Renovated Triplex with Four-Stall
For Sale
$379,900
817 W 15th St, Sioux Falls, SD 57104
Fully occupied three-unit property with varied layouts and dedicated detached garage parking.
Property Size2,559 SF
Price / SF$148.46
Days on Market21
Property Features for 817 W 15th St
General Information
Standard status
Active
Size
2,559 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1930
Buildings
1
Listing Agency:
The Experience Real Estate
(605) 501-6622
Listed By:
Amy Stockberger Real Estate
(605) 501-6622
Source:
Findahomeinsiouxfalls
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 29 at 9:00AM
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.
This 2,559-square-foot triplex, built in 1930, includes three residential units with a varied bedroom configuration. The main-level and lower-level apartments each offer two bedrooms and one bathroom, while the upper unit provides one bedroom and one bathroom. The main-level unit has been recently renovated with updated windows, cabinets, flooring, paint, and trim. The building exterior has also been freshly painted.
A detached four-stall garage accompanies the property, providing one stall for each unit plus an additional stall for storage. The property is fully occupied and located at 817 W 15th St in Sioux Falls, South Dakota.
A detached four-stall garage accompanies the property, providing one stall for each unit plus an additional stall for storage. The property is fully occupied and located at 817 W 15th St in Sioux Falls, South Dakota.
Key Highlights
- Fully occupied triplex with 2,559 SF of building area
- Unit mix includes two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- Detached four‑stall garage with one stall assigned to each unit plus an extra stall
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
$22,339
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
5.88%
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%
$446,780
$446.8K
Cap Rate 7%
$319,129
$319.1K
Cap Rate 9%
$248,211
$248.2K
Market Conditions
NOI Build-Up for 2,559 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
$35.3K $13.80/SF
− Vacancy
−$3.4K −$1.33/SF
EGI
$31.9K $12.47/SF
− OpEx
−$9.6K −$3.74/SF
NOI
$22.3K $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%
$446,780
Cap Rate 7%
$319,129
Cap Rate 9%
$248,211
Alternative Uses
Best Use
Multifamily LT 5
$319.1K
$279.2K – $372.3K
NOI $22,339 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$292.7K
$256.1K – $341.5K
NOI $20,489 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$694.9K
$608.0K – $810.7K
NOI $48,641 @ 7.0% cap · market cap 12.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,869
Businesses Nearby
Explore this area
Business Placement
Demographics for 57104, SD
26,998
Population
13,952
Households
1.9
Avg Household Size
37
Median Age
25%
College-Educated
90%
High-School Grad
30.4 sq mi
ZIP Area
888
Density / Sq Mi
$59,161
Median Household Income
$39,101
Median Earnings
$849
Median Rent
$183,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied three-unit property with varied layouts and dedicated detached garage parking.
Where is this triplex located?
The property is located at 817 W 15th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Fully occupied triplex with 2,559 SF of building area; Unit mix includes two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; Detached four‑stall garage with one stall assigned to each unit plus an extra stall
