8-Unit Apartment
New
For Sale
Contact for pricing
310 E THIRD ST, Bridgewater, SD 57319
Two-building multifamily property with upgraded interiors, shared laundry, parking, and tenant amenities on a corner city lot.
Property Size5,544 SF
Price / SF$90.17
Days on Market7
Property Features for 310 E THIRD ST
General Information
Standard status
Active
Size
5,544 SF
Class
A
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
R2
Occupancy
95%
Investment Type
Owner/User
Net Operating Income
$31,500
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Amenities
community garden
coin-operated laundry
secured access
Building Details
Year Built
1980
Year Renovated
2025
Buildings
4
Units
8
Tenancy
Multi
Listing Agency:
Priority Real Estate
(605) 925-4141
Listed By:
Christa Helma · License #SD 15141
Source:
Crexi
Added: Aug 8
Changed: Aug 13
Last Checked: Aug 13 at 7:38AM
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 Priority Real Estate
Investment Insights
Based on property information with market context.
This R2-zoned apartment property includes 2 buildings with 8 total rental units, each configured with 1 bedroom and 1 bathroom. The buildings include coin-operated laundry, secured exterior entries, corridor wall units, and lighting with integrated fans. Interior updates completed during tenant transitions include flooring, carpet, paint, blinds, kitchen cabinetry, breaker boxes, A/C units, cove heaters, and thermostats. A detached 2-stall garage, storage shed, concrete parking, and a tenant community garden are also included.
The property occupies a corner city lot at 310 E Third St in Bridgewater, South Dakota, with mature shade trees, grass, and highway access. Occupancy is reported at over 95%. Unit rent includes water, sewer, garbage, and internet, while electric service is separately metered to tenants. Exterior work includes selected sidewalk and parking-pad repairs, newer soffit, fascia, gutters, exterior painting, and 2025 updates to the garage and shed shingles, along with new shed siding.
The property occupies a corner city lot at 310 E Third St in Bridgewater, South Dakota, with mature shade trees, grass, and highway access. Occupancy is reported at over 95%. Unit rent includes water, sewer, garbage, and internet, while electric service is separately metered to tenants. Exterior work includes selected sidewalk and parking-pad repairs, newer soffit, fascia, gutters, exterior painting, and 2025 updates to the garage and shed shingles, along with new shed siding.
Key Highlights
- 8 total 1‑bedroom, 1‑bathroom units across 2 apartment buildings
- Over 95% occupancy reported
- Detached 2‑stall garage, storage shed, concrete parking, and tenant community garden
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
$44,388
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
8.88%
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%
$887,760
$887.8K
Cap Rate 7%
$634,114
$634.1K
Cap Rate 9%
$493,200
$493.2K
Market Conditions
NOI Build-Up for 5,544 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
$89.8K $16.20/SF
− Vacancy
−$9.1K −$1.64/SF
EGI
$80.7K $14.56/SF
− OpEx
−$36.3K −$6.55/SF
NOI
$44.4K $8.01/SF
Area
McCook County, 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 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%
$887,760
Cap Rate 7%
$634,114
Cap Rate 9%
$493,200
Alternative Uses
Best Use
Apartment 5plus
$634.1K
$554.9K – $739.8K
NOI $44,388 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,380 @ 7.0% cap · market cap 21.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
Explore this area
Business Placement
Demographics for 57319, SD
1,037
Population
428
Households
2.4
Avg Household Size
43
Median Age
30%
College-Educated
93%
High-School Grad
146.7 sq mi
ZIP Area
7
Density / Sq Mi
$64,250
Median Household Income
$38,804
Median Earnings
$719
Median Rent
$150,600
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?
Apartment building - Two-building multifamily property with upgraded interiors, shared laundry, parking, and tenant amenities on a corner city lot.
Where is this apartment building located?
The property is located at 310 E THIRD ST Bridgewater, SD.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 8 total 1‑bedroom, 1‑bathroom units across 2 apartment buildings; Over 95% occupancy reported; Detached 2‑stall garage, storage shed, concrete parking, and tenant community garden
