Updated Triplex with Off-Street
New
For Sale
$232,000
605 S Spring Ave, Sioux Falls, SD 57104
Three rental units have separate electric meters and supplemental heat.
Property Size1,836 SF
Price / SF$126.36
Days on Market5
Property Features for 605 S Spring Ave
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x studio 1BR/1BA, 1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Hegg, Realtors
Listed By:
Amy Stockberger Real Estate
(605) 501-6622
Source:
Findahomeinsiouxfalls
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 4 at 9:38AM
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.
This updated triplex contains 1,836 square feet across three units. The layouts include two one-bedroom, one-bath units—one studio-style—and a two-bedroom, one-bath unit. Each unit has its own electric meter and supplemental heat. A basement furnace provides additional heat throughout the property, and off-street parking is located behind the building. The property was built in 1890, with a new roof installed in 2023.
At 605 S Spring Ave in Sioux Falls, the property is near downtown and offers access to shopping, dining, entertainment, and employment.
At 605 S Spring Ave in Sioux Falls, the property is near downtown and offers access to shopping, dining, entertainment, and employment.
Key Highlights
- Three units: two 1‑bedroom, 1‑bath layouts and one 2‑bedroom, 1‑bath layout
- 1,836 square feet; built in 1890
- All units have been updated; Unit 2 has new flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,028
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$320,560
$320.6K
Cap Rate 7%
$228,971
$229.0K
Cap Rate 9%
$178,089
$178.1K
Market Conditions
NOI Build-Up for 1,836 SF
Gross rent
$25.3K $13.80/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$22.9K $12.47/SF
− OpEx
−$6.9K −$3.74/SF
NOI
$16.0K $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%
$320,560
Cap Rate 7%
$228,971
Cap Rate 9%
$178,089
Alternative Uses
Best Use
Multifamily LT 5
$229.0K
$200.4K – $267.1K
NOI $16,028 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$210.0K
$183.8K – $245.0K
NOI $14,700 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$498.6K
$436.2K – $581.7K
NOI $34,899 @ 7.0% cap · market cap 15.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,210
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three rental units have separate electric meters and supplemental heat.
Where is this triplex located?
The property is located at 605 S Spring Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $232,000.
What are key features of this property?
This property features: Three units: two 1‑bedroom, 1‑bath layouts and one 2‑bedroom, 1‑bath layout; 1,836 square feet; built in 1890; All units have been updated; Unit 2 has new flooring
