10-Unit Apartment
For Sale
$850,000
1201 & 1205 S Blaine Ave, Sioux Falls, SD 57103
Two separately platted buildings provide a diversified rental configuration with one- and two-bedroom apartments.
Property Size8,784 SF
Price / SF$96.77
Days on Market406
Property Features for 1201 & 1205 S Blaine Ave
General Information
Standard status
Active
Size
8,784 SF
Property subtype
Multi-Family
Building Details
Year Built
1962
Listing Agency:
Bender REALTORS
Listed By:
Rob Kurtenbach
(605) 339-9000
Source:
Siouxfallsareahomesearch
Added: Aug 26, 2025
Changed: Oct 1
Last Checked: Oct 4 at 10:29AM
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 Bender REALTORS
Investment Insights
Based on property information with market context.
This apartment property comprises two separate buildings with 10 units in total. The unit mix includes eight 2-bed/1-bath apartments and two 1-bed/1-bath apartments, providing a range of residential configurations within the offering. The buildings were constructed in 1962, and the combined property size is 8,784 SF.
The assets are located at 1201 & 1205 S Blaine Ave in Sioux Falls, SD 57103. Each building is separately platted, allowing the two properties to be evaluated as distinct parcels for ownership or financing purposes. The building at 1201 received a new roof in 2022, while the roof on the other building is estimated to be less than 10 years old.
The assets are located at 1201 & 1205 S Blaine Ave in Sioux Falls, SD 57103. Each building is separately platted, allowing the two properties to be evaluated as distinct parcels for ownership or financing purposes. The building at 1201 received a new roof in 2022, while the roof on the other building is estimated to be less than 10 years old.
Key Highlights
- 10‑unit apartment property across two separate buildings
- Unit mix includes eight 2‑bed/1‑bath and two 1‑bed/1‑bath apartments
- 8,784 SF combined property size
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,329
Cap Rate
8.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,406,580
$1.4M
Cap Rate 7%
$1,004,700
$1.0M
Cap Rate 9%
$781,433
$781.4K
Market Conditions
NOI Build-Up for 8,784 SF
Gross rent
$142.3K $16.20/SF
− Vacancy
−$14.4K −$1.64/SF
EGI
$127.9K $14.56/SF
− OpEx
−$57.5K −$6.55/SF
NOI
$70.3K $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%
$1,406,580
Cap Rate 7%
$1,004,700
Cap Rate 9%
$781,433
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$879.1K – $1.17M
NOI $70,329 @ 7.0% cap · market cap 8.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.39M
$2.09M – $2.78M
NOI $166,966 @ 7.0% cap · market cap 19.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 57103, SD
36,069
Population
15,326
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
91%
High-School Grad
9.5 sq mi
ZIP Area
3,797
Density / Sq Mi
$73,945
Median Household Income
$43,661
Median Earnings
$938
Median Rent
$244,800
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Two separately platted buildings provide a diversified rental configuration with one- and two-bedroom apartments.
Where is this apartment building located?
The property is located at 1201 & 1205 S Blaine Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 10‑unit apartment property across two separate buildings; Unit mix includes eight 2‑bed/1‑bath and two 1‑bed/1‑bath apartments; 8,784 SF combined property size
