Two-Unit Duplex with
For Sale
$320,000
908 S Blaine Ave, Sioux Falls, SD 57103
AD1-zoned property includes a commercial fire system and two main-level residences.
Property Size2,550 SF
Price / SF$125.49
Days on Market69
Property Features for 908 S Blaine Ave
General Information
Standard status
Active
Size
2,550 SF
Property subtype
Multi-Family
Zoning
AD1
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1972
Listing Agency:
Alpine Residential
Listed By:
Brett Sichmeller
(605) 351-2981
Source:
Siouxfallsareahomesearch
Added: Jul 2
Changed: Sep 7
Last Checked: Sep 8 at 8:41AM
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 Residential
Investment Insights
Based on property information with market context.
Built in 1972, this duplex contains two main-level residences, each with two bedrooms and one bathroom. The property includes paved off-street parking and a commercial fire system, with AD1 zoning identified for daycare or nonprofit use. A lower-level unit may be added, subject to applicable requirements.
Located at 908 S Blaine Ave in Sioux Falls, the property is offered alongside a neighboring triplex that is also available for purchase. The adjacent offering may allow a buyer to evaluate both properties together while retaining the duplex’s existing two-unit configuration.
Located at 908 S Blaine Ave in Sioux Falls, the property is offered alongside a neighboring triplex that is also available for purchase. The adjacent offering may allow a buyer to evaluate both properties together while retaining the duplex’s existing two-unit configuration.
Key Highlights
- Two 2‑bedroom, 1‑bath units on the main level
- AD1 zoning identified for daycare or nonprofit use
- Commercial fire system included
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
$22,261
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
6.96%
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%
$445,220
$445.2K
Cap Rate 7%
$318,014
$318.0K
Cap Rate 9%
$247,344
$247.3K
Market Conditions
NOI Build-Up for 2,550 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
$35.2K $13.80/SF
− Vacancy
−$3.4K −$1.33/SF
EGI
$31.8K $12.47/SF
− OpEx
−$9.5K −$3.74/SF
NOI
$22.3K $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%
$445,220
Cap Rate 7%
$318,014
Cap Rate 9%
$247,344
Alternative Uses
Best Use
Multifamily LT 5
$318.0K
$278.3K – $371.0K
NOI $22,261 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$291.7K
$255.2K – $340.3K
NOI $20,417 @ 7.0% cap · market cap 6.38%
Theoretical Best
Office A
$692.4K
$605.9K – $807.8K
NOI $48,470 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - AD1-zoned property includes a commercial fire system and two main-level residences.
Where is this duplex located?
The property is located at 908 S Blaine Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units on the main level; AD1 zoning identified for daycare or nonprofit use; Commercial fire system included
