Turnkey 8-Plex Apartment
For Sale
Contact for pricing
3505 S Hawthorne Ave, Sioux Falls, SD 57105
Fully leased 8-plex with coin-operated laundry, detached garages, through-the-wall A/C, boiler heat, and ample on-site parking.
Property Size3,552 SF
Price / SF$197.07
Days on Market169
Property Features for 3505 S Hawthorne Ave
General Information
Standard status
Active
Size
3,552 SF
Total Parking Spaces
8
Property subtype
Multifamily
Occupancy
95%
Investment Type
Stabilized
Net Operating Income
$54,569
Additional Details
Multifamily Units
8
Amenities
coin-operated laundry
detached garages
through-the-wall A/C units
boiler heat
ample on-site parking
Building Details
Year Built
1973
Units
8
Tenancy
Multi
Listing Agency:
Alpine Companies
Listed By:
Jackson Dorhout · License #17300
Source:
Crexi
Added: May 8
Changed: Oct 3
Last Checked: Oct 23 at 3:53AM
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 Alpine Companies
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Investment Insights
Based on property information with market context.
This turnkey 8-plex apartment building is offered fully leased. The property includes coin-operated laundry, detached garages, through-the-wall A/C units, and boiler heat. On-site parking is available, and the building is supported by utility reimbursement fees and a Ratio Utility Billing System (RUBS) already in place to help offset utility expenses.
The property is located at 3505 S Hawthorne Ave in Sioux Falls, SD 57105.
For prospective buyers and brokers, the combination of established occupancy, on-site revenue from coin-operated laundry, and in-place utility billing supports straightforward operating management.
The property is located at 3505 S Hawthorne Ave in Sioux Falls, SD 57105.
For prospective buyers and brokers, the combination of established occupancy, on-site revenue from coin-operated laundry, and in-place utility billing supports straightforward operating management.
Key Highlights
- Fully leased 8‑plex built in 1973
- Coin‑operated laundry on‑site for additional income
- Through‑the‑wall A/C units throughout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,439
Cap Rate
4.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$568,780
$568.8K
Cap Rate 7%
$406,271
$406.3K
Cap Rate 9%
$315,989
$316.0K
Market Conditions
NOI Build-Up for 3,552 SF
Gross rent
$57.5K $16.20/SF
− Vacancy
−$5.8K −$1.64/SF
EGI
$51.7K $14.56/SF
− OpEx
−$23.3K −$6.55/SF
NOI
$28.4K $8.01/SF
Area
Sioux Falls, SD
Vacancy
10.14%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$568,780
Cap Rate 7%
$406,271
Cap Rate 9%
$315,989
Alternative Uses
Best Use
Apartment 5plus
$406.3K
$355.5K – $474.0K
NOI $28,439 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$964.5K
$844.0K – $1.13M
NOI $67,516 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,110
Businesses Nearby
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Business Placement
Demographics for 57105, SD
22,635
Population
10,550
Households
2.1
Avg Household Size
36
Median Age
44%
College-Educated
97%
High-School Grad
7.5 sq mi
ZIP Area
3,018
Density / Sq Mi
$74,066
Median Household Income
$43,271
Median Earnings
$956
Median Rent
$247,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased 8-plex with coin-operated laundry, detached garages, through-the-wall A/C, boiler heat, and ample on-site parking.
Where is this apartment building located?
The property is located at 3505 S Hawthorne Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Fully leased 8‑plex built in 1973; Coin‑operated laundry on‑site for additional income; Through‑the‑wall A/C units throughout
