Duplex With Two-Stall
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 Market93
Property Features for 310 & 308 S Walts Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
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
Tile, Vinyl
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Ekholm Team Real Estate
(605) 360-7506
Listed By:
Aiden Schoenhard
(605) 360-7506
Added: May 20
Changed: Aug 20
Last Checked: Aug 20 at 12:06PM
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 units, each arranged with 2 bedrooms and 1 bathroom. The 1,813-square-foot property includes a full basement, shared laundry area, large driveway, and a 2-stall garage. Separate utility meters and individual HVAC systems serve the units, while vinyl and tile flooring provide durable interior finishes. The property also includes a range and refrigerator, wood siding, a composition roof, natural gas heating, electric cooling, public water, and public sewer.
Located at 308 and 310 S Walts Ave in Sioux Falls, the property is minutes from Downtown Sioux Falls. Off-street parking is provided, and the parcel contains 0.1398 acres. Built in 1885, the duplex offers a documented two-unit configuration with dedicated mechanical and utility features for each residence.
Located at 308 and 310 S Walts Ave in Sioux Falls, the property is minutes from Downtown Sioux Falls. Off-street parking is provided, and the parcel contains 0.1398 acres. Built in 1885, the duplex offers a documented two-unit configuration with dedicated mechanical and utility features for each residence.
Key Highlights
- Two‑unit property with 2 bedrooms and 1 bathroom per unit
- 1,813 square feet on a 0.1398‑acre parcel
- 2‑stall garage, large driveway, and off‑street parking
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separately metered units offer individual HVAC, durable flooring, and shared laundry space.
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 property with 2 bedrooms and 1 bathroom per unit; 1,813 square feet on a 0.1398‑acre parcel; 2‑stall garage, large driveway, and off‑street parking
