Triplex with Updated Garden-Level
For Sale
$259,777
1509 S Duluth Ave, Sioux Falls, SD 57105
Three apartments, shared coin-operated laundry, and off-street parking support a flexible residential income property.
Property Size2,248 SF
Lot Size0.20 Acres
Price / SF$115.56
Days on Market8
Property Features for 1509 S Duluth Ave
General Information
Standard status
Active
Size
2,248 SF
Lot size
0.20 Acres
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
cosmetic sweat equity
Additional Details
Multifamily Units
3
Amenities
coin-op laundry
off-street parking
shed
Building Details
Year Built
1880
Buildings
1
Listing Agency:
Landmark Realty & Auction
Listed By:
Amy Stockberger Real Estate
(605) 501-6622
Source:
Findahomeinsiouxfalls
Added: Oct 16
Changed: Oct 23
Last Checked: Oct 23 at 7:12AM
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 Landmark Realty & Auction
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,248-square-foot triplex, built in 1880, contains a three-bedroom upper apartment, a two-bedroom main-floor apartment, and a garden-level unit. The garden-level apartment has a remodeled kitchen and bathroom. Cosmetic work remains in the upper units. Two coin-operated laundry machines are located in the common area. Boiler heat serves all three apartments, each of which has its own window or wall air conditioner. Recent exterior work includes new siding, fascia, paint, and landscaping; a storage shed and off-street parking are also on the 0.20-acre property.
The property is near the University of Sioux Falls and Augustana University. Leases are month-to-month. Residents pay their own electric service, while water, sewer, lawn care, and snow removal are handled by the landlord.
The property is near the University of Sioux Falls and Augustana University. Leases are month-to-month. Residents pay their own electric service, while water, sewer, lawn care, and snow removal are handled by the landlord.
Key Highlights
- Three apartments: one 3‑bedroom, one 2‑bedroom, and one garden‑level unit
- 2,248‑square‑foot building on a 0.20‑acre lot; built in 1880
- Garden‑level apartment has a remodeled kitchen and bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,624
Cap Rate
7.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$392,480
$392.5K
Cap Rate 7%
$280,343
$280.3K
Cap Rate 9%
$218,044
$218.0K
Market Conditions
NOI Build-Up for 2,248 SF
Gross rent
$31.0K $13.80/SF
− Vacancy
−$3.0K −$1.33/SF
EGI
$28.0K $12.47/SF
− OpEx
−$8.4K −$3.74/SF
NOI
$19.6K $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 Rate 5%
$392,480
Cap Rate 7%
$280,343
Cap Rate 9%
$218,044
Alternative Uses
Best Use
Multifamily LT 5
$280.3K
$245.3K – $327.1K
NOI $19,624 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$257.1K
$225.0K – $300.0K
NOI $17,999 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$610.4K
$534.1K – $712.2K
NOI $42,730 @ 7.0% cap · market cap 16.45%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Contact the owner directly
Get the owner's phone numbers and email
Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,943
Businesses Nearby
Explore this area
Business Placement
Demographics for 57105, SD
22,635
Population
10,550
Households
2.1
Avg Household Size
36
Median Age
44%
College-Educated
97%
High-School Grad
7.5 sq mi
ZIP Area
3,018
Density / Sq Mi
$74,066
Median Household Income
$43,271
Median Earnings
$956
Median Rent
$247,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments, shared coin-operated laundry, and off-street parking support a flexible residential income property.
Where is this triplex located?
The property is located at 1509 S Duluth Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $259,777.
What are key features of this property?
This property features: Three apartments: one 3‑bedroom, one 2‑bedroom, and one garden‑level unit; 2,248‑square‑foot building on a 0.20‑acre lot; built in 1880; Garden‑level apartment has a remodeled kitchen and bathroom
