Garden-Style Apartment
505 N Cleveland Ave Sioux Falls, SD 57103
505 N Cleveland Ave, Sioux Falls, SD, 57103
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For Sale
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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
Price / SF$114.88
Days on Market172
Property Features for 505 N Cleveland Ave
General Information
- Standard status
- Active
- Size
- 57,014 SF
- Lot size
- 3.68 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1976
Listing agency
605 Real Estate
Listed by
Brad Stearns · License #15071
Source
Crexi
Added: Jan 30 Updated: Jul 21 at 6:54AM Checked: Jul 21 at 6:54AM
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.
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $923.6k | $16.20 |
| − Vacancy | −$93.7k | −$1.64 |
| EGI | $830.0k | $14.56 |
| − OpEx | −$373.5k | −$6.55 |
| NOI | $456.5k | $8.01 |
57,014 SF · lease $16.20/SF/yr · vacancy 10.14% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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
