Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2415 Sherman Ave Sioux Falls, SD 57105-4133
    Back to Search
    Property profile & analytics

    2415 Sherman Ave, Sioux Falls, SD 57105-4133

    View on Map
    • Office buildings
    • 7,844 SF
    • 0.85 lot acres
    Off-Market
    Last Sale Jun 22, 2023
    $950,000
    Property ID
    US79-0047398
    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.
    Value Estimations
    $925,000
    Show details
    Cap Rate Potential
    9.4%
    Office buildings
    Location Intelligence

    Current Use by Public Records

    • Haven Arts Collective / Training Center

    Property Details for 2415 Sherman Ave

    Year built
    1961
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.85 lot acres
    Property type
    Office buildings
    APN
    51583
    APU
    51583

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 22, 2023 $950,000 Luminous Properties LLC Ramona Properties LLC Warranty Deed $479k · First Premier Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,190,000
      ML approach
      $1,115,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $758,000
      Market price range: $575k - $1.25M
      AI Estimate
      $574,000
      Market price range: $293k - $1.08M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $915,000
      Current use
      AUTO REPAIR, GARAGE
      $735,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Sioux Falls
    County
    Minnehaha
    State
    South Dakota
    Longitude
    -96.7104
    Latitude
    43.5226
    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
    2022
    $11,534
    $101,500
    $506,400
    $607,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,490,000
      26,600 SF

      2200 46th St

      OFFICE BUILDING
      2200 46th St, Sioux Falls, SD 57105-6560
      View Details
    • Value Estimation
      $1,385,000
      11,562 SF

      3710 Kiwanis Ave

      OFFICE BUILDING
      3710 Kiwanis Ave, Sioux Falls, SD 57105-4232
      View Details
    • Value Estimation
      $930,000
      8,034 SF

      3405 Kiwanis Ave

      OFFICE BUILDING
      3405 Kiwanis Ave, Sioux Falls, SD 57105-4213
      View Details
    • Value Estimation
      $790,000
      5,499 SF

      3809 Kiwanis Cir

      OFFICE BUILDING
      3809 Kiwanis Cir, Sioux Falls, SD 57105-4266
      View Details
    • Value Estimation
      $550,000
      3,450 SF

      3313 Glendale Ave

      OFFICE BUILDING
      3313 Glendale Ave, Sioux Falls, SD 57105
      View Details
    • Value Estimation by Request
      1,044 SF

      517 20th St

      OFFICE BUILDING
      517 20th St, Sioux Falls, SD 57105-0606
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,995 SF

      Versatile Commercial Space Near Interstates

      Office/classroom space with convenient interstate access and security features.
      4020 South Hawthorne Ave, Sioux Falls, SD 57105
      View Details
    • Contact for pricing
      6,570 SF

      Renovated Office Space with Furniture

      Move-in ready office space with included furniture and parking.
      1800 S Summit Ave, Sioux Falls, SD 57105
      View Details
    • Contact for pricing
      6,858 SF

      Sioux Falls Medical Office

      Medical office building with exam rooms and updated infrastructure.
      208 W 37Th St, Sioux Falls, SD 57105
      View Details
    • Contact for pricing

      Rare Sioux Falls Building Site

      One-acre building site with mature trees in premier location.
      308 W Harpel Dr, Sioux Falls, SD 57105
      View Details
    • $3,500,000
      1.18 Acres

      Self Storage Facility Investment

      Storage facility positioned for consistent demand and low-maintenance income in Sioux Falls’ growing market.
      1400 S Van Epps Ave, Sioux Falls, SD 57105
      View Details
    • New
      $450,000
      2,420 SF

      Furnished Triplex in Sioux Falls

      Triplex with flexible rental potential near amenities in Sioux Falls.
      2504 S Summit Ave, Sioux Falls, SD 57105
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      45,339 SF

      New Professional Office Building

      New three-story office building with underground parking and high visibility.
      4080 S Grange Ave, Sioux Falls, SD 57105
      View Details
    • $18 SF/Yr

      Renovated Office Space Available

      Recently renovated office space with shared amenities for lease.
      2600 W 49Th St, Sioux Falls, SD 57105
      View Details
    • Contact for pricing

      Retail/Office Space in Western Mall

      Sublease opportunity in Western Mall with exterior entrance.
      2101 W 41St St, Sioux Falls, SD 57105
      View Details
    • Contact for pricing
      4,923 SF

      Office Space on Minnesota Avenue

      Office space with open areas, private offices, and ample parking.
      2701 S Minnesota Ave, Sioux Falls, SD 57105
      View Details
    • $900 /Mo

      Sioux Falls Executive Suites Available

      Executive suites for rent in Sioux Falls with plumbing.
      409 E 41St St, Sioux Falls, SD 57105
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2415 Sherman Ave
    Sioux Falls, SD 57105-4133
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2415 Sherman Ave, Sioux Falls, SD, 57105
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!