Quadplex with
For Sale
$615,000
2001 W 22nd St, Sioux Falls, SD 57105
Four apartment residences feature unfinished basement space, individual garages, and practical two-bedroom layouts.
Property Size3,935 SF
Price / SF$156.29
Days on Market239
Property Features for 2001 W 22nd St
General Information
Standard status
Active
Size
3,935 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1946
Listing Agency:
Real Broker LLC
(605) 231-0809
Listed By:
Nicholas Blau
Source:
Siouxfallsareahomesearch
Added: Jan 3
Changed: Aug 28
Last Checked: Aug 30 at 5:56PM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
Built in 1946, this quadplex contains four apartment residences, each arranged with two bedrooms and one bathroom. The units include sizable unfinished basement areas that can support storage needs, while garage accommodations add convenience for occupants. Two residences have attached single-stall garages, and the other two are served by detached single-stall garages.
The property is located at 2001 W 22nd St in Sioux Falls, near the VA, Sanford Hospital, and the Aquatics Center. Its four-unit configuration combines an established multifamily format with basement areas and garage facilities across the property.
The property is located at 2001 W 22nd St in Sioux Falls, near the VA, Sanford Hospital, and the Aquatics Center. Its four-unit configuration combines an established multifamily format with basement areas and garage facilities across the property.
Key Highlights
- Four 2‑bedroom, 1‑bath apartment units
- Large unfinished basement space associated with each unit
- Two attached single‑stall garages and two detached single‑stall garages
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
$34,352
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
5.59%
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%
$687,040
$687.0K
Cap Rate 7%
$490,743
$490.7K
Cap Rate 9%
$381,689
$381.7K
Market Conditions
NOI Build-Up for 3,935 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
$54.3K $13.80/SF
− Vacancy
−$5.2K −$1.33/SF
EGI
$49.1K $12.47/SF
− OpEx
−$14.7K −$3.74/SF
NOI
$34.4K $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%
$687,040
Cap Rate 7%
$490,743
Cap Rate 9%
$381,689
Alternative Uses
Best Use
Multifamily LT 5
$490.7K
$429.4K – $572.5K
NOI $34,352 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$450.1K
$393.8K – $525.1K
NOI $31,506 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$1.07M
$935.0K – $1.25M
NOI $74,796 @ 7.0% cap · market cap 12.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,704
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four apartment residences feature unfinished basement space, individual garages, and practical two-bedroom layouts.
Where is this quadplex located?
The property is located at 2001 W 22nd St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath apartment units; Large unfinished basement space associated with each unit; Two attached single‑stall garages and two detached single‑stall garages
