Fully Leased 4-Plex with
For Sale
$380,000
300 W 22nd Street, Sioux Falls, SD 57105
Four fully leased 2-bedroom units each include 1 bath, with coin-operated laundry and four garage stalls.
Property Size3,888 SF
Days on Market57
Property Features for 300 W 22nd Street
General Information
Standard status
Active
Size
3,888 SF
Class
C
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Building Size
3,888 SF
Year Built
1972
Units
4
Listing Agency:
NAI Sioux Falls
(605) 403-0333
Listed By:
Marcus Benson · License #21232
Source:
Commercialcafe
Added: Jun 25
Changed: Aug 8
Last Checked: Aug 18 at 9:03AM
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 NAI Sioux Falls
Investment Insights
Based on property information with market context.
This fully leased 4-plex features four 2-bedroom, 1-bath units. The units operate on month-to-month leases, providing flexible occupancy terms for tenants. The building includes a coin-operated laundry facility on the lower level and four garage stalls for tenant parking.
The property is located in Sioux Falls’ All Saints neighborhood, just south of downtown. It is positioned near major area institutions including Sanford USD Medical Center, Avera McKennan Hospital, Augustana University, and the University of Sioux Falls.
Additional reported improvements and expenses include newer exterior paint and a newer water heater. The landlord pays water, gas, garbage, and common area electricity.
The property is located in Sioux Falls’ All Saints neighborhood, just south of downtown. It is positioned near major area institutions including Sanford USD Medical Center, Avera McKennan Hospital, Augustana University, and the University of Sioux Falls.
Additional reported improvements and expenses include newer exterior paint and a newer water heater. The landlord pays water, gas, garbage, and common area electricity.
Key Highlights
- Fully leased 4‑plex with four 2‑bedroom, 1‑bath units
- Month‑to‑month leases
- Four garage stalls plus coin‑operated laundry on the lower level
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
$33,941
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
8.93%
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%
$678,820
$678.8K
Cap Rate 7%
$484,871
$484.9K
Cap Rate 9%
$377,122
$377.1K
Market Conditions
NOI Build-Up for 3,888 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
$53.7K $13.80/SF
− Vacancy
−$5.2K −$1.33/SF
EGI
$48.5K $12.47/SF
− OpEx
−$14.5K −$3.74/SF
NOI
$33.9K $8.73/SF
Area
Sioux Falls, SD
Vacancy
9.63%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$678,820
Cap Rate 7%
$484,871
Cap Rate 9%
$377,122
Alternative Uses
Best Use
Multifamily LT 5
$484.9K
$424.3K – $565.7K
NOI $33,941 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$444.7K
$389.1K – $518.8K
NOI $31,129 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$1.06M
$923.8K – $1.23M
NOI $73,903 @ 7.0% cap · market cap 19.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
907
Businesses Nearby
Explore this area
Business Placement
Demographics for 57105, SD
22,635
Population
10,550
Households
2.1
Avg Household Size
36
Median Age
44%
College-Educated
97%
High-School Grad
7.5 sq mi
ZIP Area
3,018
Density / Sq Mi
$74,066
Median Household Income
$43,271
Median Earnings
$956
Median Rent
$247,900
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?
Quadplex - Four fully leased 2-bedroom units each include 1 bath, with coin-operated laundry and four garage stalls.
Where is this quadplex located?
The property is located at 300 W 22nd Street Sioux Falls, SD.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Fully leased 4‑plex with four 2‑bedroom, 1‑bath units; Month‑to‑month leases; Four garage stalls plus coin‑operated laundry on the lower level
