27-Unit Apartment Building
For Sale
$2,700,000
3509 S Willow Ave, Sioux Falls, SD 57105
Multibuilding apartment portfolio with one- and two-bedroom residences, attached garages, and established occupancy.
Property Size13,494 SF
Price / SF$200.09
Days on Market189
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Property Features for 3509 S Willow Ave
General Information
Standard status
Active
Size
13,494 SF
Property subtype
Multi-Family
Building Details
Year Built
1976
Listing Agency:
Gateway Real Estate Advisors
Listed By:
Daniel Stillson · License #S73739000
(712) 739-0830
Source:
Siouxfallsareahomesearch
Added: Apr 10
Changed: Oct 6
Last Checked: Oct 14 at 11:07PM
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 offering includes 27 apartment units in a multibuilding configuration, with a mix of one- and two-bedroom residences. The property measures 13,494 square feet, was built in 1976, and includes 24 garages. Occupancy is currently near 90% or higher.
The portfolio is located along South Willow Avenue in Sioux Falls, near the Western Mall corridor. The offering also includes parcel 3601 S Willow Ave, providing an additional component within the property package.
The portfolio is located along South Willow Avenue in Sioux Falls, near the Western Mall corridor. The offering also includes parcel 3601 S Willow Ave, providing an additional component within the property package.
Key Highlights
- 27‑unit multifamily portfolio with one- and two‑bedroom unit mix
- 13,494 square feet across a multibuilding property
- 24 garages included
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.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,110
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Multibuilding apartment portfolio with one- and two-bedroom residences, attached garages, and established occupancy.
Where is this apartment building located?
The property is located at 3509 S Willow Ave 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 portfolio with one- and two‑bedroom unit mix; 13,494 square feet across a multibuilding property; 24 garages included
