98-Room Motel for
For Sale
$3,900,000
3200 W Russell St, Sioux Falls, SD 57107
98 guestrooms, manager's apartment, and brand conversion opportunity available.
Property Size54,722 SF
Days on Market251
Property Features for 3200 W Russell St
General Information
Standard status
Active
Size
54,722 SF
Property subtype
Hospitality
Building Details
Building Size
54,722 SF
Year Built
1975
Listing Agency:
NAI | Sioux Falls
Listed By:
Dale Zomer · License #16458
(605) 351-1218
Source:
Siouxfallscommercial
Added: Jan 27
Changed: Sep 10
Last Checked: Oct 4 at 8:16AM
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 NAI | Sioux Falls
Investment Insights
Based on property information with market context.
This two-story motel features interior corridors and includes 98 guestrooms plus a manager’s apartment. The property presents a Hilton, IHG, and other brand conversion opportunity. The revenue for the twelve months ending June 2024 was $1,377,953, with an occupancy rate of 70% and an ADR of $53.92. The NOI for the same period was $274,033, representing a net operating percentage of 19.9%. The property is located in an expanding market with a growing population and is offered at a discount to replacement cost.
Key Highlights
- Strong Revenue: $1,377,953 (T12 June 2024)
- Solid Occupancy Rate: 70% (T12 June 2024)
- Attractive NOI: $274,033 (T12 June 2024)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$306,925
Cap Rate
7.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,138,500
$6.1M
Cap Rate 7%
$4,384,643
$4.4M
Cap Rate 9%
$3,410,278
$3.4M
Market Conditions
NOI Build-Up for 54,722 SF
Gross rent
$788.0K $14.40/SF
− Vacancy
−$141.8K −$2.59/SF
EGI
$646.2K $11.81/SF
− OpEx
−$339.2K −$6.20/SF
NOI
$306.9K $5.61/SF
Area
Sioux Falls, SD
Vacancy
18.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,138,500
Cap Rate 7%
$4,384,643
Cap Rate 9%
$3,410,278
Alternative Uses
Best Use
Hotel Hospitality
$4.38M
$3.84M – $5.12M
NOI $306,925 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.86M
$13.00M – $17.34M
NOI $1,040,156 @ 7.0% cap · market cap 26.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 57107, SD
11,915
Population
4,851
Households
2.5
Avg Household Size
32
Median Age
30%
College-Educated
91%
High-School Grad
46.8 sq mi
ZIP Area
255
Density / Sq Mi
$76,719
Median Household Income
$46,126
Median Earnings
$1,079
Median Rent
$250,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Golden Coin Casino — Sioux Falls, SD 57104
- Arena Motel — 2401 russell st, sioux falls, sd 57104
- Sleep Inn Airport — 1500 N Kiwanis Ave, Sioux Falls, SD 57104
- Baymont by Wyndham Sioux Falls North/I-29/Russell St — 3101 W Russell St, Sioux Falls, SD 57107
- Baymont Inn — 3101 russell st, sioux falls, sd 57107
Frequently Asked Questions
What type of property is this?
Motel - 98 guestrooms, manager's apartment, and brand conversion opportunity available.
Where is this motel located?
The property is located at 3200 W Russell St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Strong Revenue: $1,377,953 (T12 June 2024); Solid Occupancy Rate: 70% (T12 June 2024); Attractive NOI: $274,033 (T12 June 2024)
