Partially Furnished Duplex with
New
For Sale
$225,000
Pending
641 S Prairie View Cir, Sioux Falls, SD 57108
Two separate units, individual electrical panels, and multiple garages support flexible residential rental use.
Property Size1,549 SF
Days on Market7
Property Features for 641 S Prairie View Cir
General Information
Standard status
Pending
Size
1,549 SF
Total Parking Spaces
6
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Building Details
Buildings
1
Listing Agency:
Keller Williams Realty Sioux Falls
Listed By:
Greg Doohen · License #17548
(605) 728-2383
Source:
Exprealty
Added: Aug 31
Changed: Sep 5
Last Checked: Sep 5 at 12:49PM
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 Keller Williams Realty Sioux Falls
Investment Insights
Based on property information with market context.
This duplex contains 1,549 square feet arranged as two separate residences: a lower-level two-bedroom, one-bath unit and an upper-level one-bedroom, one-bath unit. The property is offered partially furnished, and each unit has its own electrical panel. Covered parking includes a four-stall garage, while a second garage can be configured as an additional two-stall garage or used for storage.
Located at 641 S Prairie View Cir in Sioux Falls, the property is minutes from the Sanford campus and Sioux Falls universities. The surrounding demand described for the property includes medical staff, students, visiting families, corporate occupants, and travel nurses. Furnishings convey with the sale, providing an existing setup for continued residential or short-term rental use.
Located at 641 S Prairie View Cir in Sioux Falls, the property is minutes from the Sanford campus and Sioux Falls universities. The surrounding demand described for the property includes medical staff, students, visiting families, corporate occupants, and travel nurses. Furnishings convey with the sale, providing an existing setup for continued residential or short-term rental use.
Key Highlights
- 1,549‑square‑foot duplex with a 2‑bedroom, 1‑bath lower unit and 1‑bedroom, 1‑bath upper unit
- Partially furnished; furnishings convey with the sale
- Separate electrical panels serve the two units
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
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,070
Businesses Nearby
Explore this area
Business Placement
Demographics for 57108, SD
31,953
Population
13,933
Households
2.3
Avg Household Size
36
Median Age
54%
College-Educated
97%
High-School Grad
30.4 sq mi
ZIP Area
1,051
Density / Sq Mi
$96,184
Median Household Income
$51,749
Median Earnings
$1,292
Median Rent
$401,300
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 separate units, individual electrical panels, and multiple garages support flexible residential rental use.
Where is this duplex located?
The property is located at 641 S Prairie View Cir 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: 1,549‑square‑foot duplex with a 2‑bedroom, 1‑bath lower unit and 1‑bedroom, 1‑bath upper unit; Partially furnished; furnishings convey with the sale; Separate electrical panels serve the two units
