6-Unit Apartment
412 S Thompson Ave, Sioux Falls, SD 57103
For Sale
$499,000
MULTI-FAMILY, Sioux Falls, SD
Property Size5,376 SF
Lot Size0.23 Acres
Price / SF$92.82
Days on Market35
Property Features for 412 S Thompson Ave
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Appliances
Subdivision
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
coin-operated laundry
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Listing Agency:
Keller Williams Realty Sioux Falls
Listed By:
Amber Ellingsen · License SD #15778
(605) 275-0555
Added: Oct 9
Changed: Nov 12
Last Checked: Nov 12 at 8:06AM
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.
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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
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
Properties on Market for Apartment buildings in Sioux Falls
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
