5-Unit Apartment
For Sale
$475,000
213 S Spring Ave, Sioux Falls, SD 57104
Five one-bedroom residences offer a consistent unit configuration within a centrally positioned multifamily property.
Property Size3,230 SF
Price / SF$147.06
Days on Market174
Property Features for 213 S Spring Ave
General Information
Standard status
Active
Size
3,230 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Pettigrew Heights
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Building Details
Year Built
1937
Listing Agency:
Grand Sothebys International Realty
Listed By:
Danielle Konechne · License #15621
Source:
Siouxfallsareahomesearch
Added: May 3
Changed: Oct 19
Last Checked: Oct 23 at 7:28AM
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 Grand Sothebys International Realty
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Investment Insights
Based on property information with market context.
Built in 1937, this 3,230-square-foot apartment property contains five residential units, each arranged as a one-bedroom, one-bath residence. The consistent layout creates a straightforward physical configuration across the building and provides a defined multifamily asset for evaluation.
The property is located at 213 S Spring Ave in Sioux Falls, near downtown amenities, employment centers, parks, shopping, and dining. Its central Sioux Falls setting places the building within an established in-town environment while maintaining convenient proximity to several everyday destinations.
The property is located at 213 S Spring Ave in Sioux Falls, near downtown amenities, employment centers, parks, shopping, and dining. Its central Sioux Falls setting places the building within an established in-town environment while maintaining convenient proximity to several everyday destinations.
Key Highlights
- Five apartment units, each with one bedroom and one bathroom
- 3,230 square feet of apartment building area
- Built in 1937
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,861
Cap Rate
5.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$517,220
$517.2K
Cap Rate 7%
$369,443
$369.4K
Cap Rate 9%
$287,344
$287.3K
Market Conditions
NOI Build-Up for 3,230 SF
Gross rent
$52.3K $16.20/SF
− Vacancy
−$5.3K −$1.64/SF
EGI
$47.0K $14.56/SF
− OpEx
−$21.2K −$6.55/SF
NOI
$25.9K $8.01/SF
Area
Sioux Falls, SD
Vacancy
10.14%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$517,220
Cap Rate 7%
$369,443
Cap Rate 9%
$287,344
Alternative Uses
Best Use
Apartment 5plus
$369.4K
$323.3K – $431.0K
NOI $25,861 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$877.1K
$767.5K – $1.02M
NOI $61,396 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,545
Businesses Nearby
Explore this area
Business Placement
Demographics for 57104, SD
26,998
Population
13,952
Households
1.9
Avg Household Size
37
Median Age
25%
College-Educated
90%
High-School Grad
30.4 sq mi
ZIP Area
888
Density / Sq Mi
$59,161
Median Household Income
$39,101
Median Earnings
$849
Median Rent
$183,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom residences offer a consistent unit configuration within a centrally positioned multifamily property.
Where is this apartment building located?
The property is located at 213 S Spring Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Five apartment units, each with one bedroom and one bathroom; 3,230 square feet of apartment building area; Built in 1937
