Tri-Plex Residential
514 S Summit Ave Sioux Falls, SD 57104
New
514 S Summit Ave, Sioux Falls, SD, 57104
$264,000
For Sale
$264,000
MULTI_FAMILY - Sioux Falls, SD
Property Size1,864 SF
Lot Size0.11 Acres
Price / SF$141.63
Days on Market1
Property Features for 514 S Summit Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Not Verified
- Rooms
- Basement
- Appliances
- Refrigerator, Range
- 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
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
- Vinyl, Wood, Carpet
- Building materials
- Wood Siding
- Roof type
- Composition
Listing agency
Market First Real Estate
(605) 940-6601
Listed by
Terry Keller
(605) 940-6601
Added: Jul 21 Checked: Jul 21 at 5:06PM
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.
Investment Insights
Based on property information with market context.
This for-sale tri-plex residential income property includes three rental units. The main level unit features three bedrooms and one bathroom, and the main level has new carpet. The other two units each offer two bedrooms and one bathroom.
The property is located at 514 S Summit Ave in Sioux Falls, South Dakota (Minnehaha County). The listing provides a reported monthly gross rent figure of $3,400 and notes a strong rental history.
The building size is listed at 1,864 square feet on a 0.1148-acre lot. Zoning information is not verified in the provided materials.
The property is located at 514 S Summit Ave in Sioux Falls, South Dakota (Minnehaha County). The listing provides a reported monthly gross rent figure of $3,400 and notes a strong rental history.
The building size is listed at 1,864 square feet on a 0.1148-acre lot. Zoning information is not verified in the provided materials.
Key Highlights
- Tri‑plex with gross rents of $3,400 per month
- Unit mix: 3 bedrooms, 1 bathroom on the main level plus two additional 2‑bedroom, 1‑bath units
- All new carpet on the main level
Local Financial Insights For Multifamily LT 5
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 | $25.7k | $13.80 |
| − Vacancy | −$2.5k | −$1.33 |
| EGI | $23.2k | $12.47 |
| − OpEx | −$7.0k | −$3.74 |
| NOI | $16.3k | $8.73 |
1,864 SF · lease $13.80/SF/yr · vacancy 9.63% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Njaa Braiding Bar
Hair Salon
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Tri-plex for sale offering three rental units with three bedrooms and one bath on the main level.
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: Tri‑plex with gross rents of $3,400 per month; Unit mix: 3 bedrooms, 1 bathroom on the main level plus two additional 2‑bedroom, 1‑bath units; All new carpet on the main level
