Side-by-Side Ranch
New
For Sale
$365,000
3609 & 3611 E 18th St, Sioux Falls, SD 57103
MULTI_FAMILY - Sioux Falls, SD
Property Size2,520 SF
Lot Size0.20 Acres
Price / SF$144.84
Days on Market3
Property Features for 3609 & 3611 E 18th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Not Verified
Rooms
Basement
Appliances
Refrigerator, Range, Dishwasher
Subdivision
Bergs Addn
Elementary school
Cleveland ES
Middle school
Ben REifel Middle School
High school
Washington HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
Corner of Bahnson and 18th St, one block East
Special listing conditions
Notice Of Default
Standard status
Active
APN
26238
Size
2,520 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
Lot 3 Block 1- Bergs Addition
Tax Annual Amount
4949
Legal Description
Lot 3 Block 1- Bergs Addition
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
1969
Floors in Building
1
Number of units
2
Flooring type
Carpet, Vinyl, Wood
Building materials
Stucco
Roof type
Composition
Listing Agency:
Keller Williams Realty Sioux Falls
(605) 275-0555
Listed By:
Shaina Goedtke
(605) 275-0555
Added: Aug 12
Changed: Aug 14
Last Checked: Aug 14 at 10:06PM
MLS# 22606161
Copyright © 2026 Realtor Association of the Sioux Empire MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,520-square-foot side-by-side ranch duplex was built in 1969 and includes two separately configured units. Each side has two bedrooms and one bathroom on the main level. One unit includes a finished basement with an additional non-legal bedroom and potential for a second bathroom, while the other has an unfinished basement suitable for future finishing. Both units are currently occupied and have newer windows, remodeled kitchens, and remodeled bathrooms.
The property occupies 0.1951 acres at 3609 & 3611 E 18th St in Sioux Falls, SD 57103. Construction includes stucco exterior walls and a composition roof. Interior finishes include vinyl, carpet, and wood flooring, with natural gas forced-air heating and electric cooling. Public water and public sewer serve the property, and appliances include refrigerators, ranges, and dishwashers.
The property occupies 0.1951 acres at 3609 & 3611 E 18th St in Sioux Falls, SD 57103. Construction includes stucco exterior walls and a composition roof. Interior finishes include vinyl, carpet, and wood flooring, with natural gas forced-air heating and electric cooling. Public water and public sewer serve the property, and appliances include refrigerators, ranges, and dishwashers.
Key Highlights
- Side‑by‑side ranch duplex with 2,520 square feet
- Both units are currently occupied
- Each unit has 2 bedrooms and 1 bathroom on the main level
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
$21,999
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
6.03%
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%
$439,980
$440.0K
Cap Rate 7%
$314,271
$314.3K
Cap Rate 9%
$244,433
$244.4K
Market Conditions
NOI Build-Up for 2,520 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
$34.8K $13.80/SF
− Vacancy
−$3.3K −$1.33/SF
EGI
$31.4K $12.47/SF
− OpEx
−$9.4K −$3.74/SF
NOI
$22.0K $8.73/SF
Area
Sioux Falls, SD
Vacancy
9.63%
Lease Rate
$13.80 /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%
$439,980
Cap Rate 7%
$314,271
Cap Rate 9%
$244,433
Alternative Uses
Best Use
Multifamily LT 5
$314.3K
$275.0K – $366.7K
NOI $21,999 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$288.2K
$252.2K – $336.3K
NOI $20,176 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$684.3K
$598.8K – $798.3K
NOI $47,900 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
576
Businesses Nearby
Explore this area
Business Placement
Demographics for 57103, SD
36,069
Population
15,326
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
91%
High-School Grad
9.5 sq mi
ZIP Area
3,797
Density / Sq Mi
$73,945
Median Household Income
$43,661
Median Earnings
$938
Median Rent
$244,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Occupied units feature updated kitchens and bathrooms, with basement space offering additional finishing potential.
Where is this duplex located?
The property is located at 3609 & 3611 E 18th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Side‑by‑side ranch duplex with 2,520 square feet; Both units are currently occupied; Each unit has 2 bedrooms and 1 bathroom on the main level
