12-Unit Garden-Style Apartment
304 - 308 S Conklin Ave, Sioux Falls, SD 57103
For Sale
$1,200,000
The apartments include a studio, one-bedroom, and two-bedroom layouts, with balconies or patios and laundry connections.
Property Size7,250 SF
Lot Size0.42 Acres
Price / SF$165.52
Days on Market454
Property Features for 304 - 308 S Conklin Ave
General Information
Standard status
Size
Net Rentable
Class
Lot size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Parking per Unit
Individually Metered Utilities
Additional Details
Highway Access
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
balconies or patios
laundry connections
Building Details
Building Size
Year Built
Stories
Units
Construction
Listing Agency:
605 Real Estate LLC
(605) 759-4294
Listed By:
Blake Bohner
Source:
Davedaale
Added: Aug 14, 2025
Changed: Nov 9
Last Checked: Nov 10 at 2:37PM
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 605 Real Estate LLC
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Investment Insights
Based on property information with market context.
Built in 1975, this 12-unit apartment property contains 7,250 net rentable square feet on a 0.42-acre parcel. The unit mix comprises one 450-square-foot studio, five 550-square-foot one-bedroom apartments, and six 675-square-foot two-bedroom apartments. Brick construction and a mansard-style roof define the exterior; units have balconies or patios, standard appliances, and laundry connections. Electricity is individually metered, while water and sewer are sub-metered. Off-street parking is provided at a ratio of 1.17 spaces per unit.
The property is at 304–308 S. Conklin Ave in Sioux Falls, with access to Interstate 229 and nearby retail, dining, and employment hubs. Occupancy was 91.7% as of June 24, 2025.
The property is at 304–308 S. Conklin Ave in Sioux Falls, with access to Interstate 229 and nearby retail, dining, and employment hubs. Occupancy was 91.7% as of June 24, 2025.
Key Highlights
- 12 apartments totaling 7,250 net rentable square feet on 0.42 acres
- Unit mix: one 450‑square‑foot studio, five 550‑square‑foot one‑bedroom units, and six 675‑square‑foot two‑bedroom units
- 91.7% occupied as of June 24, 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,047
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,160,940
$1.2M
Cap Rate 7%
$829,243
$829.2K
Cap Rate 9%
$644,967
$645.0K
Market Conditions
NOI Build-Up for 7,250 SF
Gross rent
$117.5K $16.20/SF
− Vacancy
−$11.9K −$1.64/SF
EGI
$105.5K $14.56/SF
− OpEx
−$47.5K −$6.55/SF
NOI
$58.0K $8.01/SF
Area
Sioux Falls, SD
Vacancy
10.14%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,160,940
Cap Rate 7%
$829,243
Cap Rate 9%
$644,967
Alternative Uses
Best Use
Apartment 5plus
$829.2K
$725.6K – $967.5K
NOI $58,047 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,808 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
12
Residential units
91.7%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
425
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Apartment buildings in Sioux Falls
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - The apartments include a studio, one-bedroom, and two-bedroom layouts, with balconies or patios and laundry connections.
Where is this apartment building located?
The property is located at 304 - 308 S Conklin Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 12 apartments totaling 7,250 net rentable square feet on 0.42 acres; Unit mix: one 450‑square‑foot studio, five 550‑square‑foot one‑bedroom units, and six 675‑square‑foot two‑bedroom units; 91.7% occupied as of June 24, 2025
