Duplex With Covered
New
For Sale
$225,000
Pending
641 S Prairie Ave, Sioux Falls, SD 57104
Two units include separate electrical panels and convey with partial furnishings.
Property Size1,549 SF
Days on Market4
Property Features for 641 S Prairie Ave
General Information
Standard status
Pending
Size
1,549 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Building Details
Year Built
1900
Listing Agency:
Hegg, Realtors
Listed By:
Amy Stockberger Real Estate
(605) 501-6622
Source:
Findahomeinsiouxfalls
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 5:22AM
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 1,549-square-foot duplex, built in 1900, contains two residential units with a combined layout of three bedrooms and two bathrooms. The lower apartment has two bedrooms and one bathroom, while the upper apartment provides one bedroom and one bathroom. Separate electrical panels serve the units, and furnishings are included in the sale.
The property includes a 4-stall garage along with a second garage that may provide additional two-stall parking or storage use. Its address on S Prairie Ave places the duplex minutes from the Sanford campus and Sioux Falls universities.
The property includes a 4-stall garage along with a second garage that may provide additional two-stall parking or storage use. Its address on S Prairie Ave places the duplex minutes from the Sanford campus and Sioux Falls universities.
Key Highlights
- Two‑unit duplex totaling 1,549 square feet
- Lower unit: 2 bedrooms and 1 bathroom
- Upper unit: 1 bedroom and 1 bathroom
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
$13,522
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
6.01%
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%
$270,440
$270.4K
Cap Rate 7%
$193,171
$193.2K
Cap Rate 9%
$150,244
$150.2K
Market Conditions
NOI Build-Up for 1,549 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
$21.4K $13.80/SF
− Vacancy
−$2.1K −$1.33/SF
EGI
$19.3K $12.47/SF
− OpEx
−$5.8K −$3.74/SF
NOI
$13.5K $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%
$270,440
Cap Rate 7%
$193,171
Cap Rate 9%
$150,244
Alternative Uses
Best Use
Multifamily LT 5
$193.2K
$169.0K – $225.4K
NOI $13,522 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$177.2K
$155.0K – $206.7K
NOI $12,402 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$420.6K
$368.0K – $490.7K
NOI $29,443 @ 7.0% cap · market cap 13.09%
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
2,912
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 units include separate electrical panels and convey with partial furnishings.
Where is this duplex located?
The property is located at 641 S Prairie Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,549 square feet; Lower unit: 2 bedrooms and 1 bathroom; Upper unit: 1 bedroom and 1 bathroom
