Shopping Center with Vacant
For Sale
Contact for pricing
3502-3510 W 41st St, Sioux Falls, SD 57106
Shopping center offers two vacant suites plus 60 shared surface parking stalls and pylon and building signage.
Property Size24,394 SF
Lot Size1.47 Acres
Price / SF$161.93
Days on Market197
Property Features for 3502-3510 W 41st St
General Information
Standard status
Active
Size
24,394 SF
Total Parking Spaces
60
Lot size
1.47 Acres
Property subtype
RETAIL
Building Details
Tenancy
Multi
Listing Agency:
Lloyd Companies - Corporate
(605) 323-2820
Listed By:
Scott Blount · License #11915
(605) 231-1882
Source:
Moodyscre
Added: Mar 2
Changed: Sep 10
Last Checked: Sep 15 at 11:00AM
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 Lloyd Companies - Corporate
Investment Insights
Based on property information with market context.
This shopping center includes a mix of current tenants and two vacant suites, creating flexibility for new leasing or an owner-occupant arrangement. Tenants listed include Firehouse Subs, The Cell Phone Guy, Metro by T-Mobile, Chasing Clouds Vape, a beauty supply store, and DXL Big & Tall. The site provides 60 shared surface stalls, and pylon and building signage are available.
The overall site size is 1.47 Acres +/- with a total property size of 24,394 SF. Daytime population is listed at 17,697, with 15,625 businesses within a 1-mile radius. The neighboring tenant mix includes Walgreens, Chili’s, Olive Garden, Target, FedEx, TJ Maxx, and Starbucks. The property is adjacent to O’Gorman High School (1,637 students for the 2024-2025 school year).
The overall site size is 1.47 Acres +/- with a total property size of 24,394 SF. Daytime population is listed at 17,697, with 15,625 businesses within a 1-mile radius. The neighboring tenant mix includes Walgreens, Chili’s, Olive Garden, Target, FedEx, TJ Maxx, and Starbucks. The property is adjacent to O’Gorman High School (1,637 students for the 2024-2025 school year).
Key Highlights
- Two vacant suites for leasing flexibility or owner‑occupant use
- 60 shared surface parking stalls
- Pylon and building signage available
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
$282,775
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
7.16%
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%
$5,655,500
$5.7M
Cap Rate 7%
$4,039,643
$4.0M
Cap Rate 9%
$3,141,944
$3.1M
Market Conditions
NOI Build-Up for 24,394 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
$439.1K $18.00/SF
− Vacancy
−$35.1K −$1.44/SF
EGI
$404.0K $16.56/SF
− OpEx
−$121.2K −$4.97/SF
NOI
$282.8K $11.59/SF
Area
Sioux Falls, SD
Vacancy
8.00%
Lease Rate
$18.00 /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%
$5,655,500
Cap Rate 7%
$4,039,643
Cap Rate 9%
$3,141,944
Alternative Uses
Best Use
Retail
$4.04M
$3.53M – $4.71M
NOI $282,775 @ 7.0% cap · market cap 7.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.62M
$5.80M – $7.73M
NOI $463,681 @ 7.0% cap · market cap 11.74%
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
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,425
Businesses Nearby
890k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 38%
Apparel 25%
Superstores 17%
Shops & Services 12%
Target
Superstores
154,055 visits/mo
0.3 miles
Chick-fil-A
Dining
66,896 visits/mo
0.5 miles
Kohl's
Apparel
63,760 visits/mo
0.4 miles
T.J. Maxx
Apparel
51,150 visits/mo
0.3 miles
JCPenney
Apparel
49,672 visits/mo
0.5 miles
Demographics for 57106, SD
47,877
Population
21,722
Households
2.2
Avg Household Size
35
Median Age
35%
College-Educated
93%
High-School Grad
30.3 sq mi
ZIP Area
1,580
Density / Sq Mi
$77,070
Median Household Income
$47,554
Median Earnings
$996
Median Rent
$268,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- South Dakota DMV Now Kiosk — 4101 S Louise Ave, Sioux Falls, SD 57106
- Coinstar Kiosk - Bitcoin ATM — Hy Vee, 4101 S Louise Ave, Sioux Falls, SD 57106
- Oxbow Village — 3400 W 49th St Unit 200, Sioux Falls, SD 57106
- Simon Guest Services — Sioux Falls, SD 57106
- The Empire Mall — 5000 W Empire Pl Mall, Sioux Falls, SD 57106
Frequently Asked Questions
What type of property is this?
Shopping center - Shopping center offers two vacant suites plus 60 shared surface parking stalls and pylon and building signage.
Where is this shopping center located?
The property is located at 3502-3510 W 41st St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Two vacant suites for leasing flexibility or owner‑occupant use; 60 shared surface parking stalls; Pylon and building signage available
