Three-Unit Multifamily
For Sale
$264,000
514 S Summit Ave, Sioux Falls, SD 57104
New main-level carpeting complements varied bedroom layouts across the residential units.
Property Size1,864 SF
Price / SF$141.63
Days on Market84
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Property Features for 514 S Summit Ave
General Information
Standard status
Active
Size
1,864 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$38,400
Building Details
Year Built
1910
Listing Agency:
Hegg, Realtors
Listed By:
Amy Stockberger Real Estate
(605) 501-6622
Source:
Findahomeinsiouxfalls
Added: Jul 24
Changed: Oct 15
Last Checked: Oct 14 at 11:21PM
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 Hegg, Realtors
Investment Insights
Based on property information with market context.
Built in 1910, this 1,864-square-foot triplex contains three residential units. The main-level apartment offers three bedrooms and one bathroom, while the other two units each provide two bedrooms and one bathroom. New carpeting has been installed on the main level.
Located at 514 S Summit Ave in Sioux Falls, SD 57104, the property presents a defined three-unit configuration with a mix of larger and smaller floor plans. The unit layouts and recent main-level carpet work provide clear physical details for evaluating the existing residential setup.
Located at 514 S Summit Ave in Sioux Falls, SD 57104, the property presents a defined three-unit configuration with a mix of larger and smaller floor plans. The unit layouts and recent main-level carpet work provide clear physical details for evaluating the existing residential setup.
Key Highlights
- Three‑unit triplex with 1,864 square feet
- Main‑level unit includes 3 bedrooms and 1 bathroom
- Two additional units each have 2 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,272
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$325,440
$325.4K
Cap Rate 7%
$232,457
$232.5K
Cap Rate 9%
$180,800
$180.8K
Market Conditions
NOI Build-Up for 1,864 SF
Gross rent
$25.7K $13.80/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$23.2K $12.47/SF
− OpEx
−$7.0K −$3.74/SF
NOI
$16.3K $8.73/SF
Area
Sioux Falls, SD
Vacancy
9.63%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$325,440
Cap Rate 7%
$232,457
Cap Rate 9%
$180,800
Alternative Uses
Best Use
Multifamily LT 5
$232.5K
$203.4K – $271.2K
NOI $16,272 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$213.2K
$186.6K – $248.7K
NOI $14,924 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$506.2K
$442.9K – $590.5K
NOI $35,431 @ 7.0% cap · market cap 13.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,912
Businesses Nearby
Explore this area
Business Placement
Demographics for 57104, SD
26,998
Population
13,952
Households
1.9
Avg Household Size
37
Median Age
25%
College-Educated
90%
High-School Grad
30.4 sq mi
ZIP Area
888
Density / Sq Mi
$59,161
Median Household Income
$39,101
Median Earnings
$849
Median Rent
$183,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - New main-level carpeting complements varied bedroom layouts across the residential units.
Where is this triplex located?
The property is located at 514 S Summit Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $264,000.
What are key features of this property?
This property features: Three‑unit triplex with 1,864 square feet; Main‑level unit includes 3 bedrooms and 1 bathroom; Two additional units each have 2 bedrooms and 1 bathroom
