Updated 3-Unit
For Sale
$232,000
605 S Spring Ave, Sioux Falls, SD 57104
MULTI-FAMILY, Sioux Falls, SD
Property Size1,836 SF
Lot Size0.13 Acres
Price / SF$126.36
Days on Market8
Property Features for 605 S Spring Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Not Verified
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Basement, Bedroom 4, Bedroom 2, Bathroom 1
Appliances
Range, Refrigerator
Subdivision
Grigsby Addn
Elementary school
Lowell ES
Middle school
George McGovern MS - Sioux Falls
High school
Thomas Jefferson High School
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
Google
Standard status
Active
APN
34039
Size
1,836 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
E 115 Lot 13 (Ex N 2) Block 4 Grigsbys Addn To City Of Sioux Falls
Tax Annual Amount
2418
Legal Description
E 115 Lot 13 (Ex N 2) Block 4 Grigsbys Addn To City Of Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
off-street parking
Building Details
Year built
1890
Floors in Building
2
Number of units
3
Flooring type
Carpet, Vinyl
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Real Estate Retrievers of Sioux Falls
(605) 864-0355
Listed By:
Callie Wockenfuss
(605) 480-3666
Added: Sep 28
Changed: Oct 5
Last Checked: Oct 5 at 12:06PM
MLS# 22607506
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 1,836-square-foot triplex contains three units: two with one bedroom and one bathroom each, and a third with two bedrooms and one bathroom. The first unit has a studio-style layout. Updates have been made throughout, including new flooring and other improvements in the second unit. A basement furnace supplements the heat in each unit, and each has a separate electric meter. The property also has a composition roof installed in 2023 and off-street parking at the rear.
Set on a 0.1267-acre lot at 605 S Spring Ave in Sioux Falls, the property is near downtown and offers access to shopping, dining, entertainment, and employment. Built in 1890, it has vinyl siding, vinyl and carpet flooring, forced-air natural gas heat, window-unit cooling, public water, and public sewer.
Set on a 0.1267-acre lot at 605 S Spring Ave in Sioux Falls, the property is near downtown and offers access to shopping, dining, entertainment, and employment. Built in 1890, it has vinyl siding, vinyl and carpet flooring, forced-air natural gas heat, window-unit cooling, public water, and public sewer.
Key Highlights
- Three units: two 1‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit
- 1,836 square feet on a 0.1267‑acre lot
- Separate electric meter and supplemental heat for each unit
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
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate electric meters and supplemental heat serve each of the three rental units.
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 units and one 2‑bedroom, 1‑bath unit; 1,836 square feet on a 0.1267‑acre lot; Separate electric meter and supplemental heat for each unit
