Two-Unit Multifamily
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904 S BLAINE AVE, Sioux Falls, SD 57103
Two-unit multifamily asset with a 1972 construction date and AS1 zoning in Sioux Falls.
Property Size5,100 SF
Lot Size0.32 Acres
Price / SF$129.41
Days on Market6
Property Features for 904 S BLAINE AVE
General Information
Standard status
Active
Size
5,100 SF
Total Parking Spaces
10
Lot size
0.32 Acres
Property subtype
Multifamily, Special Purpose
Zoning
AS1
Additional Details
Multifamily Units
5
Building Details
Year Built
1972
Buildings
2
Stories
1
Units
5
Listing Agency:
Alpine Companies
Listed By:
Brett Sichmeller · License #SD 17425
Source:
Crexi
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 6:28AM
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 Alpine Companies
Investment Insights
Based on property information with market context.
This two-unit multifamily property offers a combined 5,100 square feet across the asset. The buildings were constructed in 1972 and are located at 904 S Blaine Ave and 908 S Blaine Avenue in Sioux Falls, South Dakota.
The property carries AS1 zoning and includes two separately identified parcels. The parcel at 908 S Blaine Avenue contains 7,102 lot square feet, while the parcel at 904 S Blaine Avenue contains 6,635 lot square feet. Parcel IDs are 033378 and 033379, respectively.
The property carries AS1 zoning and includes two separately identified parcels. The parcel at 908 S Blaine Avenue contains 7,102 lot square feet, while the parcel at 904 S Blaine Avenue contains 6,635 lot square feet. Parcel IDs are 033378 and 033379, respectively.
Key Highlights
- Two‑unit multifamily property totaling 5,100 square feet
- Constructed in 1972
- AS1 zoning
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
$44,522
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
6.75%
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%
$890,440
$890.4K
Cap Rate 7%
$636,029
$636.0K
Cap Rate 9%
$494,689
$494.7K
Market Conditions
NOI Build-Up for 5,100 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
$70.4K $13.80/SF
− Vacancy
−$6.8K −$1.33/SF
EGI
$63.6K $12.47/SF
− OpEx
−$19.1K −$3.74/SF
NOI
$44.5K $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%
$890,440
Cap Rate 7%
$636,029
Cap Rate 9%
$494,689
Alternative Uses
Best Use
Multifamily LT 5
$636.0K
$556.5K – $742.0K
NOI $44,522 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$583.3K
$510.4K – $680.6K
NOI $40,833 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$1.38M
$1.21M – $1.62M
NOI $96,941 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
Explore this area
Business Placement
Demographics for 57103, SD
36,069
Population
15,326
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
91%
High-School Grad
9.5 sq mi
ZIP Area
3,797
Density / Sq Mi
$73,945
Median Household Income
$43,661
Median Earnings
$938
Median Rent
$244,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit multifamily asset with a 1972 construction date and AS1 zoning in Sioux Falls.
Where is this duplex located?
The property is located at 904 S BLAINE AVE Sioux Falls, SD.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Two‑unit multifamily property totaling 5,100 square feet; Constructed in 1972; AS1 zoning
