Updated Duplex with Attached
For Sale
$329,000
616 618 N Garfield Ave, Sioux Falls, SD 57104
MULTI-FAMILY, Sioux Falls, SD
Property Size2,082 SF
Lot Size0.18 Acres
Price / SF$158.02
Days on Market37
Property Features for 616 618 N Garfield Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Appliances
Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
Harrison's Addn
Elementary school
Garfield 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
North on N. Kiwanis Ave. East on W. 3rd St., North on N. Garfield to Home.
Standard status
Active
APN
34427
Size
2,082 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
N 15.5 Lot 10 & All Lot 11 & S 1 Lot 12 Block 31 Harrisons Addn To City Of Sioux Falls
Tax Annual Amount
5030
Legal Description
N 15.5 Lot 10 & All Lot 11 & S 1 Lot 12 Block 31 Harrisons Addn To City Of Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating), Baseboard
Cooling system
Window Unit(s), Electric
Water source
Public
Amenities
laundry
deck
fenced backyard
Building Details
Year built
1978
Floors in Building
1
Number of units
2
Flooring type
Carpet, Vinyl
Building materials
HardiPlank Type
Roof type
Composition
Listing Agency:
Amy Stockberger Real Estate
(605) 376-6780
Listed By:
Brandyn Vetos
(605) 595-2623
Added: Aug 3
Changed: Sep 8
Last Checked: Sep 8 at 2:06AM
MLS# 22605844
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 2,082-square-foot duplex contains two 3-bedroom, 1-bath residences, each with its own laundry area and attached garage. The units are separately metered for electricity and heat. Property features include HardiPlank siding, public water and sewer, natural-gas hot-water baseboard heating, and window-unit cooling. Recent improvements include new vinyl flooring and interior paint throughout in 2025, along with a newer 12-by-12-foot deck completed in 2022 at the upper residence. A fully fenced backyard adds private outdoor space, while the basement provides additional functional area.
The property sits in Sioux Falls near the Denny Sanford Premier Center, Canaries baseball games, Thunder Road, and a range of restaurants. The two-unit layout supports continued rental use or an owner-occupant arrangement with a separate residence.
The property sits in Sioux Falls near the Denny Sanford Premier Center, Canaries baseball games, Thunder Road, and a range of restaurants. The two-unit layout supports continued rental use or an owner-occupant arrangement with a separate residence.
Key Highlights
- Two 3‑bedroom, 1‑bath units totaling 2,082 square feet
- Each residence includes private laundry and an attached garage
- Separate electric and heat metering for each unit
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
$18,175
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
5.52%
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%
$363,500
$363.5K
Cap Rate 7%
$259,643
$259.6K
Cap Rate 9%
$201,944
$201.9K
Market Conditions
NOI Build-Up for 2,082 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
$28.7K $13.80/SF
− Vacancy
−$2.8K −$1.33/SF
EGI
$26.0K $12.47/SF
− OpEx
−$7.8K −$3.74/SF
NOI
$18.2K $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 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%
$363,500
Cap Rate 7%
$259,643
Cap Rate 9%
$201,944
Alternative Uses
Best Use
Multifamily LT 5
$259.6K
$227.2K – $302.9K
NOI $18,175 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$238.1K
$208.4K – $277.8K
NOI $16,670 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$565.4K
$494.7K – $659.6K
NOI $39,575 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
497
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences offer private laundry, attached garages, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 616 618 N Garfield Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Two 3‑bedroom, 1‑bath units totaling 2,082 square feet; Each residence includes private laundry and an attached garage; Separate electric and heat metering for each unit
