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    2519 Shirley Ave Sioux Falls, SD 57106
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    2519 Shirley Ave Sioux Falls, SD 57106

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    • Warehouses
    • 11,105 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • LL Flooring / Carpet & Flooring Store / Hardware & Home Improvement

    Property Details for 2519 Shirley Ave

    Year built
    2003
    Property size
    11,105 SF
    Property type
    Warehouses
    Property subtype
    Industrial properties

    Description

    This exceptional 11,105 square foot industrial property in Sioux Falls, South Dakota, presents a unique owner-user opportunity. Located within the thriving Meadows on the River development, this 2003-built warehouse boasts a 20'6" clear height, multiple Reznor heaters, and 14' garage doors. Suite 2519 offers a showroom, large warehouse area, office space, and restroom. The property includes approximately 64 parking spaces, with a new parking lot scheduled for completion in July 2024. This multi-tenant building is zoned C-4 Commercial Regional and is currently offered for sale by owner with a NNN lease in place for a portion of the space, offering potential rental income. The property's strategic location provides easy access to I-29 and is surrounded by numerous businesses, including Sturdevant's Auto Parts, Shahi India Grill, Morrie's Steakhouse, and major retailers like The Home Depot, Menards, and Sam's Club. The asking price is $1,450,000, with a price per square foot of $130.57. The current lease has a remaining term of approximately 2.8 years, commencing September 1, 2024, and expiring August 31, 2027. This presents a compelling investment opportunity for a business seeking both occupancy and rental income in a high-demand location. The property is situated at 2519 S Shirley Ave, Sioux Falls, SD 57106.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Sioux Falls
    County
    Minnehaha
    State
    South Dakota
    Longitude
    -96.7774
    Latitude
    43.5224

    Comparable in this City

    • Value Estimation
      $15,895,000
      170,372 SF

      2601 Shirley Ave

      DISTRIBUTION WAREHOUSE • 170,372 SF
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      View Details
    • Value Estimation
      $1,285,000
      15,300 SF

      5404 14th St

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    • Value Estimation
      $3,540,000
      37,500 SF

      610 Marion Rd

      DISTRIBUTION WAREHOUSE • 37,500 SF
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    • Value Estimation by Request
      240 SF

      Sioux Falls, SD 57106

      WAREHOUSE, STORAGE • 240 SF
      Sioux Falls, SD 57106
      View Details
    • Value Estimation by Request
      1,000 SF

      3512 Gtwy Ln, Unit 113

      WAREHOUSE, STORAGE • 1,000 SF
      3512 Gtwy Ln, Sioux Falls, SD 57106-8316
      View Details
    • Value Estimation by Request
      800 SF

      3512 Gtwy Ln, Unit 114

      WAREHOUSE, STORAGE • 800 SF
      3512 Gtwy Ln, Sioux Falls, SD 57106-8316
      View Details

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      6701 W 41st St, Sioux Falls, SD 57106

      Retail space
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      View Details
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    Sioux Falls, SD 57106
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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