 and classified as a multifamily property.
Property Size6,968 SF
Days on Market78
Property Features for 1104 N Spring Avenue
General Information
Standard status
Active
Size
6,968 SF
Class
C
Property subtype
Multi-Family
Building Details
Building Size
6,968 SF
Year Built
1975
Units
8
Listing Agency:
NAI Sioux Falls
Listed By:
Michael Martin, CCIM · License #16008
(605) 261-2777
Source:
Commercialcafe
Added: Aug 8
Changed: Oct 21
Last Checked: Oct 23 at 3:55AM
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 NAI Sioux Falls
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Investment Insights
Based on property information with market context.
Located at 1104 North Spring Avenue in Sioux Falls, South Dakota, this multifamily property was constructed in 1975. The available property information identifies the asset as a multifamily property without additional details on unit count, layout, or improvements.
Key Highlights
- 1104 North Spring Avenue, Sioux Falls, SD 57104
- Constructed in 1975
- Classified as a multifamily property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,789
Cap Rate
6.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,115,780
$1.1M
Cap Rate 7%
$796,986
$797.0K
Cap Rate 9%
$619,878
$619.9K
Market Conditions
NOI Build-Up for 6,968 SF
Gross rent
$112.9K $16.20/SF
− Vacancy
−$11.4K −$1.64/SF
EGI
$101.4K $14.56/SF
− OpEx
−$45.6K −$6.55/SF
NOI
$55.8K $8.01/SF
Area
Sioux Falls, SD
Vacancy
10.14%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,115,780
Cap Rate 7%
$796,986
Cap Rate 9%
$619,878
Alternative Uses
Best Use
Apartment 5plus
$797.0K
$697.4K – $929.8K
NOI $55,789 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.66M – $2.21M
NOI $132,448 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - Built in 1975 and classified as a multifamily property.
Where is this multifamily property located?
The property is located at 1104 N Spring Avenue Sioux Falls, SD.
What is the asking price?
The asking price for this property is $888,000.
What are key features of this property?
This property features: 1104 North Spring Avenue, Sioux Falls, SD 57104; Constructed in 1975; Classified as a multifamily property
