8-Unit Apartment
For Sale
Contact for pricing
410 N Spring Ave, Sioux Falls, SD 57104
Commercially zoned apartment property with eight one-bedroom units, built in 1976 and located on North Spring Avenue in Sioux Falls.
Property Size4,800 SF
Price / SF$166.67
Days on Market189
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Property Features for 410 N Spring Ave
General Information
Standard status
Active
Size
4,800 SF
Class
C
Property subtype
Multifamily
Zoning
Commercial
Occupancy
67%
Investment Type
Stabilized
Net Operating Income
$39,851
Units
Unit Mix
8 x 1BR
Multifamily Units
8
Building Details
Year Built
1976
Buildings
1
Stories
2
Units
8
Listing Agency:
Gateway Real Estate Advisors
Listed By:
Nic Madsen · License #S67281000
(712) 540-6562
Source:
Crexi
Added: Apr 10
Changed: Oct 6
Last Checked: Oct 14 at 8:33PM
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 Gateway Real Estate Advisors
Investment Insights
Based on property information with market context.
This apartment building contains 8 units totaling 4,800 square feet. Each residence is configured as a one-bedroom unit, creating a consistent layout across the property. The building was constructed in 1976 and carries Commercial zoning.
Located at 410 N Spring Ave in Sioux Falls, South Dakota, the property provides a defined multifamily configuration with a single unit type throughout. Its eight-unit scale and uniform one-bedroom layout offer a straightforward physical profile for evaluating the asset.
Located at 410 N Spring Ave in Sioux Falls, South Dakota, the property provides a defined multifamily configuration with a single unit type throughout. Its eight-unit scale and uniform one-bedroom layout offer a straightforward physical profile for evaluating the asset.
Key Highlights
- 8‑unit apartment building
- All 8 units are one‑bedroom residences
- 4,800 square feet of apartment space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,431
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,620
$768.6K
Cap Rate 7%
$549,014
$549.0K
Cap Rate 9%
$427,011
$427.0K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$77.8K $16.20/SF
− Vacancy
−$7.9K −$1.64/SF
EGI
$69.9K $14.56/SF
− OpEx
−$31.4K −$6.55/SF
NOI
$38.4K $8.01/SF
Area
Sioux Falls, SD
Vacancy
10.14%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,620
Cap Rate 7%
$549,014
Cap Rate 9%
$427,011
Alternative Uses
Best Use
Apartment 5plus
$549.0K
$480.4K – $640.5K
NOI $38,431 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,238 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,295
Businesses Nearby
Explore this area
Business Placement
Demographics for 57104, SD
26,998
Population
13,952
Households
1.9
Avg Household Size
37
Median Age
25%
College-Educated
90%
High-School Grad
30.4 sq mi
ZIP Area
888
Density / Sq Mi
$59,161
Median Household Income
$39,101
Median Earnings
$849
Median Rent
$183,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Commercially zoned apartment property with eight one-bedroom units, built in 1976 and located on North Spring Avenue in Sioux Falls.
Where is this apartment building located?
The property is located at 410 N Spring Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 8‑unit apartment building; All 8 units are one‑bedroom residences; 4,800 square feet of apartment space
