Updated Two-Unit
For Sale
$329,000
616 618 N Garfield Ave, Sioux Falls, SD 57104
Well-maintained duplex with separate utility metering, attached garages, private laundry, and fenced outdoor space.
Property Size2,082 SF
Price / SF$158.02
Days on Market34
Property Features for 616 618 N Garfield Ave
General Information
Standard status
Active
Size
2,082 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
attached garage
deck
fenced backyard
Building Details
Year Built
1978
Listing Agency:
Amy Stockberger Real Estate
(712) 898-5028
Listed By:
Brandyn Vetos
Source:
Siouxfallsareahomesearch
Added: Jul 30
Changed: Aug 31
Last Checked: Aug 31 at 12:43PM
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 Amy Stockberger Real Estate
Investment Insights
Based on property information with market context.
This 1978 duplex contains two 3-bedroom, 1-bath residences totaling 2,082 square feet. Each unit includes a private laundry area and attached garage, while separate metering allows occupants to pay their own electricity and heat. The property has received several recent improvements, including new vinyl flooring and interior paint throughout in 2025.
The upper residence opens to a newer 12x12 deck completed in 2022, and the backyard is fully fenced. The property is located near the Denny Sanford Premier Center, Canaries baseball games, Thunder Road, and a range of restaurants. Its two-unit configuration supports both portfolio ownership and an owner-occupant arrangement with one residence rented.
The upper residence opens to a newer 12x12 deck completed in 2022, and the backyard is fully fenced. The property is located near the Denny Sanford Premier Center, Canaries baseball games, Thunder Road, and a range of restaurants. Its two-unit configuration supports both portfolio ownership and an owner-occupant arrangement with one residence rented.
Key Highlights
- Two 3‑bedroom, 1‑bath units totaling 2,082 square feet
- Separate metering for electricity and heat
- Attached garage and private laundry 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
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 - Well-maintained duplex with separate utility metering, attached garages, private laundry, and fenced outdoor space.
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; Separate metering for electricity and heat; Attached garage and private laundry for each unit
