Updated Triplex Multifamily
For Sale
$239,900
801 W 13th St, Sioux Falls, SD 57104
MULTI-FAMILY, Sioux Falls, SD
Property Size1,784 SF
Lot Size0.07 Acres
Price / SF$134.47
Days on Market10
Property Features for 801 W 13th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 2, Basement, Bathroom 2, Bathroom 5, Bathroom 3, Bedroom 3, Bathroom 4, Bedroom 1, Bathroom 1
Appliances
Range, Refrigerator
Subdivision
Folsoms Addn
Elementary school
Lowell ES
Middle school
George McGovern MS - Sioux Falls
High school
Thomas Jefferson High School
Elementary school district
Sioux Falls
Middle school district
SiouxFalls
High school district
SiouxFalls
Directions
from MN, head west on 13th to property on the south side of the road
Standard status
Active
APN
31488
Size
1,784 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
N 72 LOT 1 BOYCES SUB BLOCK 15 FOLSOMS ADDN TO SIOUX FALLS
Tax Annual Amount
2304
Legal Description
N 72 LOT 1 BOYCES SUB BLOCK 15 FOLSOMS ADDN TO SIOUX FALLS
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Gas (Cooling)
Water source
Public
Building Details
Year built
1904
Floors in Building
2
Number of units
3
Flooring type
Carpet, Laminate
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Keller Williams Realty Sioux Falls
Listed By:
Matthew Fisher
(605) 275-0555
Added: Sep 8
Changed: Sep 16
Last Checked: Sep 17 at 12:06AM
MLS# 22606966
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 triplex at 801 W 13th St includes 1,784 square feet of residential space on a 0.0727-acre lot. The property has received substantial improvements, including updated plumbing, electrical, HVAC systems, kitchens, bathrooms, interior paint, and carpeting. Laminate and carpet flooring, wood siding, a composition roof, and a basement are also present. Range and refrigerator appliances are included.
Each unit is separately metered for utilities, while the landlord covers garbage along with water and sewer service. Public water and public sewer serve the property. Built in 1904, the building uses natural-gas heating and gas cooling and is located in Sioux Falls, South Dakota.
Each unit is separately metered for utilities, while the landlord covers garbage along with water and sewer service. Public water and public sewer serve the property. Built in 1904, the building uses natural-gas heating and gas cooling and is located in Sioux Falls, South Dakota.
Key Highlights
- Triplex with 1,784 square feet on a 0.0727‑acre lot
- Major updates include plumbing, electrical, HVAC, kitchens, bathrooms, paint, and carpet
- Separately metered utilities; landlord covers garbage and water/sewer
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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Open Analytics
Current Use
Lease Details
3
Residential units
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
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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 separately metered utilities, refreshed interiors, and updated kitchens and bathrooms.
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 with 1,784 square feet on a 0.0727‑acre lot; Major updates include plumbing, electrical, HVAC, kitchens, bathrooms, paint, and carpet; Separately metered utilities; landlord covers garbage and water/sewer
