Storage Condo with Overhead
For Sale
Contact for pricing
3512 S Gateway Ln, Sioux Falls, SD 57106
Secure, gated storage condo with a roll-up 10 x 14 overhead door and utilities, including in-floor heat and sprinklers.
Property Size800 SF
Price / SF$169.88
Days on Market147
Property Features for 3512 S Gateway Ln
General Information
Standard status
Active
Size
800 SF
Class
B
Property subtype
Self Storage
Investment Type
Owner/User
Additional Details
Utilities to Site
Yes
Sprinkler System
Yes
Amenities
in-floor heat
water hook-up
gated community
association restroom
Building Details
Year Built
2018
Units
1
Listing Agency:
Murphy Business of Sioux Falls, LLC
Listed By:
Bryan Mulder · License #SD 14030
Source:
Crexi
Added: Apr 14
Changed: Sep 6
Last Checked: Sep 7 at 12:12PM
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 Murphy Business of Sioux Falls, LLC
Investment Insights
Based on property information with market context.
This 800 sq. ft. storage condo (15 x 50) is set up as a clean, open workspace behind a roll-up 10 x 14 overhead door. The unit includes in-floor heat, a water hook-up to the unit, electrical hookups, and plumbing that is capped off, with a sprinkler system already in place.
The storage condo is located within a secure, gated community. An association members restroom is located a couple of doors down. Per the association by-laws, business operations are not permitted, helping support a quiet, maintained environment for owners.
Association fees are listed in the range of $65–$75 per month, and electric has been running approximately $20–$40 per month. Two car lifts are available for an additional price.
The storage condo is located within a secure, gated community. An association members restroom is located a couple of doors down. Per the association by-laws, business operations are not permitted, helping support a quiet, maintained environment for owners.
Association fees are listed in the range of $65–$75 per month, and electric has been running approximately $20–$40 per month. Two car lifts are available for an additional price.
Key Highlights
- 800 SF (15 x 50) storage condo built in 2018 within a secure, gated community
- Roll‑up 10 x 14 ft overhead door opens to a clean, open workspace
- Utilities and base systems include in‑floor heat, water hook‑up to the unit, capped‑off plumbing, and electrical hookups
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
$7,032
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
5.17%
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%
$140,640
$140.6K
Cap Rate 7%
$100,457
$100.5K
Cap Rate 9%
$78,133
$78.1K
Market Conditions
NOI Build-Up for 800 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
$8.6K $10.80/SF
− Vacancy
−$367 −$0.46/SF
EGI
$8.3K $10.34/SF
− OpEx
−$1.2K −$1.55/SF
NOI
$7.0K $8.79/SF
Area
Sioux Falls, SD
Vacancy
4.25%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
15.00%
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%
$140,640
Cap Rate 7%
$100,457
Cap Rate 9%
$78,133
Alternative Uses
Best Use
Warehouse
$100.5K
$87.9K – $117.2K
NOI $7,032 @ 7.0% cap · market cap 5.17%
Second Best
Self Storage
$96.6K
$84.6K – $112.7K
NOI $6,764 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$217.2K
$190.1K – $253.4K
NOI $15,206 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,065
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Secure, gated storage condo with a roll-up 10 x 14 overhead door and utilities, including in-floor heat and sprinklers.
Where is this self storage facility located?
The property is located at 3512 S Gateway Ln Sioux Falls, SD.
What is the asking price?
The asking price for this property is $135,900.
What are key features of this property?
This property features: 800 SF (15 x 50) storage condo built in 2018 within a secure, gated community; Roll‑up 10 x 14 ft overhead door opens to a clean, open workspace; Utilities and base systems include in‑floor heat, water hook‑up to the unit, capped‑off plumbing, and electrical hookups
