Anchored Shopping
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3801 W 34th St, Sioux Falls, SD 57106
Retail center anchored by Michael’s Crafts since 1996, with surrounding national retailers supporting an established shopping destination.
Property Size35,591 SF
Price / SF$140.48
Days on Market362
Property Features for 3801 W 34th St
General Information
Standard status
Active
Size
35,591 SF
Property subtype
RETAIL
Listing Agency:
Lloyd Companies - Corporate
(605) 728-9092
Listed By:
Jordan Rieffenberger · License #14932
(605) 275-4258
Source:
Moodyscre
Added: Sep 4, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:11PM
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 Lloyd Companies - Corporate
Investment Insights
Based on property information with market context.
Meadows Square is a 35,591-square-foot shopping center within the Meadows on the River development. Michael’s Crafts has anchored the property since 1996, alongside a range of retail businesses operating from the center.
The property is located in an established Sioux Falls retail corridor surrounded by Sam’s Club, Walmart, The Home Depot, Barnes & Noble, and Menards. Its setting within a developed retail area provides proximity to multiple large-format and specialty retailers.
The property is located in an established Sioux Falls retail corridor surrounded by Sam’s Club, Walmart, The Home Depot, Barnes & Noble, and Menards. Its setting within a developed retail area provides proximity to multiple large-format and specialty retailers.
Key Highlights
- 35,591‑square‑foot shopping center
- Anchored by Michael’s Crafts since 1996
- Located within the Meadows on the River development
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
$412,571
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
8.25%
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%
$8,251,420
$8.3M
Cap Rate 7%
$5,893,871
$5.9M
Cap Rate 9%
$4,584,122
$4.6M
Market Conditions
NOI Build-Up for 35,591 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
$640.6K $18.00/SF
− Vacancy
−$51.3K −$1.44/SF
EGI
$589.4K $16.56/SF
− OpEx
−$176.8K −$4.97/SF
NOI
$412.6K $11.59/SF
Area
Sioux Falls, SD
Vacancy
8.00%
Lease Rate
$18.00 /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%
$8,251,420
Cap Rate 7%
$5,893,871
Cap Rate 9%
$4,584,122
Alternative Uses
Best Use
Retail
$5.89M
$5.16M – $6.88M
NOI $412,571 @ 7.0% cap · market cap 8.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.66M
$8.46M – $11.28M
NOI $676,514 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
828k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Shops & Services 18%
Home Improvements & Furnishings 15%
Apparel 10%
Chick-fil-A
Dining
66,896 visits/mo
0.4 miles
Menards
Home Improvements & Furnishings
64,847 visits/mo
0.1 miles
T.J. Maxx
Apparel
51,150 visits/mo
0.5 miles
The Home Depot
Home Improvements & Furnishings
35,178 visits/mo
0.2 miles
McDonald's
Dining
33,365 visits/mo
0.3 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail center anchored by Michael’s Crafts since 1996, with surrounding national retailers supporting an established shopping destination.
Where is this shopping center located?
The property is located at 3801 W 34th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 35,591‑square‑foot shopping center; Anchored by Michael’s Crafts since 1996; Located within the Meadows on the River development
