Renovated 11-Unit Apartment
700 W 6th St, Sioux Falls, SD 57104
For Sale
$1,300,000
MULTI-FAMILY, Sioux Falls, SD
Property Size10,800 SF
Lot Size0.26 Acres
Price / SF$120.37
Days on Market94
Property Features for 700 W 6th St
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Appliances
Subdivision
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
coin-operated laundry facilities
storage closets
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Buildings
Listing Agency:
Keller Williams Realty Sioux Falls
Listed By:
Amber Ellingsen · License SD #15778
(605) 275-0555
Added: Aug 9
Changed: Nov 10
Last Checked: Nov 10 at 10:06PM
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.
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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 renovated in 2015 and offers spacious interiors with kitchen and cabinet space, dining areas, open living areas, large windows, and unit-specific storage closets. Appliances include dishwashers, disposals, microwaves, ranges, and refrigerators. Two coin-operated laundry areas serve the building, while five garage stalls and additional off-street parking support residents. Heating is provided by hot water and baseboard systems, with window-unit cooling.
Located at 700 W 6th St in Sioux Falls, the property is near downtown and provides access to shopping, dining, schools, and medical facilities. Current occupancy is 90%, and professional management has been in place for several years. Public water and sewer serve the site.
Located at 700 W 6th St in Sioux Falls, the property is near downtown and provides access to shopping, dining, schools, and medical facilities. Current occupancy is 90%, and professional management has been in place for several years. Public water and sewer serve the site.
Key Highlights
- 11‑unit apartment building with ten two‑bedroom, one‑bath units and one efficiency
- 10,800 square feet on 0.2636 acres
- Renovated in 2015; current occupancy is 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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Lease Details
11
Residential units
90%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,818
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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Market
Properties on Market for Apartment buildings in Sioux Falls
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Professionally managed property with varied layouts, storage, 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 two‑bedroom, one‑bath units and one efficiency; 10,800 square feet on 0.2636 acres; Renovated in 2015; current occupancy is 90%
