Garden-Style Apartment
For Sale
Contact for pricing
Pending
505 N Cleveland Ave, Sioux Falls, SD 57103
Garden-style multifamily community with 61 studio, one-, and two-bedroom units across multiple three-story buildings.
Property Size57,014 SF
Lot Size3.68 Acres
Days on Market267
Property Features for 505 N Cleveland Ave
General Information
Standard status
Pending
Size
57,014 SF
Class
B
Lot size
3.68 Acres
Property subtype
Multifamily
Zoning
RA-2
Occupancy
93%
Additional Details
Business Included
Yes
Multifamily Units
61
Building Details
Year Built
1976
Buildings
5
Stories
3
Units
61
Tenancy
Multi
Listing Agency:
605 Real Estate
Listed By:
Brad Stearns · License #15071
Source:
Crexi
Added: Jan 30
Changed: Oct 9
Last Checked: Oct 23 at 6:51AM
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
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Investment Insights
Based on property information with market context.
Brookshire Apartments is a well-established, garden-style multifamily community offering 61 studio, one-, and two-bedroom units. The property includes five three-story residential buildings and seven detached garage buildings, built in 1976 with durable construction typical of mid-century garden-style apartments. Parking is provided through a combination of surface parking and detached garage stalls.
The community is located at 505 N Cleveland Ave in Sioux Falls, South Dakota, in a convenient north-central area near major roadways and East 6th Street, supporting easy access to surrounding services and employment.
Brookshire is currently operating at 93.4% occupancy as of December 1, 2025, and is described as producing in-place cash flow. Zoning RA-2 supports continued multifamily use without restriction. The property may be acquired individually or as part of a larger 716-unit multifamily portfolio.
The community is located at 505 N Cleveland Ave in Sioux Falls, South Dakota, in a convenient north-central area near major roadways and East 6th Street, supporting easy access to surrounding services and employment.
Brookshire is currently operating at 93.4% occupancy as of December 1, 2025, and is described as producing in-place cash flow. Zoning RA-2 supports continued multifamily use without restriction. The property may be acquired individually or as part of a larger 716-unit multifamily portfolio.
Key Highlights
- 61‑unit garden‑style multifamily with studios, 1‑bedroom, and 2‑bedroom units across five three‑story residential buildings
- Built in 1976 and set on approx. 3.68 acres in Sioux Falls, SD, at 609 N Cleveland Ave
- Includes seven detached garage buildings plus surface parking, offering additional parking options for residents and guests
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$456,484
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,129,680
$9.1M
Cap Rate 7%
$6,521,200
$6.5M
Cap Rate 9%
$5,072,044
$5.1M
Market Conditions
NOI Build-Up for 57,014 SF
Gross rent
$923.6K $16.20/SF
− Vacancy
−$93.7K −$1.64/SF
EGI
$830.0K $14.56/SF
− OpEx
−$373.5K −$6.55/SF
NOI
$456.5K $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%
$9,129,680
Cap Rate 7%
$6,521,200
Cap Rate 9%
$5,072,044
Alternative Uses
Best Use
Apartment 5plus
$6.52M
$5.71M – $7.61M
NOI $456,484 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.48M
$13.55M – $18.06M
NOI $1,083,722 @ 7.0% cap · market cap 16.55%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
61
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Garden-style multifamily community with 61 studio, one-, and two-bedroom units across multiple three-story buildings.
Where is this apartment building located?
The property is located at 505 N Cleveland Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $6,550,000.
What are key features of this property?
This property features: 61‑unit garden‑style multifamily with studios, 1‑bedroom, and 2‑bedroom units across five three‑story residential buildings; Built in 1976 and set on approx. 3.68 acres in Sioux Falls, SD, at 609 N Cleveland Ave; Includes seven detached garage buildings plus surface parking, offering additional parking options for residents and guests
