Four-Unit Multifamily
For Sale
$374,900
201 N French Ave, Sioux Falls, SD 57103
MULTI_FAMILY - Sioux Falls, SD
Property Size2,729 SF
Lot Size0.09 Acres
Price / SF$137.38
Days on Market205
Property Features for 201 N French Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
res
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 6, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 5, Bedroom 8, Bedroom 7
Directions
N. Cliff And 8 Th St., West 1 Block To French, 4 Plex On Corner
Subdivision
Surrounding Areas/Other Areas
Standard status
Active
APN
033983
Size
2,729 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 20 (EX W 55') BLOCK 2 GREATER SIOUX FALLS ADDN TO CITY OF SIOUX FALLS
Tax Annual Amount
3570
Legal Description
LOT 20 (EX W 55') BLOCK 2 GREATER SIOUX FALLS ADDN TO CITY OF SIOUX FALLS
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1915
Number of units
4
Listing Agency:
Gateway Real Estate Advisors
(712) 226-8000
Listed By:
Nic Madsen · License #21571
(712) 540-6562
Added: Jan 23
Changed: Aug 12
Last Checked: Aug 16 at 10:06PM
MLS# 831621
Copyright © 2026 Northwest Iowa Regional Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 201 N French Ave in Sioux Falls, this multifamily property contains four units within a 2,729-square-foot building. The configuration includes two one-bedroom, one-bath units and two three-bedroom, one-bath units, providing a distinct mix of unit sizes within the same asset.
Three units have been renovated, while work on the remaining unit is underway. The property was built in 1915 and has a roof installed in 2022. Heating is provided by forced-air equipment, with window-unit cooling. The 0.0937-acre site carries residential zoning and is positioned in Sioux Falls, South Dakota.
Three units have been renovated, while work on the remaining unit is underway. The property was built in 1915 and has a roof installed in 2022. Heating is provided by forced-air equipment, with window-unit cooling. The 0.0937-acre site carries residential zoning and is positioned in Sioux Falls, South Dakota.
Key Highlights
- Four‑unit multifamily property with two one‑bedroom and two three‑bedroom units
- 2,729‑square‑foot building on a 0.0937‑acre site
- Three units renovated; improvements to the fourth unit are 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
$23,823
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
6.35%
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%
$476,460
$476.5K
Cap Rate 7%
$340,329
$340.3K
Cap Rate 9%
$264,700
$264.7K
Market Conditions
NOI Build-Up for 2,729 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
$37.7K $13.80/SF
− Vacancy
−$3.6K −$1.33/SF
EGI
$34.0K $12.47/SF
− OpEx
−$10.2K −$3.74/SF
NOI
$23.8K $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%
$476,460
Cap Rate 7%
$340,329
Cap Rate 9%
$264,700
Alternative Uses
Best Use
Multifamily LT 5
$340.3K
$297.8K – $397.1K
NOI $23,823 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$312.1K
$273.1K – $364.2K
NOI $21,850 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$741.0K
$648.4K – $864.6K
NOI $51,873 @ 7.0% cap · market cap 13.84%
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
782
Businesses Nearby
Explore this area
Business Placement
Demographics for 57103, SD
36,069
Population
15,326
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
91%
High-School Grad
9.5 sq mi
ZIP Area
3,797
Density / Sq Mi
$73,945
Median Household Income
$43,661
Median Earnings
$938
Median Rent
$244,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - The property combines renovated units with a varied bedroom mix and residential zoning in Sioux Falls.
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‑unit multifamily property with two one‑bedroom and two three‑bedroom units; 2,729‑square‑foot building on a 0.0937‑acre site; Three units renovated; improvements to the fourth unit are in progress
