Multifamily Property with
For Sale
$1,000,000
408 N Sioux Blvd, Brandon, SD 57005
Leased multifamily asset with two-bedroom residences, private outdoor areas, and oversized single-car garages.
Property Size3,982 SF
Price / SF$251.13
Days on Market510
Property Features for 408 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
Listed By:
Todd Nelson
(605) 321-9147
Source:
Siouxfallsareahomesearch
Added: May 26, 2025
Changed: Oct 1
Last Checked: Oct 16 at 9:40AM
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
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Investment Insights
Based on property information with market context.
Built in 2016, this multifamily property contains residences configured with two bedrooms and one bathroom each. Every unit includes an oversized single garage, a full appliance package with washer and dryer, and private outdoor space; upper-level homes feature covered decks, while lower-level homes open to patios.
The property is being offered together with 404 and 412 N Sioux Blvd. All units are currently leased, with some leases extending for longer terms. Ownership covers lawn care, snow removal, and garbage service. Interior photographs are representative of similar units rather than specific residences.
The property is being offered together with 404 and 412 N Sioux Blvd. All units are currently leased, with some leases extending for longer terms. Ownership covers lawn care, snow removal, and garbage service. Interior photographs are representative of similar units rather than specific residences.
Key Highlights
- Built in 2016
- All units currently leased; some have long‑term leases in place
- Each unit offers 2 beds, 1 bath, and an oversized single garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,757
Cap Rate
2.98%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
Frequently Asked Questions
What type of property is this?
Multifamily property - Leased multifamily asset with two-bedroom residences, private outdoor areas, and oversized single-car garages.
Where is this multifamily property located?
The property is located at 408 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: Built in 2016; All units currently leased; some have long‑term leases in place; Each unit offers 2 beds, 1 bath, and an oversized single garage
