Renovated 11-Unit Apartment
New
For Sale
$1,300,000
700 W 6th St, Sioux Falls, SD 57104
MULTI_FAMILY - Sioux Falls, SD
Property Size10,800 SF
Lot Size0.26 Acres
Price / SF$120.37
Days on Market2
Property Features for 700 W 6th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Appliances
Dishwasher, Disposal, Microwave, Range, Refrigerator
Subdivision
McClellans Addn To West Sioux Falls
Elementary school
Hawthorne ES
Middle school
Patrick Henry MS
High school
Lincoln HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
Minnesota north to 6th street, west to Summit and 6th
Standard status
Active
APN
39594
Size
10,800 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
7 & S 21' 8 Block 24 McClellan's Addn to West Sioux Falls
Tax Annual Amount
9935
Legal Description
7 & S 21' 8 Block 24 McClellan's Addn to West Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard
Cooling system
Window Unit(s)
Water source
Public
Amenities
coin-operated laundry facilities
Building Details
Year built
1969
Floors in Building
3
Number of units
11
Flooring type
Laminate, Vinyl, Carpet
Building materials
HardiPlank Type, Brick
Roof type
Composition
Listing Agency:
Keller Williams Realty Sioux Falls
(605) 275-0555
Listed By:
Amber Ellingsen
(605) 275-0555
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 2:06AM
MLS# 22606056
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 10,800-square-foot apartment building contains 11 units, including ten two-bedroom, one-bath apartments and one efficiency. The property was built in 1969 and fully renovated in 2015. Unit features include kitchen appliances, dining areas, open living areas, cabinet storage, large windows, and a storage closet for each residence. Two coin-operated laundry facilities, five garage stalls, and additional off-street parking support day-to-day operations. Heating is provided by hot water and baseboard systems, with window-unit cooling.
The property occupies 0.2636 acres at 700 W 6th St in Sioux Falls, South Dakota, near downtown. Shopping, dining, schools, and medical facilities are identified in the surrounding area. Public water and public sewer serve the building, which has HardiPlank Type and brick exterior materials, a composition roof, and a basement.
The property occupies 0.2636 acres at 700 W 6th St in Sioux Falls, South Dakota, near downtown. Shopping, dining, schools, and medical facilities are identified in the surrounding area. Public water and public sewer serve the building, which has HardiPlank Type and brick exterior materials, a composition roof, and a basement.
Key Highlights
- 11‑unit apartment building with ten 2‑bedroom, 1‑bath units and one efficiency
- 10,800 square feet on 0.2636 acres
- Fully renovated in 2015; originally built in 1969
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
567
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 - Professionally managed apartments offer varied layouts, private storage, laundry facilities, garage stalls, 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 square feet on 0.2636 acres; Fully renovated in 2015; originally built in 1969
