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    500 56Th St Sioux Falls, SD 57104

    For Sale
    $12,618,161

    122,293 SF, 100% Occupied, High Cap Rate

    Property size:
    122,293 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    366
    This exceptional investment opportunity presents a 122,293-square-foot, Class B executive office building in Sioux Falls, South Dakota. Located at 500 E 56th St, this fully occupied (100%) single-tenant property boasts a strong 13.92% cap rate and an asking price of $12,618,161 ($103.18/sq ft). Built in 1996, the two-story building sits on a 14.09-acre lot within a mature industrial park, offering convenient access to I-90 and I-29. The property features 644 parking spaces, two loading docks with two dock-high doors, and a 9-foot ceiling height. The building's infrastructure includes a condenser water system/heat pumps for HVAC, a tar and gravel roof, and a tilt-up concrete exterior. Internal features include a raised floor system (16"), a wet sprinkler system, and a 500 KVA Powerware 9315 UPS system covering critical systems. A 1375 KVA Caterpillar 3512 generator provides full building system backup power for 3.5 days at full load. The building also has a 2-megawatt electric capacity and 10,000 gallons of fuel storage in an underground storage tank within a cement vault. Currently configured as open plan/call center/office space, the property offers potential for adaptive reuse as a data center, industrial facility, or self-storage. The I-1 zoning permits a variety of uses. This is a rare opportunity to acquire a high-performing, well-located commercial property with significant upside potential.

    Property Features for 500 56Th St

    General Information

    Property type
    Industrial properties
    Square Feet
    122,293 SF
    Class
    B
    Lot Size
    613,760 SF

    Building Details

    Year Built
    1996
    Stories
    2

    HighLights

    • Open‑plan/call center/office layout.
    • Suitable for data center, industrial, or self‑storage use.
    • 28‑year‑old building.
    • 1:5 land‑to‑building ratio.
    • 100% occupancy.
    • 644 parking spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Avera Specialty Pharmacy Pharmacy Old Orchard Cafe Caterer Palm Place School Daktronics, Building 2 Corporate Office

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sioux Falls
    County
    Minnehaha
    State
    South Dakota
    Longitude
    -96.7134246
    Latitude
    43.5984831

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    FAQs

    What type of property is this?
    Industrial property - 122,293 SF, 100% Occupied, High Cap Rate
    Where is this industrial property located?
    The property is located at 500 56Th St Sioux Falls, SD.
    What is the asking price?
    The asking price for this property is $12,618,161.
    What are key features of this property?
    This property features: Open-plan/call center/office layout.; Suitable for data center, industrial, or self-storage use.; 28-year-old building.
    Request Owner's contact information
    500 56Th St Sioux Falls, SD 57104
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    500 56Th St Sioux Falls, SD 57104
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