Sioux Falls Multifamily
1311 N Cleveland Ave, Sioux Falls, SD 57103
Garden-style apartment community in Sioux Falls, South Dakota.
Type:Multifamily
Property size:
107,368 SFPrice / SF:
$131/SF- Added:
- Jan 30, 2026
- Days on Market:
- 106
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 1311 N Cleveland Ave
General Information
- Standard status
- Active
- Size
- 107,368 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1981
Listing agent Brad Stearns License #15071
Listing office 605 Real Estate
Listing date Jan 30, 2026
Source Crexi
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
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.
- Balanced mix of one- and two‑bedroom apartments serving a strong workforce.
- Opportunity to acquire individually or as part of a larger 716‑unit portfolio.
- Ample surface parking and garage income provide additional operating flexibility.
Overview
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.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$9.55M
NOI $859,645 @ 9.00% cap · cautious / downside scenario
Moderate
$12.28M
NOI $859,645 @ 7.00% cap · market / base-case scenario
Aggressive
$17.19M
NOI $859,645 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.74M | $16.20 |
| − Vacancy | −$176.4k | −$1.64 |
| EGI | $1.56M | $14.56 |
| − OpEx | −$703.3k | −$6.55 |
| NOI | $859.6k | $8.01 |
107,368 SF · lease $16.20/SF/yr · vacancy 10.14% · expense 45.00%
Alternative Use Scenarios
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 local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Sioux Falls
- County
- Lincoln
- State
- South Dakota
- Longitude
- -96.6916983
- Latitude
- 43.5604278
Nearby Similar for Sale
FAQs
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.
