Sioux Falls Multifamily Investment
809 South Sherman Avenue Sioux Falls, SD 57104
809 South Sherman Avenue, Sioux Falls, SD, 57104
Contact for pricing
For Sale
Contact for pricing
Project-based Section 8 apartments near downtown Sioux Falls.
Property Size9,602 SF
Price / SF$94.77
Days on Market73
Property Features for 809 South Sherman Avenue
General Information
- Standard status
- Active
- Size
- 9,602 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1977
Listing agency
Bender Commercial
(605) 681-8351
Listed by
Alex Soundy · License #SD 18022
Source
Crexi
Added: May 12 Updated: Jul 10 at 1:34PM Checked: Jul 22 at 6:37AM
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 Bender Commercial
Investment Insights
Based on property information with market context.
This multifamily property consists of project-based Section 8 apartments. It is located just east of downtown Sioux Falls, near the intersection of 14th Street and Cliff Avenue, and in proximity to the Avera campus. The property has a HUD contract in place through April 2030. The property represents an opportunity for an investor to build an affordable multifamily portfolio. The property size is 9,602 square feet.
Key Highlights
- HUD contract in place through April 2030, providing stable income.
- Project‑based Section 8 apartments, ensuring consistent occupancy.
- Located near downtown Sioux Falls and Avera’s campus, offering convenient access to amenities and employment.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $155.6k | $16.20 |
| − Vacancy | −$15.8k | −$1.64 |
| EGI | $139.8k | $14.56 |
| − OpEx | −$62.9k | −$6.55 |
| NOI | $76.9k | $8.01 |
9,602 SF · lease $16.20/SF/yr · vacancy 10.14% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$961.0K – $1.28M
NOI $76,879 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.28M – $3.04M
NOI $182,515 @ 7.0% cap · market cap 20.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Project-based Section 8 apartments near downtown Sioux Falls.
Where is this apartment building located?
The property is located at 809 South Sherman Avenue Sioux Falls, SD.
What is the asking price?
The asking price for this property is $910,000.
What are key features of this property?
This property features: HUD contract in place through April 2030, providing stable income.; Project‑based Section 8 apartments, ensuring consistent occupancy.; Located near downtown Sioux Falls and Avera’s campus, offering convenient access to amenities and employment.
