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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2215 Westport Ave Sioux Falls, SD 57107-0723

    • Parking lots & garages
    • 19,576 SF
    • 3.28 lot acres
    OFF-MARKET
    Last Sale
    Nov 08, 2022
    $2,410,000
    Value Estimations
    $2,450,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US79-0669166
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • ABC Seamless Sioux Falls / Siding Contractor / Door Supplier
    • Renewal by Andersen / Window Installation Service

    Property Details for 2215 Westport Ave

    Year built
    2022
    Construction
    FRAME
    Lot size
    3.28 lot acres
    Property size
    19,576 SF
    Property type
    Parking lots & garages
    APN
    90643
    APU
    90643

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,710,000
      ML approach
      $2,400,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,671,000
      Market price range: $1.67M - $8.39M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Sioux Falls
    County
    Minnehaha
    State
    South Dakota
    Longitude
    -96.7689
    Latitude
    43.5716
    CBSA code
    43620
    CBSA name
    SIOUX FALLS, SD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $9,962
    $295,700
    $0.00
    $295,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $345,000
      5.54 Acres

      1209 Marion Rd, Unit 4

      RESIDENTIAL PARKING GARAGE • 5.54 Acres
      1209 Marion Rd, Sioux Falls, SD 57107-1171
      View Details
    • Value Estimation
      $350,000
      2.51 Acres

      5701 Madison St

      PARKING GARAGE, PARKING STRUCTURE • 2.51 Acres
      5701 Madison St, Sioux Falls, SD 57107
      View Details
    • Value Estimation by Request
      74.04 Acres

      Sioux Falls, SD 57107

      PARKING GARAGE, PARKING STRUCTURE • 74.04 Acres
      Sioux Falls, SD 57107
      View Details
    • Value Estimation
      $300,000
      4.19 Acres

      4508 12th St

      PARKING GARAGE, PARKING STRUCTURE • 4.19 Acres
      4508 12th St, Sioux Falls, SD 57107-0526
      View Details
    • Value Estimation
      $550,000
      31,760 SF

      5110 8th St

      PARKING GARAGE, PARKING STRUCTURE • 31,760 SF
      5110 8th St, Sioux Falls, SD 57107
      View Details
    • Value Estimation
      $320,000
      4,800 SF

      3401 Eide Dr

      PARKING GARAGE, PARKING STRUCTURE • 4,800 SF
      3401 Eide Dr, Sioux Falls, SD 57107
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.58 Acres

      Jansmick Land: Sioux Falls Commercial Lots

      Prime Sioux Falls commercial land, various sizes.
      0 Benson Rd, Sioux Falls, SD 57107
      View Details
    • $1,710,340

      Prime Sioux Falls Commercial Land

      High-visibility lot, ideal for build-to-suit.
      1720 Louise Ave, Sioux Falls, SD 57107
      View Details
    • $373,744

      Sioux Falls Land Opportunity

      Land with I-29 visibility and easy access.
      3701 W Innovation St, Sioux Falls, SD 57107
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    • $744,004

      Commercial Land in High-Traffic Complex

      Land with diverse zoning in a vibrant, high-traffic complex.
      4200 N Westport Ave, Sioux Falls, SD 57107
      View Details
    • $696,960

      Commercial Land in Sioux Falls

      Land with various zoning opportunities in a vibrant complex.
      3806 N Louise Ave, Sioux Falls, SD 57107
      View Details
    • $1,045,440

      Commercial Land in Sioux Falls

      Land with diverse zoning opportunities in a vibrant complex.
      3201 W Benson Rd, Sioux Falls, SD 57107
      View Details

    Similar Nearby for Lease

    • $4,000 /Mo
      1,560 SF

      Visible Industrial Location with Office

      Light industrial space with office, display area, and parking.
      4000 W 12Th St, Sioux Falls, SD 57107
      View Details
    • $18 SF/Yr
      5,661 SF

      Retail Showroom Space Available

      Spacious showroom with storage in Lake Lorraine area.
      2320 S Marion Rd, Sioux Falls, SD 57107
      View Details
    • $15 SF/Yr
      924 SF

      Retail or Office Space Available

      Versatile 924 SF space suitable for retail or office use.
      6215-6223 S Western Ave, Sioux Falls, SD 57107
      View Details
    • $26 SF/Yr
      11,700 SF

      Marion Road Retail Center

      Sioux Falls Retail Space Available
      0 Marion Rd & Pineridge Dr, Sioux Falls, SD 57107
      View Details
    • Contact for pricing
      145,200 SF

      Alloy1: Premier Sioux Falls Industrial Space

      Modern Manufacturing/Flex Facility, 145,200 SF
      5400 Career Ave, Sioux Falls, SD 57107
      View Details
    • $7 SF/Yr
      13,728 SF

      Sioux Falls Warehouse - 13,728 SF

      1.16-acre industrial warehouse, fully vacant.
      25773 Cottonwood Ave, Sioux Falls, SD 57107
      View Details
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    2215 Westport Ave
    Sioux Falls, SD 57107-0723
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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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