Modern Multifamily Community in Sioux
For Sale
Contact for pricing
Pending
950 N Cliff Ave, Sioux Falls, SD 57103
179-unit apartment complex in Sioux Falls, South Dakota.
Property Size215,169 SF
Lot Size11.26 Acres
Days on Market202
Property Features for 950 N Cliff Ave
General Information
Standard status
Pending
Size
215,169 SF
Class
B
Lot size
11.26 Acres
Property subtype
Multifamily
Zoning
RA-3
Occupancy
91%
Investment Type
Core+
Building Details
Year Built
2016
Buildings
3
Stories
3
Units
179
Listing Agency:
605 Real Estate
Listed By:
Brad Stearns · License #15071
Source:
Crexi
Added: Jan 30
Changed: Aug 8
Last Checked: Aug 5 at 2:50PM
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 605 Real Estate
Investment Insights
Based on property information with market context.
Hidden Hills Apartments, located at 950, 960, and 970 N Cliff Avenue in Sioux Falls, South Dakota, is a Class B, garden-style multifamily community. Constructed in 2016, the property comprises 179 units, featuring one-, two-, and three-bedroom layouts, distributed across three three-story residential buildings. The buildings are situated on an approximately 11.26-acre site. The community offers modern construction and efficient layouts, appealing to the growing renter base in Sioux Falls. Units feature contemporary finishes. Parking includes surface spaces and detached garages, providing resident convenience and additional income. The property benefits from its location near major employment centers, retail options, healthcare facilities, and recreational amenities, while maintaining a quiet, residential environment. As of December 1, 2025, the property is 91.6% occupied and operates with strong in-place cash flow. The property's zoning supports continued multifamily use. The total property size is 215169 square feet. Hidden Hills may be acquired individually or as part of a larger 716-unit multifamily portfolio.
Key Highlights
- Strong In‑Place Cash Flow: Operates with positive cash flow, providing immediate returns.
- High Occupancy Rate: 91.6% occupancy as of December 1, 2025, indicating strong demand.
- Newer Construction: Built in 2016, offering modern construction and minimal deferred 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
$1,722,756
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
6.11%
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%
$34,455,120
$34.5M
Cap Rate 7%
$24,610,800
$24.6M
Cap Rate 9%
$19,141,733
$19.1M
Market Conditions
NOI Build-Up for 215,169 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
$3.49M $16.20/SF
− Vacancy
−$353.5K −$1.64/SF
EGI
$3.13M $14.56/SF
− OpEx
−$1.41M −$6.55/SF
NOI
$1.72M $8.01/SF
Area
Sioux Falls, SD
Vacancy
10.14%
Lease Rate
$16.20 /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%
$34,455,120
Cap Rate 7%
$24,610,800
Cap Rate 9%
$19,141,733
Alternative Uses
Best Use
Apartment 5plus
$24.61M
$21.53M – $28.71M
NOI $1,722,756 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$58.43M
$51.12M – $68.17M
NOI $4,089,932 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
269
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?
Apartment building - 179-unit apartment complex in Sioux Falls, South Dakota.
Where is this apartment building located?
The property is located at 950 N Cliff Ave Sioux Falls, SD.
What is the asking price?
The asking price for this property is $28,200,000.
What are key features of this property?
This property features: Strong In‑Place Cash Flow: Operates with positive cash flow, providing immediate returns.; High Occupancy Rate: 91.6% occupancy as of December 1, 2025, indicating strong demand.; Newer Construction: Built in 2016, offering modern construction and minimal deferred maintenance.
