Accessible Office Condo For
For Sale
Contact for pricing
3205 S Meadow Ave, Sioux Falls, SD
Office condo near 41st St and I-29 with ample storage.
Property Size4,400 SF
Lot Size0.50 Acres
Price / SF$150
Days on Market452
Property Features for 3205 S Meadow Ave
General Information
Standard status
Active
Size
4,400 SF
Lot size
0.50 Acres
Property subtype
OFFICE
Listing Agency:
Bender Commercial
(605) 799-5058
Listed By:
Reggie Kuipers · License #20285
(605) 496-2966
Source:
Moodyscre
Added: May 26, 2025
Changed: Jul 6
Last Checked: Aug 19 at 10:39AM
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 Bender Commercial
Investment Insights
Based on property information with market context.
This easily accessible office condo is located just west of 41st Street and I-29. The building features three levels, totaling 6,600 square feet of gross building area, with each level offering 2,200 square feet. The main level includes a lobby, reception area, four offices, a conference room, a breakroom with a full kitchen, and two private bathrooms. The upper level features an open area, six offices, one bonus room, two bathrooms, a shower, and an additional kitchen area equipped with a full-size washer and dryer. The lower level provides ample heated storage, multiple rooms, and plenty of lighting. Neighboring businesses include IHOP, Circle K, Perkins, Chick-fil-A, Chipotle, Crumbl, and the Empire Mall.
Key Highlights
- Easily accessible location near 41st St and I‑29.
- 6,600 SF total gross building area across three levels.
- Main level features a lobby, reception area, four offices, conference room, breakroom with full kitchen, and two private bathrooms.
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
$58,905
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
8.92%
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%
$1,178,100
$1.2M
Cap Rate 7%
$841,500
$841.5K
Cap Rate 9%
$654,500
$654.5K
Market Conditions
NOI Build-Up for 4,400 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
$92.4K $21.00/SF
− Vacancy
−$13.9K −$3.15/SF
EGI
$78.5K $17.85/SF
− OpEx
−$19.6K −$4.46/SF
NOI
$58.9K $13.39/SF
Area
Sioux Falls, SD
Vacancy
15.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,178,100
Cap Rate 7%
$841,500
Cap Rate 9%
$654,500
Alternative Uses
Best Use
Office B
$841.5K
$736.3K – $981.8K
NOI $58,905 @ 7.0% cap · market cap 8.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.05M – $1.39M
NOI $83,635 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
805
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condo near 41st St and I-29 with ample storage.
Where is this office units located?
The property is located at 3205 S Meadow Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Easily accessible location near 41st St and I‑29.; 6,600 SF total gross building area across three levels.; Main level features a lobby, reception area, four offices, conference room, breakroom with full kitchen, and two private bathrooms.
