9-Unit Apartment
703 S Dakota Ave, Sioux Falls, SD 57104
For Sale
$780,000
MULTI-FAMILY, Sioux Falls, SD
Property Size5,248 SF
Lot Size0.22 Acres
Price / SF$148.63
Days on Market94
Property Features for 703 S Dakota Ave
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
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
common-area coin operated laundry
individual window air conditioning units
security doors
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# 22606054
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 9-unit apartment property at 703 S Dakota Ave contains 5,248 square feet on a 0.2212-acre lot and was built in 1977. The unit mix includes eight 2-bedroom, 1-bath residences and one 1-bedroom, 1-bath residence. Interior features include dining areas adjoining the kitchens, generous windows, closet and storage space, laminate and carpet flooring, baseboard heat, and individual window air conditioning. Ranges and refrigerators are included.
Recent property work includes HardiPlank siding, security doors, cement improvements, and remodeling in several apartments. A lower-level common laundry area provides coin-operated machines, while the property also offers a 7-stall detached garage and off-street parking. Public water and public sewer serve the building, which is located near downtown Sioux Falls and nearby shopping, dining, entertainment, and schools.
Recent property work includes HardiPlank siding, security doors, cement improvements, and remodeling in several apartments. A lower-level common laundry area provides coin-operated machines, while the property also offers a 7-stall detached garage and off-street parking. Public water and public sewer serve the building, which is located near downtown Sioux Falls and nearby shopping, dining, entertainment, and schools.
Key Highlights
- 9‑unit apartment property with 5,248 square feet
- Unit mix: eight 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 0.2212‑acre lot at 703 S Dakota Ave, Sioux Falls, SD 57104
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,018
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$840,360
$840.4K
Cap Rate 7%
$600,257
$600.3K
Cap Rate 9%
$466,867
$466.9K
Market Conditions
NOI Build-Up for 5,248 SF
Gross rent
$85.0K $16.20/SF
− Vacancy
−$8.6K −$1.64/SF
EGI
$76.4K $14.56/SF
− OpEx
−$34.4K −$6.55/SF
NOI
$42.0K $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%
$840,360
Cap Rate 7%
$600,257
Cap Rate 9%
$466,867
Alternative Uses
Best Use
Apartment 5plus
$600.3K
$525.2K – $700.3K
NOI $42,018 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,754 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,795
Businesses Nearby
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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 - Mixed one- and two-bedroom layouts with on-site laundry, detached garages, and off-street parking near downtown.
Where is this apartment building located?
The property is located at 703 S Dakota Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: 9‑unit apartment property with 5,248 square feet; Unit mix: eight 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 0.2212‑acre lot at 703 S Dakota Ave, Sioux Falls, SD 57104
