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    3109 41St St Sioux Falls, SD 57105

    • Retail properties
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Acceleration Bible College / College
    • Plato's Closet / Used Clothing Store / Clothing Store
    • 3rd Eye Cannabinoids / Glass Shop / Metaphysical Supply Store
    • 3rd Eye Gifts, Novelties, & Oddities / Gift Shop
    • 3rd Eye Vape & Glass / Vaporizer Store / Glass Shop

    Property Details for 3109 41St St

    Property type
    Retail properties

    Description

    This exceptional 3,211 square foot retail space is ideally situated at 3109 W 41st St in Sioux Falls, South Dakota, within Minnehaha County (zip code 57105). The property is a single-tenant space offering excellent visibility and accessibility. Its location within Park Place Center provides significant advantages, being directly across from O'Gorman High School and conveniently situated east of The Empire Mall. This high-traffic area benefits from proximity to numerous established businesses, including Jacky's Restaurant, Target, Walmart, Starbucks, Stensland Family Farms, Plato's Closet, and Olive Garden, ensuring a strong customer base. The lease rate is $15.00 per square foot, NNN, with estimated NNN expenses of $6.13 per square foot. This presents a compelling opportunity for businesses seeking a prominent location in a thriving retail corridor of Sioux Falls. The property is classified as a retail store. This space is perfect for a variety of retail uses and offers significant potential for growth and success. Contact us today to learn more about this exceptional opportunity.

    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
    -96.7638
    Latitude
    43.5137

    Comparable in this City

    • Value Estimation by Request

      2302 41St St

      Restaurants
      2302 41St St, Sioux Falls, SD 57105
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    • Value Estimation by Request

      2201 49Th St

      Office space
      2201 49Th St, Sioux Falls, SD 57105
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    • Value Estimation
      $1,210,000
      106,064 SF

      2101 41st St Ste 25a

      DEPARTMENT STORE • 106,064 SF
      2101 41st St Ste 25a, Sioux Falls, SD 57105-6195
      View Details
    • Value Estimation by Request
      10,159 SF

      2511 Minnesota Ave

      Neighborhood centers • 10,159 SF
      2511 Minnesota Ave, Sioux Falls, SD 57105
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    • Value Estimation by Request
      2,316 SF

      3405 Cliff Ave

      Individual retail properties • 2,316 SF
      3405 Cliff Ave, Sioux Falls, SD 57105
      View Details
    • Value Estimation by Request

      1431 41St St

      Neighborhood centers
      1431 41St St, Sioux Falls, SD 57105
      View Details

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    Similar Nearby for Lease

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    3109 41St St
    Sioux Falls, SD 57105
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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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