Multi-Tenant Strip
For Sale
Contact for pricing
4200 W Empire Pl, Sioux Falls, SD 57106
The center combines service and dining tenancy under a NNN lease structure.
Property Size10,336 SF
Price / SF$319.27
Days on Market130
Property Features for 4200 W Empire Pl
General Information
Standard status
Active
Size
10,336 SF
Property subtype
Retail
Zoning
C-4 High Intensity Commercial
Occupancy
84%
Lease Type
NNN
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2017
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Nelson Commercial Real Estate
(605) 728-7600
Listed By:
Nicole Daggett · License #South Dakota 20565
Source:
Crexi
Added: Apr 23
Changed: Aug 30
Last Checked: Aug 30 at 9:18AM
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 Nelson Commercial Real Estate
Investment Insights
Based on property information with market context.
Built in 2017, this 10,336-square-foot strip center contains multiple retail suites with a complementary mix of service and dining tenants. The property is 84.7% occupied and operates under a NNN lease structure. Its commercial configuration supports a varied tenant roster within a modern retail setting.
The center sits at the primary entrance to The Empire Mall in Sioux Falls, placing it within an established retail corridor surrounded by national, regional, and local retailers. Immediate access to Interstate 29 provides connectivity for local and regional shoppers. The property is zoned C-4 High Intensity Commercial and is located at 4200 W Empire Pl.
The center sits at the primary entrance to The Empire Mall in Sioux Falls, placing it within an established retail corridor surrounded by national, regional, and local retailers. Immediate access to Interstate 29 provides connectivity for local and regional shoppers. The property is zoned C-4 High Intensity Commercial and is located at 4200 W Empire Pl.
Key Highlights
- 10,336 SF multi‑tenant strip center constructed in 2017
- 84.7% occupied with service and dining tenants
- Located at the primary entrance to The Empire Mall
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
$119,815
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
3.63%
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%
$2,396,300
$2.4M
Cap Rate 7%
$1,711,643
$1.7M
Cap Rate 9%
$1,331,278
$1.3M
Market Conditions
NOI Build-Up for 10,336 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
$186.0K $18.00/SF
− Vacancy
−$14.9K −$1.44/SF
EGI
$171.2K $16.56/SF
− OpEx
−$51.3K −$4.97/SF
NOI
$119.8K $11.59/SF
Area
Sioux Falls, SD
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,396,300
Cap Rate 7%
$1,711,643
Cap Rate 9%
$1,331,278
Alternative Uses
Best Use
Retail
$1.71M
$1.50M – $2.00M
NOI $119,815 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.81M
$2.46M – $3.27M
NOI $196,467 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,229
Businesses Nearby
731k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Apparel 29%
Groceries 10%
Home Improvements & Furnishings 9%
Hy-Vee
Groceries
71,948 visits/mo
0.4 miles
Chick-fil-A
Dining
66,896 visits/mo
0.2 miles
Menards
Home Improvements & Furnishings
64,847 visits/mo
0.5 miles
DICK'S Sporting Goods
Apparel
55,496 visits/mo
0.3 miles
T.J. Maxx
Apparel
51,150 visits/mo
0.3 miles
Demographics for 57106, SD
47,877
Population
21,722
Households
2.2
Avg Household Size
35
Median Age
35%
College-Educated
93%
High-School Grad
30.3 sq mi
ZIP Area
1,580
Density / Sq Mi
$77,070
Median Household Income
$47,554
Median Earnings
$996
Median Rent
$268,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - The center combines service and dining tenancy under a NNN lease structure.
Where is this strip mall located?
The property is located at 4200 W Empire Pl Sioux Falls, SD.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 10,336 SF multi‑tenant strip center constructed in 2017; 84.7% occupied with service and dining tenants; Located at the primary entrance to The Empire Mall
