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    Sioux Falls Historic Apartments Title is generated by Realmo AI

    703 S Summit Avenue, Sioux Falls, SD 57104

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    Historically significant 18-unit apartment building in Sioux Falls.

    Type:Multifamily
    Property size:
    19,432 SF
    Price / SF:
    $133/SF
    Added:
    Mar 17, 2026
    Days on Market:
    62
    Last Refresh:
    Mar 20 at 12:01 am

    Property Features for 703 S Summit Avenue

    General Information

    Standard status
    Active
    Size
    19,432 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1937

    We can help!

    Listing Contact
    Michael Martin
    Michael Martin

    Listing agent Michael Martin License #SD 16008

    Listing office NAI Sioux Falls

    Listing date Mar 17, 2026

    Source Crexi

    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 NAI Sioux Falls

    HighLights

    • Historically significant building designed with luxurious features.
    • Built in 1937, showcasing Art Deco and International Style architecture.
    • Original owner's apartment (302) remains unchanged since 1937.
    • Originally 18 large apartments, each with 2 bedrooms, living room with gas fireplace, large foyer, and formal dining room.
    • Built by A. Edward Gustafson, a prominent local figure.
    • Played a role in housing military personnel during World War II.

    Overview

    The LaSalle Apartments is historically significant for its role in the local history of Sioux Falls and its synthesis of two modern architectural movements, Art Deco and the International Style. Constructed in 1937 by A. Edward Gustafson, the building was inspired by the LaSalle Hotel in Chicago, where Mr. Gustafson and his wife often stayed. Upon completion, the building featured 18 apartments, each consisting of 2 bedrooms, a large living room with a gas fireplace, a large foyer, and a formal dining room. The property size is 19432 square feet. Following the declaration of war in 1941 and the construction of a U.S. Army Air Field in Sioux Falls, Mr. Gustafson subdivided the apartments to address the critical housing shortage. Only apartment 302, which served as Mr. Gustafson's residence, remained unchanged.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $1.73M
    NOI $155,583 @ 9.00% cap · cautious / downside scenario
    Moderate
    $2.22M
    NOI $155,583 @ 7.00% cap · market / base-case scenario
    Aggressive
    $3.11M
    NOI $155,583 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $314.8k $16.20
    − Vacancy −$31.9k −$1.64
    EGI $282.9k $14.56
    − OpEx −$127.3k −$6.55
    NOI $155.6k $8.01
    19,432 SF · lease $16.20/SF/yr · vacancy 10.14% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $2.22M
    $1.94M – $2.59M (±1% cap)
    NOI $155,583 @ 7.0% cap · market cap 5.98%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $5.28M
    $4.62M – $6.16M (±1% cap)
    NOI $369,363 @ 7.0% cap · market cap 14.21%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Vintage Apartment Rentals Property Management Company

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sioux Falls
    County
    Lincoln
    State
    South Dakota
    Longitude
    -96.7359847
    Latitude
    43.5399713

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    FAQs

    What type of property is this?
    Apartment building - Historically significant 18-unit apartment building in Sioux Falls.
    Where is this apartment building located?
    The property is located at 703 S Summit Avenue Sioux Falls, SD.
    What is the asking price?
    The asking price for this property is $2,600,000.
    What are key features of this property?
    This property features: Historically significant building designed with luxurious features.; Built in 1937, showcasing Art Deco and International Style architecture.; Original owner's apartment (302) remains unchanged since 1937.
    (605) 261-2777 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Michael Martin
    Michael Martin
    Real Estate License ID: SD 16008
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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