Large Multifamily Community in Sioux
For Sale
Contact for pricing
Pending
4213 E 12th St, Sioux Falls, SD 57103
248-unit apartment complex in established residential area.
Property Size240,986 SF
Lot Size9.50 Acres
Days on Market202
Property Features for 4213 E 12th St
General Information
Standard status
Pending
Size
240,986 SF
Class
C
Lot size
9.50 Acres
Property subtype
Multifamily
Zoning
RA-1 / RA-2
Occupancy
91%
Investment Type
Core+
Building Details
Year Built
1973
Buildings
17
Stories
3
Units
248
Listing Agency:
605 Real Estate
Listed By:
Brad Stearns · License #15071
Source:
Crexi
Added: Jan 30
Changed: Aug 8
Last Checked: Aug 6 at 1:56PM
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 605 Real Estate
Investment Insights
Based on property information with market context.
Taylor’s Place Apartments, located at 4213 E 12th Street in Sioux Falls, South Dakota, is a large-scale, garden-style multifamily community. The property consists of 248 one- and two-bedroom units across 17 residential buildings, situated on approximately 9.5 acres in an established residential corridor. Constructed in 1973, the asset features a mix of two- and three-story buildings and is positioned as a Class C workforce housing community. The property's size is 240986 square feet. Taylor’s Place offers residents convenient access to major employment centers, healthcare, retail, and primary arterial roadways. The property includes a combination of surface parking and detached garage stalls. The community is currently 91.1% occupied as of December 1, 2025, and operates with in-place cash flow. Zoning supports continued multifamily use without restriction. Taylor’s Place may be acquired individually or as part of a larger 716-unit multifamily portfolio.
Key Highlights
- Large‑scale multifamily community with 248 units in Sioux Falls, SD.
- High occupancy rate of 91.1%**, indicating strong rental demand.
- Convenient access to major employment centers, healthcare, retail, and primary arterial roadways.
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
$1,929,461
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
6.22%
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%
$38,589,220
$38.6M
Cap Rate 7%
$27,563,729
$27.6M
Cap Rate 9%
$21,438,456
$21.4M
Market Conditions
NOI Build-Up for 240,986 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
$3.90M $16.20/SF
− Vacancy
−$395.9K −$1.64/SF
EGI
$3.51M $14.56/SF
− OpEx
−$1.58M −$6.55/SF
NOI
$1.93M $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 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%
$38,589,220
Cap Rate 7%
$27,563,729
Cap Rate 9%
$21,438,456
Alternative Uses
Best Use
Apartment 5plus
$27.56M
$24.12M – $32.16M
NOI $1,929,461 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$65.44M
$57.26M – $76.34M
NOI $4,580,662 @ 7.0% cap · market cap 14.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
388
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 248-unit apartment complex in established residential area.
Where is this apartment building located?
The property is located at 4213 E 12th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $31,000,000.
What are key features of this property?
This property features: Large‑scale multifamily community with **248 units** in Sioux Falls, SD.; High occupancy rate of 91.1%**, indicating strong rental demand.; Convenient access to major employment centers, healthcare, retail, and primary arterial roadways.
