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Property profile & analytics
OFF-MARKET
Estimated value
$4,010,000
Investment properties
300 Phillips Ave Sioux Falls, SD 57104-6036
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US79-0065297
Property summary
AI-generated overview
The historic Rock Island Building, located at 300 N Phillips Ave in Sioux Falls, South Dakota (zip code 57104), offers exceptional office space in the heart of the city. This three-story, Class B building, constructed in 1890 and renovated in 1998, sits on a 0.45-acre lot and boasts a prime location along Phillips Avenue. Currently, there are multiple tenancy options available, ranging from 1,524 square feet to 8,853 square feet, making it suitable for a variety of businesses. The building's versatile design accommodates Executive Office, Creative Office, Traditional Office, Coworking, and Medical Office uses. Its central location provides easy access to key attractions and amenities, including the Arc of Dreams, Levitt at the Falls, The Steel District, and the future Jacobson Plaza. This property presents a unique opportunity to establish a presence in a vibrant and rapidly developing downtown area. The building's blend of historical charm and modern updates offers a distinctive workspace. Interested parties should inquire about available suite sizes and lease terms.
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1890
Construction
TYPE NOT SPECIFIED
Total area
34,848 SF
Lot
0.23 ac (9,901 SF)
APN
43085
UPID
US79-0065297
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Dacotah Insurance Insurance Agency
-
Dacotah Bank Bank Loan Service
-
Woods Fuller Shultz & Smith Law Firm
-
Woods Fuller Shultz & Smith: Jeff Shultz Law Firm
-
Beck William G Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.51M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.77M
Blend (final)
Blend
$4.01M
Owner & transaction history
Cheney Lake LLC · 5 yrs held
Cheney Lake LLC
since 2021
Last sale
$3.6M
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.4M
+97.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Sioux Falls submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Sioux Falls submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$4,330,000
ML approach
$4,510,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$3,350,000
Change: +98% · Conversion: Difficult
Blend value · Realmo final
$4.01M
Range $3.61M – $4.41M · ±10% · vs last sale $3.60M (Jan 7 2021)
Last sale anchor
$3.60M
Jan 7 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$115 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$53,136
Tax year 2022
Assessed value
$2,930,700
Assessed 2022
Previous assessed
$1,770,200
+65.6% YoY
Effective rate
1.81%
On assessed value
Assessed land
$138,600
Assessed improvement
$2,792,100
Applied tax rate
90,495.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1890
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
CENTRAL
Stories
3
Units
8
Rooms
8
Total area
34,848 SF
Lot
0.23 ac (9,901 SF)
APN
43085
UPID
US79-0065297
Jurisdiction
MINNEHAHA
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$3.4M
RESTAURANT
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1890
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
3
Units
8
Rooms
8
Lot
0.23 ac
Current owner
From public records · entity-resolved
Cheney Lake LLC
Entity
Mailing address
101 S REID ST STE #201, SIOUX FALLS, SD 57103-7062
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 7, 2021
$3,600,000
Cheney Lake LLC
Phillips To The Falls LLC
Warranty Deed
$2,779,500 · Central Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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