Building Details

Year Built 2016

Listing Agency: Keller Williams Realty Sioux Falls

Listed By: Darla Ling Show Phone

Source: Siouxfallsareahomesearch

Added: Sep 3 Changed: Sep 12 Last Checked: Sep 15 at 12:02PM

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Investment Insights

Based on property information with market context.

Located at 528 Prairie Ave in Baltic, South Dakota, this 2016-built quadplex contains four two-bedroom, one-bath units totaling 4,032 square feet. Each residence includes an attached 12-by-24-foot garage, an outdoor patio, a full kitchen appliance package, cabinet storage, and a pantry. The two interior homes have vaulted ceilings, while the exterior homes provide additional patio access from side doors. Three units include washers and dryers, and tenants pay their own electric and gas service.

The property has maintained full occupancy since construction. Leases are in place for three units through July 2028 and for the remaining unit through July 2027. New shingles were installed on the entire unit in 2026. The property is near the local school and ball fields.

Key Highlights

• Four 2‑bedroom, 1‑bath units in a 4,032 SF quadplex built in 2016
• Each unit includes an attached 12x24 garage and private outdoor patio space
• Full occupancy maintained since construction

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$32,750

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

5.16%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$655,000 $655.0K

Cap Rate 7%

$467,857 $467.9K

Cap Rate 9%

$363,889 $363.9K

Market Conditions

NOI Build-Up for 4,032 SF 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.

Gross rent

$51.8K $12.84/SF

− Vacancy

−$5.0K −$1.24/SF

EGI

$46.8K $11.60/SF

− OpEx

−$14.0K −$3.48/SF

NOI

$32.7K $8.12/SF

Area

Minnehaha County, SD

Vacancy

9.63%

Lease Rate

$12.84 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$655,000

Cap Rate 7%

$467,857

Cap Rate 9%

$363,889

Alternative Uses

Best Use

Multifamily LT 5

$467.9K

$409.4K – $545.8K (±1% cap)

NOI $32,750 @ 7.0% cap · market cap 5.16%

Second Best

Apartment 5plus

$430.4K

$376.6K – $502.2K (±1% cap)

NOI $30,130 @ 7.0% cap · market cap 4.74%

Theoretical Best

Office A

$1.09M

$951.0K – $1.27M (±1% cap)

NOI $76,083 @ 7.0% cap · market cap 11.98%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Building Supply Electrical Service Auto Parts Store Big Box & Wholesale Store Storage Facility Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

5

Businesses Nearby

Explore this area Business Placement

Demographics for 57003, SD

2,109

Population

772

Households

2.7

Avg Household Size

37

Median Age

25%

College-Educated

97%

High-School Grad

51.0 sq mi

ZIP Area

41

Density / Sq Mi

$108,875

Median Household Income

$52,917

Median Earnings

$1,134

Median Rent

$261,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Quadplex - Four two-bedroom residences offer private patios, appliance packages, and individual garage parking in a well-maintained property.

Where is this quadplex located?

The property is located at 528 Prairie Ave Baltic, SD.

What is the asking price?

The asking price for this property is $635,000.

What are key features of this property?

This property features: Four 2‑bedroom, 1‑bath units in a 4,032 SF quadplex built in 2016; Each unit includes an attached 12x24 garage and private outdoor patio space; Full occupancy maintained since construction