Property Details for 500 56Th St

Year built

1996

Lot size

14.09 lot acres

Property size

122,293 SF

Property type

Office properties & Spaces

Property subtype

Industrial properties

Description

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.

Location Insight

City

Sioux Falls

County

Minnehaha

State

South Dakota

Longitude

-96.7134

Latitude

43.5985