5-Unit Apartment
723 W 2nd Ave, Lennox, SD 57039
For Sale
$374,900
Each residence has a private entrance, kitchen and dining area, and nearby parking.
Property Size3,224 SF
Price / SF$116.28
Days on Market99
Property Features for 723 W 2nd Ave
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
eXp Realty - Elevated Sioux Falls
(605) 521-0544
Listed By:
Stefanie Stockberger
Source:
Davedaale
Added: Aug 7
Changed: Nov 7
Last Checked: Nov 12 at 4:14PM
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 eXp Realty - Elevated Sioux Falls
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Investment Insights
Based on property information with market context.
This 3,224-square-foot apartment building contains five residences and was built in 1997. Each unit has a private entrance, living room, kitchen and dining area with a refrigerator and electric stove, one bedroom with a double closet, and a three-quarter bath. Vinyl siding and parking near the unit entrances are additional property features.
The property is at 723 W 2nd Ave in Lennox, South Dakota. The units have a history of consistent occupancy.
The property is at 723 W 2nd Ave in Lennox, South Dakota. The units have a history of consistent occupancy.
Key Highlights
- Five units in a 3,224‑square‑foot apartment building
- Built in 1997
- Private entrance for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,813
Cap Rate
6.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$516,260
$516.3K
Cap Rate 7%
$368,757
$368.8K
Cap Rate 9%
$286,811
$286.8K
Market Conditions
NOI Build-Up for 3,224 SF
Gross rent
$52.2K $16.20/SF
− Vacancy
−$5.3K −$1.64/SF
EGI
$46.9K $14.56/SF
− OpEx
−$21.1K −$6.55/SF
NOI
$25.8K $8.01/SF
Area
Lincoln County, 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%
$516,260
Cap Rate 7%
$368,757
Cap Rate 9%
$286,811
Alternative Uses
Best Use
Apartment 5plus
$368.8K
$322.7K – $430.2K
NOI $25,813 @ 7.0% cap · market cap 6.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$715.7K
$626.3K – $835.0K
NOI $50,101 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
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Business Placement
Demographics for 57039, SD
3,717
Population
1,554
Households
2.4
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
91.9 sq mi
ZIP Area
40
Density / Sq Mi
$79,209
Median Household Income
$46,947
Median Earnings
$925
Median Rent
$242,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Each residence has a private entrance, kitchen and dining area, and nearby parking.
Where is this apartment building located?
The property is located at 723 W 2nd Ave Lennox, SD.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: Five units in a 3,224‑square‑foot apartment building; Built in 1997; Private entrance for each unit
