Office Building with Open
For Sale
Contact for pricing
1808 S Cliff Ave, Sioux Falls, SD 57105
Former bank layout includes private offices, conference, break, storage, and mechanical rooms.
Property Size3,426 SF
Price / SF$211.62
Days on Market184
Property Features for 1808 S Cliff Ave
General Information
Standard status
Active
Size
3,426 SF
Property subtype
OFFICE
Listing Agency:
Lloyd Companies - Corporate
(605) 323-2820
Listed By:
Kristen Zueger, SIOR
(605) 376-1903
Source:
Moodyscre
Added: Mar 2
Changed: Aug 29
Last Checked: Sep 1 at 9:25PM
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 Lloyd Companies - Corporate
Investment Insights
Based on property information with market context.
This 3,426-square-foot office building was constructed in 1975 and retains a former bank configuration. The interior includes an open lobby, four private offices, a conference room, break room, storage room, mechanical room, and former vault with night drop. A rear entrance, surface parking on both the north and south sides, and pylon signage support day-to-day operations and public access.
Additional land is located south of the building, with potential for a garage or expanded office area. Drive-thru potential is also noted. New landscaping was completed by Weller Brothers in 2025. The property sits near Avera Health Campus, a 52-acre regional healthcare center, while South Cliff Avenue carries 9,400 VPD. Nearby amenities include Circle K, Goodcents Sub Shop, Spoke-N-Sport, the Sioux Falls Bike Trail, and downtown amenities within a short drive.
Additional land is located south of the building, with potential for a garage or expanded office area. Drive-thru potential is also noted. New landscaping was completed by Weller Brothers in 2025. The property sits near Avera Health Campus, a 52-acre regional healthcare center, while South Cliff Avenue carries 9,400 VPD. Nearby amenities include Circle K, Goodcents Sub Shop, Spoke-N-Sport, the Sioux Falls Bike Trail, and downtown amenities within a short drive.
Key Highlights
- 3,426 SF office building constructed in 1975
- Former bank configuration with open lobby, four offices, conference room, vault, and night drop
- Surface parking on both north and south sides of the building
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
$45,866
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
6.33%
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%
$917,320
$917.3K
Cap Rate 7%
$655,229
$655.2K
Cap Rate 9%
$509,622
$509.6K
Market Conditions
NOI Build-Up for 3,426 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
$71.9K $21.00/SF
− Vacancy
−$10.8K −$3.15/SF
EGI
$61.2K $17.85/SF
− OpEx
−$15.3K −$4.46/SF
NOI
$45.9K $13.39/SF
Area
Sioux Falls, SD
Vacancy
15.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$917,320
Cap Rate 7%
$655,229
Cap Rate 9%
$509,622
Alternative Uses
Best Use
Office B
$655.2K
$573.3K – $764.4K
NOI $45,866 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$930.3K
$814.0K – $1.09M
NOI $65,121 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,383
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Former bank layout includes private offices, conference, break, storage, and mechanical rooms.
Where is this office building located?
The property is located at 1808 S Cliff Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 3,426 SF office building constructed in 1975; Former bank configuration with open lobby, four offices, conference room, vault, and night drop; Surface parking on both north and south sides of the building
