Updated Triplex with
New
For Sale
$259,900
608 S Western Ave, Sioux Falls, SD 57104
Three apartments comprise two one-bedroom units upstairs and a two-bedroom residence on the lower level.
Property Size1,900 SF
Price / SF$136.79
Days on Market5
Property Features for 608 S Western Ave
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Building Details
Year Built
1939
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 9:51AM
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.
Built in 1939, this 1,900-square-foot triplex has two matching one-bedroom apartments on the main floor, arranged on either side of a central staircase, and a two-bedroom unit below. Improvements include new cabinets, flooring, appliances, electrical panels, a furnace and central air conditioning, garage door openers, concrete driveways, and composite front porches.
The property is near Sanford Hospital, downtown Sioux Falls, and Denny Sanford Premier Center. Tenants pay their own electricity; the owner covers the remaining utilities. A coin-operated laundry area is located in the basement, with the operator receiving a percentage of its revenue. The laundry machines belong to the operator, not the property owner.
The property is near Sanford Hospital, downtown Sioux Falls, and Denny Sanford Premier Center. Tenants pay their own electricity; the owner covers the remaining utilities. A coin-operated laundry area is located in the basement, with the operator receiving a percentage of its revenue. The laundry machines belong to the operator, not the property owner.
Key Highlights
- Three‑unit layout: two one‑bedroom apartments and one two‑bedroom unit
- 1,900 square feet; built in 1939
- Recent work includes cabinets, flooring, appliances, electrical panels, and furnace/central AC
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,587
Cap Rate
6.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$331,740
$331.7K
Cap Rate 7%
$236,957
$237.0K
Cap Rate 9%
$184,300
$184.3K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$26.2K $13.80/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$23.7K $12.47/SF
− OpEx
−$7.1K −$3.74/SF
NOI
$16.6K $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%
$331,740
Cap Rate 7%
$236,957
Cap Rate 9%
$184,300
Alternative Uses
Best Use
Multifamily LT 5
$237.0K
$207.3K – $276.5K
NOI $16,587 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$217.3K
$190.2K – $253.5K
NOI $15,212 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$515.9K
$451.4K – $601.9K
NOI $36,115 @ 7.0% cap · market cap 13.90%
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
1,702
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 - Three apartments comprise two one-bedroom units upstairs and a two-bedroom residence on the lower level.
Where is this triplex located?
The property is located at 608 S Western Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Three‑unit layout: two one‑bedroom apartments and one two‑bedroom unit; 1,900 square feet; built in 1939; Recent work includes cabinets, flooring, appliances, electrical panels, and furnace/central AC
