Five-Unit Apartment
For Sale
$300,000
1118 W 8th St, Sioux Falls, SD 57104
MULTI-FAMILY, Sioux Falls, SD
Property Size2,204 SF
Lot Size0.15 Acres
Price / SF$136.12
Days on Market154
Property Features for 1118 W 8th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
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
use google maps
Standard status
Active
APN
28985
Size
2,204 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
W 50` 10 To 12 Block 12 Covell's 1st Addn To City Of Sioux Falls
Tax Annual Amount
3432
Legal Description
W 50` 10 To 12 Block 12 Covell's 1st Addn To City Of Sioux Falls
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1919
Floors in Building
2
Flooring type
Carpet, Laminate, Vinyl
Roof type
Composition
Listing Agency:
Ekholm Team Real Estate
(605) 360-7506
Listed By:
Aiden Schoenhard
(605) 848-3542
Added: May 5
Changed: Oct 5
Last Checked: Oct 5 at 4:06PM
MLS# 22603143
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 five-unit apartment property contains five one-bedroom, one-bath residences within a 2,204-square-foot building. Most units have received new flooring, carpet, and updated finishes, while fresh paint has been applied to the interior and exterior. The property also includes a basement, composition roof, and a detached garage.
Built in 1919 on a 0.1515-acre lot, the building is served by public water and public sewer. Flooring materials include vinyl, carpet, and laminate. The property is located at 1118 W 8th St in Sioux Falls, South Dakota, within ZIP code 57104-2876.
Built in 1919 on a 0.1515-acre lot, the building is served by public water and public sewer. Flooring materials include vinyl, carpet, and laminate. The property is located at 1118 W 8th St in Sioux Falls, South Dakota, within ZIP code 57104-2876.
Key Highlights
- Five one‑bedroom, one‑bath apartment units
- 2,204‑square‑foot apartment building on a 0.1515‑acre lot
- Detached garage included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,646
Cap Rate
5.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$352,920
$352.9K
Cap Rate 7%
$252,086
$252.1K
Cap Rate 9%
$196,067
$196.1K
Market Conditions
NOI Build-Up for 2,204 SF
Gross rent
$35.7K $16.20/SF
− Vacancy
−$3.6K −$1.64/SF
EGI
$32.1K $14.56/SF
− OpEx
−$14.4K −$6.55/SF
NOI
$17.6K $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%
$352,920
Cap Rate 7%
$252,086
Cap Rate 9%
$196,067
Alternative Uses
Best Use
Apartment 5plus
$252.1K
$220.6K – $294.1K
NOI $17,646 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$598.5K
$523.7K – $698.2K
NOI $41,894 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom, one-bath units include a detached garage and recent interior and exterior improvements.
Where is this apartment building located?
The property is located at 1118 W 8th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Five one‑bedroom, one‑bath apartment units; 2,204‑square‑foot apartment building on a 0.1515‑acre lot; Detached garage included
