5-Unit Apartment Building with
1118 W 8th St, Sioux Falls, SD 57104
For Sale
$290,000
MULTI-FAMILY, Sioux Falls, SD
Property Size2,204 SF
Lot Size0.15 Acres
Price / SF$131.58
Days on Market192
Property Features for 1118 W 8th St
General Information
Property type
Property subtype
Rooms
Subdivision
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Water source
Building Details
Year built
Floors in Building
Flooring type
Roof type
Listing Agency:
Ekholm Team Real Estate
Listed By:
Aiden Schoenhard
(605) 360-7506
Added: May 5
Changed: Nov 12
Last Checked: Nov 12 at 9:06AM
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.
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Investment Insights
Based on property information with market context.
Built in 1919, this 2,204-square-foot apartment property contains five units, each with one bedroom and one bathroom. Recent work includes interior and exterior painting; most apartments also have new flooring, carpet, and updated finishes. Flooring types include laminate, carpet, and vinyl. A basement and detached garage are additional property features.
The property occupies a 0.1515-acre lot and is served by public water and public sewer. The roof is composition.
The property occupies a 0.1515-acre lot and is served by public water and public sewer. The roof is composition.
Key Highlights
- Five apartments, each with 1 bedroom and 1 bathroom
- 2,204 square feet on a 0.1515‑acre lot
- Detached garage
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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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
743
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
Properties on Market for Apartment buildings in Sioux Falls
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom apartments are complemented by a detached garage and recent interior and exterior updates.
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 $290,000.
What are key features of this property?
This property features: Five apartments, each with 1 bedroom and 1 bathroom; 2,204 square feet on a 0.1515‑acre lot; Detached garage
