Two Buildings with 24
For Sale
$3,200,000
804-810 Ruud Ln, Hartford, SD 57033
Two twelve-plex apartment buildings with 24 garages in Hartford.
Property Size25,424 SF
Days on Market205
Property Features for 804-810 Ruud Ln
General Information
Standard status
Active
Size
25,424 SF
Property subtype
Multifamily
Building Details
Building Size
25,424 SF
Year Built
2016
Listing Agency:
NAI | Sioux Falls
(605) 228-9744
Listed By:
Marcus Mahlen, CCIM, SIOR · License #21232
(605) 228-9744
Source:
Siouxfallscommercial
Added: Jan 27
Changed: Aug 12
Last Checked: Aug 19 at 5:52AM
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
Investment Insights
Based on property information with market context.
The property features two buildings, each containing twelve units, for a total of 24 units. Each building has two floors. There are 24 garages available, with one garage allocated per unit. Currently, one unit is vacant. The property is located in Hartford, SD.
Key Highlights
- 24 Units Total: Two 12‑plex buildings offer substantial investment potential.
- 24 Garages:** Each unit includes a private garage, a highly desirable amenity.
- Modern Construction:** Built in 2016, the property offers contemporary features and reduced maintenance.
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
$189,987
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
5.94%
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%
$3,799,740
$3.8M
Cap Rate 7%
$2,714,100
$2.7M
Cap Rate 9%
$2,110,967
$2.1M
Market Conditions
NOI Build-Up for 25,424 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
$384.4K $15.12/SF
− Vacancy
−$39.0K −$1.53/SF
EGI
$345.4K $13.59/SF
− OpEx
−$155.4K −$6.11/SF
NOI
$190.0K $7.47/SF
Area
Minnehaha County, SD
Vacancy
10.14%
Lease Rate
$15.12 /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%
$3,799,740
Cap Rate 7%
$2,714,100
Cap Rate 9%
$2,110,967
Alternative Uses
Best Use
Apartment 5plus
$2.71M
$2.37M – $3.17M
NOI $189,987 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.85M
$6.00M – $8.00M
NOI $479,745 @ 7.0% cap · market cap 14.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Explore this area
Business Placement
Demographics for 57033, SD
5,654
Population
2,326
Households
2.4
Avg Household Size
37
Median Age
35%
College-Educated
97%
High-School Grad
120.5 sq mi
ZIP Area
47
Density / Sq Mi
$98,156
Median Household Income
$49,525
Median Earnings
$949
Median Rent
$280,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two twelve-plex apartment buildings with 24 garages in Hartford.
Where is this apartment building located?
The property is located at 804-810 Ruud Ln Hartford, SD.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 24 Units Total: Two 12‑plex buildings offer substantial investment potential.; 24 Garages:** Each unit includes a private garage, a highly desirable amenity.; Modern Construction:** Built in 2016, the property offers contemporary features and reduced maintenance.
