Updated Two-Unit
For Sale
$224,900
1426 E 17th St, Sioux Falls, SD 57104
Two residential units offer matching layouts, separate utility metering, and added off-street parking.
Property Size1,456 SF
Price / SF$154.46
Days on Market40
Property Features for 1426 E 17th St
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Multi-Family
Building Details
Year Built
1904
Listing Agency:
The Experience Real Estate
(605) 501-6622
Listed By:
Amy Stockberger Real Estate
(605) 501-6622
Source:
Findahomeinsiouxfalls
Added: Jul 24
Changed: Aug 31
Last Checked: Aug 31 at 2:43PM
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 1,456-square-foot duplex, built in 1904, contains two residential units, each with 2 bedrooms and 1 bathroom. The main-level residence has stainless steel appliances, newer flooring, and fresh interior paint. The upper unit includes a new water heater. Both units feature kitchen cabinetry, ceramic tile backsplashes, and vinyl siding. Fresh paint covers the front porch and garage, while an expanded concrete driveway provides additional off-street parking.
Separate utility meters serve the units, except for water. The property is located minutes from downtown and Avera Hospital, near Cherry Rock Park, and two blocks from the bike trail. The source information projects a 9%+ cap rate.
Separate utility meters serve the units, except for water. The property is located minutes from downtown and Avera Hospital, near Cherry Rock Park, and two blocks from the bike trail. The source information projects a 9%+ cap rate.
Key Highlights
- Two‑unit duplex totaling 1,456 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Main‑level unit updated with stainless steel appliances, new flooring, and fresh paint
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
$12,711
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
5.65%
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%
$254,220
$254.2K
Cap Rate 7%
$181,586
$181.6K
Cap Rate 9%
$141,233
$141.2K
Market Conditions
NOI Build-Up for 1,456 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
$20.1K $13.80/SF
− Vacancy
−$1.9K −$1.33/SF
EGI
$18.2K $12.47/SF
− OpEx
−$5.4K −$3.74/SF
NOI
$12.7K $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%
$254,220
Cap Rate 7%
$181,586
Cap Rate 9%
$141,233
Alternative Uses
Best Use
Multifamily LT 5
$181.6K
$158.9K – $211.9K
NOI $12,711 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$166.5K
$145.7K – $194.3K
NOI $11,658 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$395.4K
$346.0K – $461.3K
NOI $27,676 @ 7.0% cap · market cap 12.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,472
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer matching layouts, separate utility metering, and added off-street parking.
Where is this duplex located?
The property is located at 1426 E 17th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,456 square feet; Each unit includes 2 bedrooms and 1 bathroom; Main‑level unit updated with stainless steel appliances, new flooring, and fresh paint
