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 Market127
Property Features for 700 W 6th St
General Information
Standard status
Active
Size
10,800 SF
Property subtype
Multi-Family
Occupancy
90%
Site & Location
Neighborhood
Whittier
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
Listed By:
Amber Ellingsen · License #15778
(605) 360-6707
Source:
Siouxfallsareahomesearch
Added: Jun 19
Changed: Oct 1
Last Checked: Oct 23 at 7:11AM
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
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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 / Yr
$86,470
Cap Rate
6.65%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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%
