Renovated 11-Unit Apartment
For Sale
$1,300,000
700 W 6th St, Sioux Falls, SD 57104
Renovated apartments offer storage, natural light, laundry facilities, garages, and off-street parking.
Property Size10,800 SF
Price / SF$120.37
Days on Market32
Property Features for 700 W 6th St
General Information
Standard status
Active
Size
10,800 SF
Property subtype
Multi-Family
Occupancy
90%
Units
Unit Mix
10 x 2BR/1BA, 1 x efficiency
Multifamily Units
11
Amenities
coin-operated laundry
storage closets
Building Details
Year Built
1969
Year Renovated
2015
Buildings
1
Listing Agency:
Keller Williams Realty Sioux Falls
(605) 275-0555
Listed By:
Amber Ellingsen
Source:
Siouxfallsareahomesearch
Added: Jul 31
Changed: Aug 30
Last Checked: Aug 31 at 5:43PM
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 Keller Williams Realty Sioux Falls
Investment Insights
Based on property information with market context.
The 10,800-square-foot apartment building at 700 W 6th St includes 11 units: ten two-bedroom, one-bath apartments and one efficiency. Originally built in 1969, the property underwent a full renovation in 2015 and is currently 90% occupied. Unit features include spacious floor plans, large windows, kitchen cabinet storage, dining areas, open living spaces, and individual storage closets.
Property improvements include two coin-operated laundry facilities, five garage stalls, and off-street parking. Professional management has been in place for several years. The building is near downtown Sioux Falls, with access to shopping, dining, schools, and medical facilities. Financial information is available to qualified buyers.
Property improvements include two coin-operated laundry facilities, five garage stalls, and off-street parking. Professional management has been in place for several years. The building is near downtown Sioux Falls, with access to shopping, dining, schools, and medical facilities. Financial information is available to qualified buyers.
Key Highlights
- 11‑unit apartment building with ten 2‑bedroom, 1‑bath units and one efficiency
- 10,800 SF building renovated in 2015; originally constructed in 1969
- Current occupancy of 90%
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
$86,470
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
6.65%
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%
$1,729,400
$1.7M
Cap Rate 7%
$1,235,286
$1.2M
Cap Rate 9%
$960,778
$960.8K
Market Conditions
NOI Build-Up for 10,800 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
$175.0K $16.20/SF
− Vacancy
−$17.7K −$1.64/SF
EGI
$157.2K $14.56/SF
− OpEx
−$70.7K −$6.55/SF
NOI
$86.5K $8.01/SF
Area
Sioux Falls, SD
Vacancy
10.14%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,729,400
Cap Rate 7%
$1,235,286
Cap Rate 9%
$960,778
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.08M – $1.44M
NOI $86,470 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.57M – $3.42M
NOI $205,286 @ 7.0% cap · market cap 15.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
90%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,837
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?
Apartment building - Renovated apartments offer storage, natural light, laundry facilities, garages, and off-street parking.
Where is this apartment building located?
The property is located at 700 W 6th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 11‑unit apartment building with ten 2‑bedroom, 1‑bath units and one efficiency; 10,800 SF building renovated in 2015; originally constructed in 1969; Current occupancy of 90%
