Two-Unit Duplex with
For Sale
$215,000
Pending
310 & 308 S Walts Ave, Sioux Falls, SD 57104
MULTI-FAMILY, Sioux Falls, SD
Property Size1,813 SF
Lot Size0.14 Acres
Days on Market114
Property Features for 310 & 308 S Walts Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2, Basement
Parking features
Off Street
Appliances
Range, Refrigerator
Subdivision
Pettigrew Addn
Elementary school
Lowell ES
Middle school
George McGovern MS - Sioux Falls
High school
Thomas Jefferson High School
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
Exit 79 on I - 29, Head east on 12th st, turn right onto Walts Ave
Standard status
Pending
APN
42302
Size
1,813 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
N23 15 & W12 S12 16 Block 30 Pettigrew's Addn To City Of Sioux Falls
Tax Annual Amount
3293
Legal Description
N23 15 & W12 S12 16 Block 30 Pettigrew's Addn To City Of Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
1885
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Tile
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Ekholm Team Real Estate
(605) 360-7506
Listed By:
Aiden Schoenhard
(605) 848-3542
Added: May 20
Changed: Sep 9
Last Checked: Sep 10 at 8:06AM
MLS# 22603546
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 duplex contains two residential units with a combined layout of 4 bedrooms and 2 bathrooms across 1,813 square feet. Each unit provides 2 bedrooms and 1 bathroom, with vinyl and tile flooring, individual HVAC, and separate utility meters. Range and refrigerator appliances are included.
The property sits on a 0.1398-acre lot and includes a full basement, shared laundry area, a 2-stall garage, and off-street parking. Wood siding, a composition roof, natural gas heating, electric cooling, public water, and public sewer are also part of the property. Built in 1885, the duplex is located minutes from Downtown Sioux Falls.
The property sits on a 0.1398-acre lot and includes a full basement, shared laundry area, a 2-stall garage, and off-street parking. Wood siding, a composition roof, natural gas heating, electric cooling, public water, and public sewer are also part of the property. Built in 1885, the duplex is located minutes from Downtown Sioux Falls.
Key Highlights
- Two‑unit duplex with 4 bedrooms and 2 bathrooms across 1,813 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Separate meters and individual HVAC for each unit
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
$15,827
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
7.36%
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%
$316,540
$316.5K
Cap Rate 7%
$226,100
$226.1K
Cap Rate 9%
$175,856
$175.9K
Market Conditions
NOI Build-Up for 1,813 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
$25.0K $13.80/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$22.6K $12.47/SF
− OpEx
−$6.8K −$3.74/SF
NOI
$15.8K $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%
$316,540
Cap Rate 7%
$226,100
Cap Rate 9%
$175,856
Alternative Uses
Best Use
Multifamily LT 5
$226.1K
$197.8K – $263.8K
NOI $15,827 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$207.4K
$181.5K – $241.9K
NOI $14,516 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$492.3K
$430.8K – $574.4K
NOI $34,462 @ 7.0% cap · market cap 16.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,912
Businesses Nearby
Explore this area
Business Placement
Demographics for 57104, SD
26,998
Population
13,952
Households
1.9
Avg Household Size
37
Median Age
25%
College-Educated
90%
High-School Grad
30.4 sq mi
ZIP Area
888
Density / Sq Mi
$59,161
Median Household Income
$39,101
Median Earnings
$849
Median Rent
$183,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include separate meters, individual HVAC, and shared laundry.
Where is this duplex located?
The property is located at 310 & 308 S Walts Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two‑unit duplex with 4 bedrooms and 2 bathrooms across 1,813 square feet; Each unit includes 2 bedrooms and 1 bathroom; Separate meters and individual HVAC for each unit
