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 Market202
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: Aug 8
Last Checked: Aug 6 at 5:06AM
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 = 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
$859,645
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
6.09%
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%
$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
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
$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 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%
$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
Property Profile
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
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.
