Furnished Triplex with Separate
For Sale
$450,000
2504 S Summit Ave, Sioux Falls, SD 57105
Three furnished units provide distinct living areas, kitchen spaces, and bathroom setups.
Property Size2,420 SF
Price / SF$185.95
Days on Market150
Property Features for 2504 S Summit Ave
General Information
Standard status
Active
Size
2,420 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Furnished
Yes
Amenities
shared laundry access
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Amy Stockberger Real Estate
(605) 595-2623
Listed By:
Keisha Tran
Source:
Siouxfallsareahomesearch
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 6:58PM
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 Amy Stockberger Real Estate
Investment Insights
Based on property information with market context.
Built in 1948, this 2,420-square-foot triplex contains three furnished units with separate living and kitchen areas. The main-floor residence includes two bedrooms and one bath, while the upper and lower units each offer one bedroom and one bath. The upper unit has exterior balcony access and an additional den or living area. Shared basement laundry serves all three units, and paved parking is available on site.
The property is located at 2504 S Summit Ave in Sioux Falls, near 33rd Street and Minnesota Avenue. Schools, shopping, dining, and everyday amenities are identified in the surrounding area. The units are currently used for short-term rental stays, and the seller intends to include furnishings with some exclusions.
The property is located at 2504 S Summit Ave in Sioux Falls, near 33rd Street and Minnesota Avenue. Schools, shopping, dining, and everyday amenities are identified in the surrounding area. The units are currently used for short-term rental stays, and the seller intends to include furnishings with some exclusions.
Key Highlights
- Three‑unit triplex with 2,420 square feet, built in 1948
- Unit mix includes one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units
- All three units are furnished and currently used for short‑term rental stays
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
$21,126
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
4.69%
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%
$422,520
$422.5K
Cap Rate 7%
$301,800
$301.8K
Cap Rate 9%
$234,733
$234.7K
Market Conditions
NOI Build-Up for 2,420 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
$33.4K $13.80/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$30.2K $12.47/SF
− OpEx
−$9.1K −$3.74/SF
NOI
$21.1K $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%
$422,520
Cap Rate 7%
$301,800
Cap Rate 9%
$234,733
Alternative Uses
Best Use
Multifamily LT 5
$301.8K
$264.1K – $352.1K
NOI $21,126 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$276.8K
$242.2K – $322.9K
NOI $19,376 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$657.1K
$575.0K – $766.7K
NOI $45,999 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 57105, SD
22,635
Population
10,550
Households
2.1
Avg Household Size
36
Median Age
44%
College-Educated
97%
High-School Grad
7.5 sq mi
ZIP Area
3,018
Density / Sq Mi
$74,066
Median Household Income
$43,271
Median Earnings
$956
Median Rent
$247,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three furnished units provide distinct living areas, kitchen spaces, and bathroom setups.
Where is this triplex located?
The property is located at 2504 S Summit Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three‑unit triplex with 2,420 square feet, built in 1948; Unit mix includes one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units; All three units are furnished and currently used for short‑term rental stays
