27-Unit Apartment Building with
For Sale
$2,700,000
3509 E Willow Leaf St, Sioux Falls, SD 57110
Multifamily property offering one- and two-bedroom residences with substantial enclosed garage capacity.
Property Size13,494 SF
Price / SF$200.09
Days on Market189
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Property Features for 3509 E Willow Leaf St
General Information
Standard status
Active
Size
13,494 SF
Total Parking Spaces
24
Property subtype
Residential Income
Additional Details
Multifamily Units
27
Taxes and HOA fees
Annual Taxes
$14,133
Listing Agency:
Gateway Real Estate Advisors
Listed By:
Daniel Stillson · License #S73739000
(712) 739-0830
Source:
Exprealty
Added: Apr 10
Changed: Oct 6
Last Checked: Oct 15 at 2:42AM
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 Gateway Real Estate Advisors
Investment Insights
Based on property information with market context.
This multifamily property comprises 27 apartment units in a one- and two-bedroom mix, along with 24 garages. The offering also includes the parcel at 3601 S Willow Ave, creating a multi-building residential asset along South Willow Avenue.
The property is directly proximate to the Western Mall corridor and is currently near 90%+ occupied. The combination of varied unit layouts, enclosed garage spaces, and multiple buildings provides a clearly defined apartment investment profile.
The property is directly proximate to the Western Mall corridor and is currently near 90%+ occupied. The combination of varied unit layouts, enclosed garage spaces, and multiple buildings provides a clearly defined apartment investment profile.
Key Highlights
- 27‑unit multifamily property with 1- and 2‑bedroom units
- 24 garages included
- Includes parcel 3601 S Willow Ave
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$108,040
Cap Rate
4.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,160,800
$2.2M
Cap Rate 7%
$1,543,429
$1.5M
Cap Rate 9%
$1,200,444
$1.2M
Market Conditions
NOI Build-Up for 13,494 SF
Gross rent
$218.6K $16.20/SF
− Vacancy
−$22.2K −$1.64/SF
EGI
$196.4K $14.56/SF
− OpEx
−$88.4K −$6.55/SF
NOI
$108.0K $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%
$2,160,800
Cap Rate 7%
$1,543,429
Cap Rate 9%
$1,200,444
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.35M – $1.80M
NOI $108,040 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.66M
$3.21M – $4.27M
NOI $256,494 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
27
Residential units
Location Intelligence
Trade Area within ½ mile
41
Businesses Nearby
Explore this area
Business Placement
Demographics for 57110, SD
22,013
Population
9,178
Households
2.4
Avg Household Size
35
Median Age
43%
College-Educated
92%
High-School Grad
20.9 sq mi
ZIP Area
1,053
Density / Sq Mi
$87,114
Median Household Income
$52,202
Median Earnings
$1,018
Median Rent
$365,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property offering one- and two-bedroom residences with substantial enclosed garage capacity.
Where is this apartment building located?
The property is located at 3509 E Willow Leaf St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 27‑unit multifamily property with 1- and 2‑bedroom units; 24 garages included; Includes parcel 3601 S Willow Ave
