9-Unit Apartment
New
For Sale
$780,000
703 S Dakota Ave, Sioux Falls, SD 57104
MULTI_FAMILY - Sioux Falls, SD
Property Size5,248 SF
Lot Size0.22 Acres
Price / SF$148.63
Days on Market2
Property Features for 703 S Dakota Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Appliances
Range, Refrigerator
Subdivision
Lloyd Addn
Elementary school
Susan B Anthony ES
Middle school
Patrick Henry MS
High school
Lincoln HS
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
18th and Dakota North to home
Standard status
Active
APN
38982
Size
5,248 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Lot 20 Block 1 Lloyd's Addn to City of Sioux Falls
Tax Annual Amount
8839
Legal Description
Lot 20 Block 1 Lloyd's Addn to City of Sioux Falls
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Window Unit(s)
Water source
Public
Amenities
coin-operated laundry
individual window air conditioning units
Building Details
Year built
1977
Floors in Building
2
Number of units
9
Flooring type
Laminate, Carpet
Building materials
HardiPlank Type
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# 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.
Investment Insights
Based on property information with market context.
This 9-unit apartment building contains eight 2-bedroom, 1-bath apartments and one 1-bedroom, 1-bath apartment within 5,248 square feet. Unit features include dining areas adjoining the kitchens, large windows, closet and storage space, laminate and carpet flooring, baseboard heat, and individual window air conditioning. Recent property work includes HardiPlank siding, security doors, cement improvements, and updates to several apartments.
Residents have access to coin-operated laundry in the lower level, a 7-stall detached garage, and off-street parking. The building was constructed in 1977 and has public water, public sewer, a composition roof, refrigerators, and ranges. Located at 703 S Dakota Ave in Sioux Falls, the property is near downtown as well as shopping, dining, entertainment, and schools.
Residents have access to coin-operated laundry in the lower level, a 7-stall detached garage, and off-street parking. The building was constructed in 1977 and has public water, public sewer, a composition roof, refrigerators, and ranges. Located at 703 S Dakota Ave in Sioux Falls, the property is near downtown as well as shopping, dining, entertainment, and schools.
Key Highlights
- 9‑unit building with eight 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 5,248 square feet on a 0.2212‑acre lot
- 7‑stall detached garage plus off‑street parking
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
$42,018
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
5.39%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,097
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 - Apartment community with varied layouts, shared laundry, a detached garage, and off-street parking.
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 building with eight 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 5,248 square feet on a 0.2212‑acre lot; 7‑stall detached garage plus off‑street parking
