Three-Unit Multifamily
For Sale
$264,000
514 S Summit Ave, Sioux Falls, SD 57104
MULTI-FAMILY, Sioux Falls, SD
Property Size1,864 SF
Lot Size0.11 Acres
Price / SF$141.63
Days on Market95
Property Features for 514 S Summit Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Not Verified
Rooms
Basement
Appliances
Range, Refrigerator
Subdivision
Grigsby Addn
Elementary school
Lowell ES
Middle school
Edison MS
High school
Washington HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
2 Blocks south of 12th and Summit Ave.
Standard status
Active
APN
34078
Size
1,864 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
W23 4 BLOCK 8 GRIGSBY`S ADDN TO CITY OF SIOUX FALLS
Tax Annual Amount
2850
Legal Description
W23 4 BLOCK 8 GRIGSBY`S ADDN TO CITY OF SIOUX FALLS
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Flooring type
Carpet, Vinyl, Wood
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Market First Real Estate
Listed By:
Terry Keller
(605) 940-6601
Added: Jul 21
Changed: Oct 23
Last Checked: Oct 23 at 10:06PM
MLS# 22605473
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.
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Investment Insights
Based on property information with market context.
This 1,864-square-foot triplex contains three residential units. The main-level apartment has three bedrooms and one bathroom, while each of the other two units includes two bedrooms and one bathroom. Carpet was installed on the main level, and the property also features wood and vinyl flooring, a basement, forced-air heating, and a composition roof. Range and refrigerator appliances are included.
Built in 1910, the property occupies a 0.1148-acre lot at 514 S Summit Ave in Sioux Falls. Public water and public sewer serve the building, which is located in ZIP Code 57104.
Built in 1910, the property occupies a 0.1148-acre lot at 514 S Summit Ave in Sioux Falls. Public water and public sewer serve the building, which is located in ZIP Code 57104.
Key Highlights
- Three‑unit configuration with one 3‑bedroom/1‑bath unit and two 2‑bedroom/1‑bath units
- 1,864 square feet on a 0.1148‑acre lot
- Built in 1910 with wood siding and a composition roof
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.
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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 - Wood-sided income property with varied unit layouts, basement space, public utilities, and forced-air heat.
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 configuration with one 3‑bedroom/1‑bath unit and two 2‑bedroom/1‑bath units; 1,864 square feet on a 0.1148‑acre lot; Built in 1910 with wood siding and a composition roof
