Four-Unit Multifamily Property with
For Sale
$374,900
201 N French Ave, Sioux Falls, SD 57101
The property combines varied unit layouts with substantial renovation work completed across the building.
Property Size2,792 SF
Price / SF$134.28
Days on Market236
Property Features for 201 N French Ave
General Information
Standard status
Active
Size
2,792 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA, 2 x 3BR/1BA
Multifamily Units
4
Building Details
Year Built
1915
Buildings
1
Listing Agency:
Gateway Real Estate Advisors
(712) 739-0830
Listed By:
Daniel Stillson · License #S73739000
Source:
Siouxfallsareahomesearch
Added: Jan 6
Changed: Aug 28
Last Checked: Aug 30 at 6:13PM
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 Gateway Real Estate Advisors
Investment Insights
Based on property information with market context.
Built in 1915, this 2,792-square-foot multifamily property contains four residential units with a balanced mix of two one-bedroom, one-bath units and two three-bedroom, one-bath units. Three apartments have been renovated, while work on the remaining unit is underway.
Located at 201 N French Ave in Sioux Falls, South Dakota, the property offers an established four-unit configuration with both smaller and larger floor plans. The completed improvements and ongoing work are central physical features of the asset.
Located at 201 N French Ave in Sioux Falls, South Dakota, the property offers an established four-unit configuration with both smaller and larger floor plans. The completed improvements and ongoing work are central physical features of the asset.
Key Highlights
- Four units totaling 2,792 square feet
- Unit mix includes two 1‑bed/1‑bath and two 3‑bed/1‑bath apartments
- Three units renovated; fourth unit renovation in progress
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
$24,373
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
6.50%
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%
$487,460
$487.5K
Cap Rate 7%
$348,186
$348.2K
Cap Rate 9%
$270,811
$270.8K
Market Conditions
NOI Build-Up for 2,792 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
$38.5K $13.80/SF
− Vacancy
−$3.7K −$1.33/SF
EGI
$34.8K $12.47/SF
− OpEx
−$10.4K −$3.74/SF
NOI
$24.4K $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%
$487,460
Cap Rate 7%
$348,186
Cap Rate 9%
$270,811
Alternative Uses
Best Use
Multifamily LT 5
$348.2K
$304.7K – $406.2K
NOI $24,373 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$319.3K
$279.4K – $372.6K
NOI $22,354 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$758.1K
$663.4K – $884.5K
NOI $53,070 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,248
Businesses Nearby
Explore this area
Business Placement
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 - The property combines varied unit layouts with substantial renovation work completed across the building.
Where is this quadplex located?
The property is located at 201 N French Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: Four units totaling 2,792 square feet; Unit mix includes two 1‑bed/1‑bath and two 3‑bed/1‑bath apartments; Three units renovated; fourth unit renovation in progress
