Leased Multifamily Property with
For Sale
$1,000,000
404 N Sioux Blvd, Brandon, SD 57005
2016-built income property with two-bedroom residences, included appliances, and outdoor space for upper and lower units.
Property Size3,982 SF
Price / SF$251.13
Days on Market391
Property Features for 404 N Sioux Blvd
General Information
Standard status
Active
Size
3,982 SF
Property subtype
Multi-Family
Building Details
Year Built
2016
Listing Agency:
Harr & Lemme Real Estate
(605) 321-9147
Listed By:
Todd Nelson
Source:
Siouxfallsareahomesearch
Added: Aug 6, 2025
Changed: Aug 30
Last Checked: Aug 30 at 8:02PM
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 Harr & Lemme Real Estate
Investment Insights
Based on property information with market context.
Located at 404 N Sioux Blvd in Brandon, this 2016-built multifamily property contains 3,982 square feet and is offered together with 408 and 412 N Sioux Blvd. The residences are currently leased, with some leases extending for longer terms. Each unit features two bedrooms, one bathroom, and an oversized single garage. Appliances convey with the property, including washers and dryers.
Upper-level residences provide covered decks, while lower-level residences open to patios. The owner currently handles lawn care, snow removal, and garbage service. The property is positioned within an assembled offering that includes the two additional Sioux Boulevard addresses.
Upper-level residences provide covered decks, while lower-level residences open to patios. The owner currently handles lawn care, snow removal, and garbage service. The property is positioned within an assembled offering that includes the two additional Sioux Boulevard addresses.
Key Highlights
- Offered with 408 and 412 N Sioux Blvd
- 3,982 square feet, built in 2016
- All units currently leased; some have long‑term leases
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
$29,757
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
2.98%
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%
$595,140
$595.1K
Cap Rate 7%
$425,100
$425.1K
Cap Rate 9%
$330,633
$330.6K
Market Conditions
NOI Build-Up for 3,982 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
$60.2K $15.12/SF
− Vacancy
−$6.1K −$1.53/SF
EGI
$54.1K $13.59/SF
− OpEx
−$24.3K −$6.11/SF
NOI
$29.8K $7.47/SF
Area
Minnehaha County, SD
Vacancy
10.14%
Lease Rate
$15.12 /SF/Yr
Expense Ratio
45.00%
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%
$595,140
Cap Rate 7%
$425,100
Cap Rate 9%
$330,633
Alternative Uses
Best Use
Apartment 5plus
$425.1K
$372.0K – $496.0K
NOI $29,757 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$939.2K – $1.25M
NOI $75,139 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Explore this area
Business Placement
Demographics for 57005, SD
12,619
Population
4,693
Households
2.7
Avg Household Size
36
Median Age
41%
College-Educated
97%
High-School Grad
48.9 sq mi
ZIP Area
258
Density / Sq Mi
$108,689
Median Household Income
$53,429
Median Earnings
$985
Median Rent
$322,600
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?
Multifamily property - 2016-built income property with two-bedroom residences, included appliances, and outdoor space for upper and lower units.
Where is this multifamily property located?
The property is located at 404 N Sioux Blvd Brandon, SD.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Offered with 408 and 412 N Sioux Blvd; 3,982 square feet, built in 2016; All units currently leased; some have long‑term leases
