Renovated Craftsman
For Sale
$745,000
1308 S Phillips Ave, Sioux Falls, SD 57105
Side-by-side duplex with updated building systems, private-suite layouts, and flexible owner-occupancy or rental use.
Property Size3,508 SF
Price / SF$212.37
Days on Market32
Property Features for 1308 S Phillips Ave
General Information
Standard status
Active
Size
3,508 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
heated garage
semi-private patio
underground sprinklers
low-maintenance landscaping
Building Details
Year Built
1916
Year Renovated
2015
Buildings
1
Construction
Craftsman
Tenancy
Single
Listing Agency:
The Experience Real Estate
(605) 501-6622
Listed By:
Amy Stockberger Real Estate
(605) 501-6622
Source:
Findahomeinsiouxfalls
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 29 at 8:54AM
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 The Experience Real Estate
Investment Insights
Based on property information with market context.
Built in 1916, this side-by-side duplex pairs Craftsman Four Square architecture with 3,508 square feet of renovated living space. Plumbing, electrical, HVAC, and roofing systems were upgraded in 2015, while original built-ins and other period details remain. Each unit includes two master suites with private baths, a main-level powder room, a custom kitchen with granite counters and stainless-steel appliances, a finished lower-level family room, a sunroom, separate entrances, a mudroom, and substantial storage. One unit is owner-occupied and the other is leased, providing an existing dual-use arrangement.
The property includes a heated 528-square-foot garage with attic storage, a landscaped patio, underground sprinklers, and low-maintenance landscaping. Located at 1308 S Phillips Ave in Sioux Falls, the duplex is two blocks from McKennan Park, one-half mile from the Avera campus, and less than one mile from the Sanford campus. The owner’s unit adds travertine tile, in-floor heating, a fireplace, a wine cellar, and a chef’s gas range with exterior ventilation.
The property includes a heated 528-square-foot garage with attic storage, a landscaped patio, underground sprinklers, and low-maintenance landscaping. Located at 1308 S Phillips Ave in Sioux Falls, the duplex is two blocks from McKennan Park, one-half mile from the Avera campus, and less than one mile from the Sanford campus. The owner’s unit adds travertine tile, in-floor heating, a fireplace, a wine cellar, and a chef’s gas range with exterior ventilation.
Key Highlights
- 3,508‑square‑foot side‑by‑side duplex built in 1916
- 2015 renovation included plumbing, electrical, HVAC, and roofing upgrades
- Each unit has two master suites with private bathrooms
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
$30,624
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
4.11%
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%
$612,480
$612.5K
Cap Rate 7%
$437,486
$437.5K
Cap Rate 9%
$340,267
$340.3K
Market Conditions
NOI Build-Up for 3,508 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
$48.4K $13.80/SF
− Vacancy
−$4.7K −$1.33/SF
EGI
$43.7K $12.47/SF
− OpEx
−$13.1K −$3.74/SF
NOI
$30.6K $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%
$612,480
Cap Rate 7%
$437,486
Cap Rate 9%
$340,267
Alternative Uses
Best Use
Multifamily LT 5
$437.5K
$382.8K – $510.4K
NOI $30,624 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$401.2K
$351.1K – $468.1K
NOI $28,087 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$952.6K
$833.5K – $1.11M
NOI $66,680 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
266
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?
Duplex - Side-by-side duplex with updated building systems, private-suite layouts, and flexible owner-occupancy or rental use.
Where is this duplex located?
The property is located at 1308 S Phillips Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: 3,508‑square‑foot side‑by‑side duplex built in 1916; 2015 renovation included plumbing, electrical, HVAC, and roofing upgrades; Each unit has two master suites with private bathrooms
