Updated Five-Unit Apartment
For Sale
$290,000
1118 W 8th St Street, Sioux Falls, SD 57104
Five one-bedroom apartments with refreshed interiors and a detached garage in Sioux Falls.
Property Size2,204 SF
Price / SF$131.58
Days on Market173
Property Features for 1118 W 8th St Street
General Information
Standard status
Active
Size
2,204 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Pettigrew Heights
Additional Details
Asking Price
$314,000
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$3,431
Listing Agency:
Ekholm Team Real Estate
Listed By:
Aiden Schoenhard
(605) 360-7506
Source:
Exprealty
Added: May 5
Changed: Oct 10
Last Checked: Oct 23 at 9:33AM
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 Ekholm Team Real Estate
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Investment Insights
Based on property information with market context.
This five-unit apartment property in Sioux Falls, South Dakota, contains 2,204 square feet and offers a consistent one-bedroom, one-bath layout across the apartments. Recent work includes interior and exterior painting, while most units have received new flooring, carpet, and updated finishes.
A detached garage is included with the property, adding a separate functional improvement beyond the apartment buildings. The asset is located at 1118 W 8th St Street and is configured as a five-plex with uniform residential units.
A detached garage is included with the property, adding a separate functional improvement beyond the apartment buildings. The asset is located at 1118 W 8th St Street and is configured as a five-plex with uniform residential units.
Key Highlights
- Five‑unit apartment property with 2,204 SF
- All units feature one bedroom and one bathroom
- Interior and exterior paint completed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,646
Cap Rate
6.08%
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 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$598.5K
$523.7K – $698.2K
NOI $41,894 @ 7.0% cap · market cap 14.45%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom apartments with refreshed interiors and a detached garage in Sioux Falls.
Where is this apartment building located?
The property is located at 1118 W 8th St Street Sioux Falls, SD.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Five‑unit apartment property with 2,204 SF; All units feature one bedroom and one bathroom; Interior and exterior paint completed
