6-Unit Apartment
New
For Sale
$499,000
412 S Thompson Ave, Sioux Falls, SD 57103
MULTI-FAMILY, Sioux Falls, SD
Property Size5,376 SF
Lot Size0.23 Acres
Price / SF$92.82
Days on Market7
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Property Features for 412 S Thompson Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
11
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 8, Bedroom 9, Bedroom 11, Bedroom 4, Basement, Bedroom 5, Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 5, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 10, Bedroom 3, Bathroom 6, Bathroom 4, Bedroom 7
Appliances
Dishwasher, Range, Refrigerator
Subdivision
Lyon Homesite Addn
Elementary school
Cleveland ES
Middle school
Ben REifel Middle School
High school
Washington HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
From E 10th, south on Cleveland, East on 13th to Thompson
Standard status
Active
APN
39155
Size
5,376 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
Melloons Sub of Tracts 2&3 5 Block 2 Lyon S Homesite Addn to City of Sioux Falls
Tax Annual Amount
7231
Legal Description
Melloons Sub of Tracts 2&3 5 Block 2 Lyon S Homesite Addn to City of Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Window Unit(s)
Water source
Public
Amenities
common area coin-operated laundry
Building Details
Year built
1977
Floors in Building
3
Number of units
6
Flooring type
Laminate
Building materials
Brick Veneer
Roof type
Composition
Listing Agency:
Keller Williams Realty Sioux Falls
(605) 275-0555
Listed By:
Amber Ellingsen · License #15778
(605) 360-6707
Added: Oct 9
Changed: Oct 15
Last Checked: Oct 15 at 2:06PM
MLS# 22607794
Copyright © 2026 Realtor Association of the Sioux Empire MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6-unit apartment property contains 5,376 square feet across five two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment. The building dates to 1977 and has brick veneer construction, laminate flooring, baseboard heat, and window air-conditioning. Shared coin-operated laundry serves the units. Reported property updates include the boiler, HVAC, and concrete work. The apartments are fully occupied and professionally managed.
The 0.2299-acre property is in Sioux Falls, with access to downtown, shopping, dining, schools, medical facilities, and I-229. Public water and sewer serve the site. The property also has a composition roof and includes refrigerators, ranges, and dishwashers.
The 0.2299-acre property is in Sioux Falls, with access to downtown, shopping, dining, schools, medical facilities, and I-229. Public water and sewer serve the site. The property also has a composition roof and includes refrigerators, ranges, and dishwashers.
Key Highlights
- Six apartments: five 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 5,376 square feet on a 0.2299‑acre lot
- Fully occupied and professionally managed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,043
Cap Rate
8.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$860,860
$860.9K
Cap Rate 7%
$614,900
$614.9K
Cap Rate 9%
$478,256
$478.3K
Market Conditions
NOI Build-Up for 5,376 SF
Gross rent
$87.1K $16.20/SF
− Vacancy
−$8.8K −$1.64/SF
EGI
$78.3K $14.56/SF
− OpEx
−$35.2K −$6.55/SF
NOI
$43.0K $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%
$860,860
Cap Rate 7%
$614,900
Cap Rate 9%
$478,256
Alternative Uses
Best Use
Apartment 5plus
$614.9K
$538.0K – $717.4K
NOI $43,043 @ 7.0% cap · market cap 8.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,187 @ 7.0% cap · market cap 20.48%
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
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
383
Businesses Nearby
Explore this area
Business Placement
Demographics for 57103, SD
36,069
Population
15,326
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
91%
High-School Grad
9.5 sq mi
ZIP Area
3,797
Density / Sq Mi
$73,945
Median Household Income
$43,661
Median Earnings
$938
Median Rent
$244,800
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 - Apartments include shared coin-operated laundry and a mix of one- and two-bedroom layouts.
Where is this apartment building located?
The property is located at 412 S Thompson Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Six apartments: five 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 5,376 square feet on a 0.2299‑acre lot; Fully occupied and professionally managed
