Sioux Falls Multifamily
For Sale
Contact for pricing
Pending
1311 N Cleveland Ave, Sioux Falls, SD 57103
Garden-style apartment community in Sioux Falls, South Dakota.
Property Size107,368 SF
Days on Market249
Property Features for 1311 N Cleveland Ave
General Information
Standard status
Pending
Size
107,368 SF
Class
C
Property subtype
Multifamily
Zoning
RA-2
Occupancy
95%
Investment Type
Core+
Building Details
Year Built
1981
Buildings
7
Stories
3
Units
120
Listing Agency:
605 Real Estate
Listed By:
Brad Stearns · License #15071
Source:
Crexi
Added: Jan 30
Changed: Sep 28
Last Checked: Oct 5 at 6:10PM
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 605 Real Estate
Investment Insights
Based on property information with market context.
Turning Leaf Apartments is a garden-style multifamily community located in Sioux Falls, South Dakota. The property features multiple three-story residential buildings situated on a large site within an established residential corridor. It offers convenient access to employment centers, healthcare, retail, and major arterial roadways. The community features a balanced mix of one- and two-bedroom apartments designed to serve the area’s workforce and mid-market renter base. The property has historically maintained solid occupancy and benefits from consistent rental demand driven by Sioux Falls’ population growth and diverse employment base. Originally constructed in the early 1980s, the property is positioned as a Class C asset with stable in-place operations. Ample surface parking and garage income provide additional operating flexibility. The property has a size of 107368 square feet.
Key Highlights
- Stable cash flow and long‑term operational upside in a growing market.
- Well‑located in Sioux Falls, South Dakota, with convenient access to employment, healthcare, retail, and major roadways.
- Historically solid occupancy and consistent rental demand.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$859,645
Cap Rate
6.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$17,192,900
$17.2M
Cap Rate 7%
$12,280,643
$12.3M
Cap Rate 9%
$9,551,611
$9.6M
Market Conditions
NOI Build-Up for 107,368 SF
Gross rent
$1.74M $16.20/SF
− Vacancy
−$176.4K −$1.64/SF
EGI
$1.56M $14.56/SF
− OpEx
−$703.3K −$6.55/SF
NOI
$859.6K $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%
$17,192,900
Cap Rate 7%
$12,280,643
Cap Rate 9%
$9,551,611
Alternative Uses
Best Use
Apartment 5plus
$12.28M
$10.75M – $14.33M
NOI $859,645 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$29.16M
$25.51M – $34.01M
NOI $2,040,851 @ 7.0% cap · market cap 14.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
96
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Garden-style apartment community in Sioux Falls, South Dakota.
Where is this apartment building located?
The property is located at 1311 N Cleveland Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $14,110,000.
What are key features of this property?
This property features: Stable cash flow and long‑term operational upside in a growing market.; Well‑located in Sioux Falls, South Dakota, with convenient access to employment, healthcare, retail, and major roadways.; Historically solid occupancy and consistent rental demand.
