Four-Unit Property with
For Sale
$539,000
2601 E Pioneer Trl, Sioux Falls, SD 57103
Tenant-occupied multifamily property with dedicated garage parking and convenient access to trails, recreation, dining, and the interstate.
Property Size3,264 SF
Price / SF$165.13
Days on Market100
Property Features for 2601 E Pioneer Trl
General Information
Standard status
Active
Size
3,264 SF
Total Parking Spaces
9
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1977
Listing Agency:
CORE Real Estate
Listed By:
Spencer Mannes
(605) 376-0995
Source:
Siouxfallsareahomesearch
Added: May 28
Changed: Sep 1
Last Checked: Sep 4 at 7:39AM
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 CORE Real Estate
Investment Insights
Based on property information with market context.
Built in 1977, this 3,264-square-foot quadplex contains four residential units, all of which have tenants. The property includes a four-stall garage designated for renters, along with five additional parking spaces.
The building is positioned across from bike trails and near Avera fitness, restaurants, parks, and interstate access. Its combination of four income-producing units, structured garage parking, and nearby recreational and everyday amenities creates a straightforward multifamily configuration.
The building is positioned across from bike trails and near Avera fitness, restaurants, parks, and interstate access. Its combination of four income-producing units, structured garage parking, and nearby recreational and everyday amenities creates a straightforward multifamily configuration.
Key Highlights
- Four‑unit quadplex with tenants in all four units
- 3,264 square feet; built in 1977
- Four‑stall garage for renters
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
$28,494
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
5.29%
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%
$569,880
$569.9K
Cap Rate 7%
$407,057
$407.1K
Cap Rate 9%
$316,600
$316.6K
Market Conditions
NOI Build-Up for 3,264 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
$45.0K $13.80/SF
− Vacancy
−$4.3K −$1.33/SF
EGI
$40.7K $12.47/SF
− OpEx
−$12.2K −$3.74/SF
NOI
$28.5K $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%
$569,880
Cap Rate 7%
$407,057
Cap Rate 9%
$316,600
Alternative Uses
Best Use
Multifamily LT 5
$407.1K
$356.2K – $474.9K
NOI $28,494 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$373.3K
$326.7K – $435.6K
NOI $26,133 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$886.3K
$775.5K – $1.03M
NOI $62,042 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
273
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Tenant-occupied multifamily property with dedicated garage parking and convenient access to trails, recreation, dining, and the interstate.
Where is this quadplex located?
The property is located at 2601 E Pioneer Trl Sioux Falls, SD.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Four‑unit quadplex with tenants in all four units; 3,264 square feet; built in 1977; Four‑stall garage for renters
