Sioux Falls Duplex with
228 N Fairfax Ave Sioux Falls, SD 57103
228 N Fairfax Ave, Sioux Falls, SD, 57103
$199,000
For Sale
$199,000
MULTI_FAMILY - Sioux Falls, SD
Property Size1,728 SF
Lot Size0.14 Acres
Price / SF$115.16
Days on Market50
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
- Wood, Carpet
- Building materials
- Wood Siding
- Roof type
- Composition
Listing Agency
Home Realty Sioux Falls LLC
(605) 338-3954
409 E 41st St., Sioux Falls, SD
Listed by
Joshua Sweets
(605) 370-4931
Added: May 28 Checked: Jul 16 at 6:06 pm
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.
Investment Insights
Based on property information with market context.
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.
Key Highlights
- Sioux Falls duplex built in 1916 with 1,728 SF, basement, and an open porch
- Offers 4 bedrooms, 2 full baths, and 2 half baths
- Detached 2‑car garage included
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
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
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: Sioux Falls duplex built in 1916 with 1,728 SF, basement, and an open porch; Offers 4 bedrooms, 2 full baths, and 2 half baths; Detached 2‑car garage included
