Two-Unit Residential
3122 E 28th St, Sioux Falls, SD 57103
For Sale
New
$649,999
Both residences are leased, with central air, garages, and recently updated interiors.
Property Size4,024 SF
Price / SF$161.53
Days on Market2
Property Features for 3122 E 28th St
General Information
Standard status
Size
Property subtype
Occupancy
Additional Details
Multifamily Units
Tenant in Place
Building Details
Year Built
Buildings
Listing Agency:
Keller Williams Realty Sioux Falls
Listed By:
Amy Stockberger Real Estate
(605) 501-6622
Source:
Findahomeinsiouxfalls
Added: Nov 8
Changed: Nov 9
Last Checked: Nov 8 at 4:15PM
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 Keller Williams Realty Sioux Falls
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Investment Insights
Based on property information with market context.
This 2000-built duplex contains 4,024 square feet across two residences, each offering more than 2,000 square feet. The homes feature open layouts, vaulted ceilings, fireplaces, and walk-out lower-level family rooms. Each residence includes four bedrooms, two full bathrooms, a finished laundry room, and an unfinished utility and storage area. Garages, wood decks, and patios add to the property’s features. Central air is in place, and recent work includes new flooring in the 3122-side residence in 2026.
Both units are fully occupied under long-term leases. Tenants pay utilities and handle lawn care and snow removal.
Both units are fully occupied under long-term leases. Tenants pay utilities and handle lawn care and snow removal.
Key Highlights
- Two residences totaling 4,024 square feet
- Both units fully occupied with long‑term leases
- Each side has more than 2,000 square feet, four bedrooms, and two full bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,128
Cap Rate
5.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$702,560
$702.6K
Cap Rate 7%
$501,829
$501.8K
Cap Rate 9%
$390,311
$390.3K
Market Conditions
NOI Build-Up for 4,024 SF
Gross rent
$55.5K $13.80/SF
− Vacancy
−$5.3K −$1.33/SF
EGI
$50.2K $12.47/SF
− OpEx
−$15.1K −$3.74/SF
NOI
$35.1K $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 Rate 5%
$702,560
Cap Rate 7%
$501,829
Cap Rate 9%
$390,311
Alternative Uses
Best Use
Multifamily LT 5
$501.8K
$439.1K – $585.5K
NOI $35,128 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$460.3K
$402.7K – $537.0K
NOI $32,218 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$1.09M
$956.1K – $1.27M
NOI $76,488 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
310
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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased, with central air, garages, and recently updated interiors.
Where is this duplex located?
The property is located at 3122 E 28th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $649,999.
What are key features of this property?
This property features: Two residences totaling 4,024 square feet; Both units fully occupied with long‑term leases; Each side has more than 2,000 square feet, four bedrooms, and two full bathrooms
