Duplex with Two-Stall
For Sale
$215,000
Pending
310 & 308 S Walts Ave, Sioux Falls, SD 57104
Two separately metered units feature individual HVAC and durable vinyl or tile flooring.
Property Size1,813 SF
Days on Market199
Property Features for 310 & 308 S Walts Ave
General Information
Standard status
Pending
Size
1,813 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$225,000
Amenities
full basement
shared laundry area
Building Details
Year Built
1885
Buildings
1
Listing Agency:
Ekholm Team Real Estate
Listed By:
Aiden Schoenhard
(605) 848-3542
Source:
Siouxfallsareahomesearch
Added: Mar 13
Changed: Sep 15
Last Checked: Sep 26 at 7:17AM
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 Ekholm Team Real Estate
Investment Insights
Based on property information with market context.
This 1,813-square-foot duplex, constructed in 1885, contains two separate residences totaling four bedrooms and two bathrooms. Each unit offers two bedrooms, one bathroom, durable vinyl or tile flooring, individual HVAC, and separate utility metering. The layout also includes a full basement, shared laundry area, and a two-stall garage. A large driveway provides additional on-site parking.
Located near Downtown Sioux Falls, the property is positioned within the 57104 ZIP code. Tenants are responsible for utilities, supported by the separate meters serving each unit. The combination of two independent living spaces, dedicated mechanical systems, laundry facilities, basement storage, and garage parking provides a practical duplex configuration for an owner-occupant or income-property buyer.
Located near Downtown Sioux Falls, the property is positioned within the 57104 ZIP code. Tenants are responsible for utilities, supported by the separate meters serving each unit. The combination of two independent living spaces, dedicated mechanical systems, laundry facilities, basement storage, and garage parking provides a practical duplex configuration for an owner-occupant or income-property buyer.
Key Highlights
- Two‑unit duplex with 4 bedrooms and 2 bathrooms
- 1,813 square feet; constructed in 1885
- Each unit has 2 bedrooms, 1 bathroom, individual HVAC, and separate meters
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
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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 separately metered units feature individual HVAC and durable vinyl or tile flooring.
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; 1,813 square feet; constructed in 1885; Each unit has 2 bedrooms, 1 bathroom, individual HVAC, and separate meters
