5-Plex Apartment
For Sale
$314,000
1118 W 8th St, Sioux Falls, SD 57104
MULTI_FAMILY - Sioux Falls, SD
Property Size2,204 SF
Lot Size0.15 Acres
Price / SF$142.47
Days on Market98
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
Vinyl, Laminate, Carpet
Roof type
Composition
Listing Agency:
Ekholm Team Real Estate
(605) 360-7506
Listed By:
Aiden Schoenhard
(605) 360-7506
Added: May 5
Changed: Aug 10
Last Checked: Aug 10 at 5:06PM
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 5-plex apartment building offers five one-bedroom, one-bath units within a compact footprint on a 0.1515-acre lot. The property was built in 1919 and features composition roofing. Interior updates include fresh interior paint and new flooring, with many units upgraded with new carpet and updated finishes. The building also includes a basement and is served by public water and public sewer.
Located at 1118 W 8th St in Sioux Falls, the detached garage provides an additional on-site feature that may support extra revenue or tenant convenience.
Overall, the mix of unit configuration (1 bed, 1 bath) and the documented recent finishes are key considerations for investors or owner-occupants looking for a manageable multifamily setup.
Located at 1118 W 8th St in Sioux Falls, the detached garage provides an additional on-site feature that may support extra revenue or tenant convenience.
Overall, the mix of unit configuration (1 bed, 1 bath) and the documented recent finishes are key considerations for investors or owner-occupants looking for a manageable multifamily setup.
Key Highlights
- 5 one‑bedroom, one‑bath units
- 0.1515‑acre lot
- 2,204 SF building size
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
$17,646
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
5.62%
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%
$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
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
$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 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%
$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 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$598.5K
$523.7K – $698.2K
NOI $41,894 @ 7.0% cap · market cap 13.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,574
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
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 - 5 one-bedroom, one-bath units with recent interior and exterior paint, plus a detached garage.
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 $314,000.
What are key features of this property?
This property features: 5 one‑bedroom, one‑bath units; 0.1515‑acre lot; 2,204 SF building size
