Furnished Duplex with
New
For Sale
$225,000
641 S Prairie Ave, Sioux Falls, SD 57104
MULTI-FAMILY, Sioux Falls, SD
Property Size1,549 SF
Lot Size0.26 Acres
Price / SF$145.26
Days on Market2
Property Features for 641 S Prairie Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3
Appliances
Refrigerator, Range, Dishwasher, Washer, Dryer
Subdivision
Folsom 2nd 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
From 14th & Prairie go north to home on westside of street
Standard status
Active
APN
31579
Size
1,549 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
S13 8 & All 9 & 10 Block 22 Folsom`S 2nd Addn To Sioux Falls
Tax Annual Amount
3718
Legal Description
S13 8 & All 9 & 10 Block 22 Folsom`S 2nd Addn To Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Laminate, Carpet
Building materials
Stucco
Roof type
Composition
Listing Agency:
Keller Williams Realty Sioux Falls
(605) 275-0555
Listed By:
Greg Doohen · License #17548
(605) 275-0555
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 2:06AM
MLS# 22606742
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 1,549-square-foot duplex includes two separate residences: a lower-level two-bedroom, one-bath unit and an upper-level one-bedroom, one-bath unit. The property was built in 1900 and features stucco construction, composition roofing, laminate and carpet flooring, electric and forced-air heating, and public water and sewer service. Furnishings convey, along with a range, refrigerator, dishwasher, washer, and dryer.
Garage capacity is a notable component, with a four-stall garage on the property plus a second garage identified for use as two additional stalls or storage. Separate electrical panels support independent utility management between the units. The property is located in Sioux Falls near the Sanford campus and local universities, with a configuration that accommodates traditional residential leasing or furnished rental use.
Garage capacity is a notable component, with a four-stall garage on the property plus a second garage identified for use as two additional stalls or storage. Separate electrical panels support independent utility management between the units. The property is located in Sioux Falls near the Sanford campus and local universities, with a configuration that accommodates traditional residential leasing or furnished rental use.
Key Highlights
- Two‑unit duplex with a 2‑bedroom, 1‑bath lower unit and a 1‑bedroom, 1‑bath upper unit
- 1,549 square feet on a 0.2581‑acre lot
- Four‑stall garage plus a second garage for two stalls or storage
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-unit property with separate electrical panels, covered parking, and flexible rental configurations.
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 with a 2‑bedroom, 1‑bath lower unit and a 1‑bedroom, 1‑bath upper unit; 1,549 square feet on a 0.2581‑acre lot; Four‑stall garage plus a second garage for two stalls or storage
