Duplex with Detached
For Sale
$199,000
228 N Fairfax Ave, Sioux Falls, SD 57103
MULTI-FAMILY, Sioux Falls, SD
Property Size1,728 SF
Lot Size0.14 Acres
Price / SF$115.16
Days on Market96
Property Features for 228 N Fairfax Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Not Verified
Rooms
Basement
Appliances
Range, Refrigerator
Subdivision
Greater Sioux Falls
Elementary school
Terry Redlin ES
Middle school
Whittier MS
High school
Lincoln HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
8th St East to Fairfax, North on Fairfax Ave, East side of the street
Standard status
Active
APN
33989
Size
1,728 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
Lot 27 Block 2 Greater Sioux Falls Addn To City Of Sioux Falls
Tax Annual Amount
2720
Legal Description
Lot 27 Block 2 Greater Sioux Falls Addn To City Of Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
1916
Floors in Building
2
Flooring type
Wood, Carpet
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Home Realty Sioux Falls LLC
(605) 338-3954
Listed By:
Joshua Sweets
(605) 370-4931
Added: May 28
Changed: Aug 30
Last Checked: Aug 31 at 12:06AM
MLS# 22603809
Copyright © 2026 Realtor Association of the Sioux Empire MLS. 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.
This 1,728-square-foot duplex was built in 1916 and contains 4 bedrooms, 2 full baths, and 2 half baths. The property includes a basement, open porch, detached 2-car garage, wood siding, carpet and wood flooring, plus range and refrigerator appliances. Natural gas heating, electric cooling, public water, and public sewer serve the property.
One unit is occupied while the other is vacant and requires work. The roof has been recently updated, and the home retains lathe and plaster construction. Located at 228 N Fairfax Ave in Sioux Falls, the property sits on a 0.1405-acre lot.
One unit is occupied while the other is vacant and requires work. The roof has been recently updated, and the home retains lathe and plaster construction. Located at 228 N Fairfax Ave in Sioux Falls, the property sits on a 0.1405-acre lot.
Key Highlights
- 1,728‑square‑foot duplex on a 0.1405‑acre lot
- Built in 1916 with 4 bedrooms, 2 full baths, and 2 half baths
- One unit occupied; the other is vacant and needs work
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
$15,085
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
7.58%
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%
$301,700
$301.7K
Cap Rate 7%
$215,500
$215.5K
Cap Rate 9%
$167,611
$167.6K
Market Conditions
NOI Build-Up for 1,728 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
$23.8K $13.80/SF
− Vacancy
−$2.3K −$1.33/SF
EGI
$21.5K $12.47/SF
− OpEx
−$6.5K −$3.74/SF
NOI
$15.1K $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%
$301,700
Cap Rate 7%
$215,500
Cap Rate 9%
$167,611
Alternative Uses
Best Use
Multifamily LT 5
$215.5K
$188.6K – $251.4K
NOI $15,085 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$197.6K
$172.9K – $230.6K
NOI $13,835 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$469.2K
$410.6K – $547.4K
NOI $32,846 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,248
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?
Duplex - Two-unit property includes a basement and one occupied unit.
Where is this duplex located?
The property is located at 228 N Fairfax Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,728‑square‑foot duplex on a 0.1405‑acre lot; Built in 1916 with 4 bedrooms, 2 full baths, and 2 half baths; One unit occupied; the other is vacant and needs work
