Six-Unit Apartment
For Sale
$550,000
412 S Thompson Ave, Sioux Falls, SD 57103
Fully occupied property with a varied unit mix, on-site coin-operated laundry, and recent building updates.
Property Size5,376 SF
Price / SF$102.31
Days on Market109
Property Features for 412 S Thompson Ave
General Information
Standard status
Active
Size
5,376 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
5 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Amenities
coin-operated laundry
Building Details
Year Built
1977
Listing Agency:
Keller Williams Realty Sioux Falls
Listed By:
Amber Ellingsen · License #15778
(605) 275-0555
Source:
Siouxfallsareahomesearch
Added: Jun 19
Changed: Oct 1
Last Checked: Oct 4 at 10:10AM
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 Keller Williams Realty Sioux Falls
Investment Insights
Based on property information with market context.
This 5,376-square-foot apartment building contains six residential units: five two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment. The property is fully occupied and professionally managed, with common-area coin-operated laundry serving residents. Recent improvements include the boiler, HVAC system, and concrete work.
Located at 412 S Thompson Ave in Sioux Falls, the property offers access to downtown, shopping, dining, schools, and medical facilities. I-229 is also nearby, providing regional connectivity. The combination of an established unit mix, occupied apartments, on-site laundry, and completed updates defines the asset's current configuration.
Located at 412 S Thompson Ave in Sioux Falls, the property offers access to downtown, shopping, dining, schools, and medical facilities. I-229 is also nearby, providing regional connectivity. The combination of an established unit mix, occupied apartments, on-site laundry, and completed updates defines the asset's current configuration.
Key Highlights
- Six‑unit apartment building totaling 5,376 square feet
- Five 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- Fully occupied and professionally managed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,043
Cap Rate
7.83%
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 7.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,187 @ 7.0% cap · market cap 18.58%
Zoning and permitted uses should be independently verified with authorities.
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied property with a varied unit mix, on-site coin-operated laundry, and recent building updates.
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 $550,000.
What are key features of this property?
This property features: Six‑unit apartment building totaling 5,376 square feet; Five 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; Fully occupied and professionally managed
