Updated Triplex Multifamily
For Sale
$239,900
801 W 13th St, Sioux Falls, SD 57104
Three-unit property with refreshed interiors, modernized building systems, and separately metered utilities.
Property Size1,784 SF
Price / SF$134.47
Days on Market9
Property Features for 801 W 13th St
General Information
Standard status
Active
Size
1,784 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Building Details
Year Built
1904
Listing Agency:
Berkshire Hathaway Homeservices Midwest Realty - Sioux Falls
Listed By:
Amy Stockberger Real Estate
(605) 501-6622
Source:
Findahomeinsiouxfalls
Added: Sep 9
Changed: Sep 15
Last Checked: Sep 16 at 6:44PM
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 Berkshire Hathaway Homeservices Midwest Realty - Sioux Falls
Investment Insights
Based on property information with market context.
This triplex, built in 1904, has received upgrades to its plumbing, electrical service, and HVAC systems. Interior improvements include fresh paint, new carpet, and renovated kitchens and bathrooms across the property. The building offers 1,784 square feet of property size and is configured for three residential units.
Utilities are separately metered, with the landlord responsible for garbage plus water and sewer service. The property is located at 801 W 13th St in Sioux Falls, South Dakota, within the 57104 ZIP code. Its updated systems and interior finishes provide a clearly defined multifamily asset with established utility-management arrangements.
Utilities are separately metered, with the landlord responsible for garbage plus water and sewer service. The property is located at 801 W 13th St in Sioux Falls, South Dakota, within the 57104 ZIP code. Its updated systems and interior finishes provide a clearly defined multifamily asset with established utility-management arrangements.
Key Highlights
- Triplex multifamily property with three residential units
- 1,784 square feet of property size
- Plumbing, electrical, and HVAC systems have been upgraded
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
$15,574
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
6.49%
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%
$311,480
$311.5K
Cap Rate 7%
$222,486
$222.5K
Cap Rate 9%
$173,044
$173.0K
Market Conditions
NOI Build-Up for 1,784 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
$24.6K $13.80/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$22.2K $12.47/SF
− OpEx
−$6.7K −$3.74/SF
NOI
$15.6K $8.73/SF
Area
Sioux Falls, SD
Vacancy
9.63%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$311,480
Cap Rate 7%
$222,486
Cap Rate 9%
$173,044
Alternative Uses
Best Use
Multifamily LT 5
$222.5K
$194.7K – $259.6K
NOI $15,574 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$204.1K
$178.6K – $238.1K
NOI $14,284 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$484.4K
$423.9K – $565.2K
NOI $33,910 @ 7.0% cap · market cap 14.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,912
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with refreshed interiors, modernized building systems, and separately metered utilities.
Where is this triplex located?
The property is located at 801 W 13th St Sioux Falls, SD.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Triplex multifamily property with three residential units; 1,784 square feet of property size; Plumbing, electrical, and HVAC systems have been upgraded
