Multifamily Property with
For Sale
$1,000,000
412 N Sioux Blvd, Brandon, SD 57005
Leased multifamily property with two-bedroom residences, private outdoor areas, and oversized single garages.
Property Size3,982 SF
Price / SF$251.13
Days on Market447
Property Features for 412 N Sioux Blvd
General Information
Standard status
Active
Size
3,982 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Parking per Unit
1
Amenities
washer/dryer
covered decks
patios
Building Details
Year Built
2018
Tenancy
Multi
Listing Agency:
Harr & Lemme Real Estate
Listed By:
Todd Nelson
(605) 321-9147
Source:
Siouxfallsareahomesearch
Added: Jun 19, 2025
Changed: Sep 7
Last Checked: Sep 7 at 3:11PM
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 Harr & Lemme Real Estate
Investment Insights
Based on property information with market context.
This 2018 multifamily property contains 3,982 square feet and is being offered with 404 and 408 N Sioux Blvd. Each residence has two bedrooms, one bathroom, and an oversized single garage. The units are furnished with appliances, including washers and dryers, supporting a straightforward residential rental setup.
All units are currently leased, with some long-term leases in place. Upper-level residences feature covered decks, while lower-level residences open to patios. The owner is responsible for lawn care, snow removal, and garbage service.
All units are currently leased, with some long-term leases in place. Upper-level residences feature covered decks, while lower-level residences open to patios. The owner is responsible for lawn care, snow removal, and garbage service.
Key Highlights
- Offered with 404 and 408 N Sioux Blvd
- 3,982‑square‑foot multifamily property built in 2018
- All units currently leased; some long‑term leases in place
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
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
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 - Leased multifamily property with two-bedroom residences, private outdoor areas, and oversized single garages.
Where is this multifamily property located?
The property is located at 412 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 404 and 408 N Sioux Blvd; 3,982‑square‑foot multifamily property built in 2018; All units currently leased; some long‑term leases in place
