Five-Unit Multifamily
For Sale
$629,900
502 E 4th St, Canton, SD 57013
MULTI-FAMILY, Canton, SD
Property Size5,472 SF
Lot Size0.43 Acres
Price / SF$115.11
Days on Market53
Property Features for 502 E 4th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
Rudolph
Elementary school
Lawrence Elementary School - Canton School Distric
Middle school
Canton MS
High school
Canton HS
Elementary school district
Canton 41-1
Middle school district
Canton
High school district
Canton
Directions
From the stop light in Canton, one block east and one block north
Standard status
Active
APN
200.14.09.015
Size
5,472 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Description
Lots 13, 14 & 15 - Block 9, Rudolph's Addn to Canton
Tax Annual Amount
8768
Legal Description
Lots 13, 14 & 15 - Block 9, Rudolph's Addn to Canton
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
1994
Floors in Building
2
Number of units
5
Flooring type
Vinyl, Carpet
Building materials
HardiPlank Type, Brick
Listing Agency:
Keller Williams Realty Sioux Falls
(605) 275-0555
Listed By:
John Schutte
(605) 275-0555
Added: Jun 29
Changed: Aug 20
Last Checked: Aug 20 at 3:06AM
MLS# 22604818
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 for-sale five-unit complex consists of a fourplex plus a separate single-family unit next door. The spacious units have been updated recently, and all units feature attached garages with their own utilities. The fourplex includes 2-bedroom, 1-bath layouts with laundry hookups in each bathroom, along with large kitchens and multiple closet/storage options. The single-family unit was completed in 2021 and offers a slab-on-grade design with no steps, including 2 bedrooms, a master suite with a 4' shower and large walk-in closet, and a main bath with a tub/shower combination.
The property includes separate entrance access for the single-family unit with garage access, and the main home layout connects the living room to the dining area and kitchen, which includes abundant cabinetry and stainless steel appliances. A laundry/mudroom off the kitchen provides access to the attached double garage. The fourplex has new siding, new furnaces and central air in each unit, new flooring and paint, a new concrete driveway, and a steel roof.
The site is listed at approximately 0.427 acres, and the total property size is shown as 5,472 square feet.
The property includes separate entrance access for the single-family unit with garage access, and the main home layout connects the living room to the dining area and kitchen, which includes abundant cabinetry and stainless steel appliances. A laundry/mudroom off the kitchen provides access to the attached double garage. The fourplex has new siding, new furnaces and central air in each unit, new flooring and paint, a new concrete driveway, and a steel roof.
The site is listed at approximately 0.427 acres, and the total property size is shown as 5,472 square feet.
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
$46,091
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
7.32%
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%
$921,820
$921.8K
Cap Rate 7%
$658,443
$658.4K
Cap Rate 9%
$512,122
$512.1K
Market Conditions
NOI Build-Up for 5,472 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
$68.9K $12.60/SF
− Vacancy
−$3.1K −$0.57/SF
EGI
$65.8K $12.03/SF
− OpEx
−$19.8K −$3.61/SF
NOI
$46.1K $8.42/SF
Area
Lincoln County, SD
Vacancy
4.50%
Lease Rate
$12.60 /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%
$921,820
Cap Rate 7%
$658,443
Cap Rate 9%
$512,122
Alternative Uses
Best Use
Multifamily LT 5
$658.4K
$576.1K – $768.2K
NOI $46,091 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$607.9K
$532.0K – $709.3K
NOI $42,556 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$1.21M
$1.06M – $1.42M
NOI $85,035 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
259
Businesses Nearby
Explore this area
Business Placement
Demographics for 57013, SD
4,482
Population
2,064
Households
2.2
Avg Household Size
40
Median Age
20%
College-Educated
91%
High-School Grad
132.7 sq mi
ZIP Area
34
Density / Sq Mi
$77,813
Median Household Income
$43,553
Median Earnings
$704
Median Rent
$224,600
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?
Multifamily property - Five-unit complex with updated units and attached garages, including a newly completed single-family unit.
Where is this multifamily property located?
The property is located at 502 E 4th St Canton, SD.
What is the asking price?
The asking price for this property is $629,900.
