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    Sioux Falls Duplex with Potential Title is generated by Realmo AI

    228 N Fairfax Ave, Sioux Falls, SD 57103

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    Picture of Duplexes at 228 N Fairfax Ave, Sioux Falls, SD
    For Sale
    $199,000

    MULTI_FAMILY - Sioux Falls, SD

    Property size:
    1,728 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $115/SF
    Added:
    May 28, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 1 at 3:06 pm

    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
    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

    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
    Carpet, Wood
    Building materials
    Wood Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Joshua Sweets

    Listing agent Joshua Sweets

    Listing office Home Realty Sioux Falls LLC 409 E 41st St., Sioux Falls, SD

    Listing date May 28, 2026

    MLS# 22603809 Listing URL

    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.

    HighLights

    • Immediate Rental Income: Start earning right away with the currently occupied unit.
    • Duplex with Renovation Potential: Live in one unit and renovate the other to your liking.
    • Detached 2‑Car Garage: Secure parking and extra storage space included.
    • Four Bedrooms and Multiple Bathrooms: Ample living space with 4 bedrooms, 2 full baths, and 2 half baths.
    • Recent Roof Update: Saving you time and money with this significant improvement.
    • Classic Old‑House Character: Retaining historical charm with lathe and plaster construction.

    Overview

    This Sioux Falls duplex, constructed in 1916, offers significant potential. The property encompasses 1,728 square feet and features 4 bedrooms, 2 full baths, and 2 half baths. It also includes a basement, an open porch, and a detached 2-car garage. One of the units is currently occupied, providing immediate rental income potential while allowing for updates and improvements to the vacant side. The property requires work, presenting an opportunity for a live-in project, a long-term rental, or a gradual improvement project. A recent roof update provides a head start, and the lathe and plaster construction contributes to the home's character. The lot size is 0.1405 acres. Located in Sioux Falls, SD 57103, this property is suited for those looking to invest in a property with renovation possibilities.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $23.8k $13.80
    − Vacancy −$2.3k −$1.33
    EGI $21.5k $12.47
    − OpEx −$6.5k −$3.74
    NOI $15.1k $8.73
    1,728 SF · lease $13.80/SF/yr · vacancy 9.63% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $215.5K
    $188.6K – $251.4K (±1% cap)
    NOI $15,085 @ 7.0% cap · market cap 7.58%
    Second Best
    Apartment 5plus
    $197.6K
    $172.9K – $230.6K (±1% cap)
    NOI $13,835 @ 7.0% cap · market cap 6.95%
    Theoretical Best
    Office A
    $469.2K
    $410.6K – $547.4K (±1% cap)
    NOI $32,846 @ 7.0% cap · market cap 16.51%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sioux Falls
    County
    Lincoln
    State
    South Dakota
    Longitude
    -96.713909
    Latitude
    43.549495

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    FAQs

    What type of property is this?
    Duplex - Duplex with rental income potential, needs work, great opportunity.
    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: Immediate Rental Income: Start earning right away with the currently occupied unit.; Duplex with Renovation Potential: Live in one unit and renovate the other to your liking.; Detached 2‑Car Garage: Secure parking and extra storage space included.
    (605) 370-4931
    We can help!
    Listing Contact
    Joshua Sweets
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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