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    300 Phillips Ave Sioux Falls, SD 57104-6036
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    Property profile & analytics

    300 Phillips Ave, Sioux Falls, SD 57104-6036

    View on Map
    • Investment properties
    • 34,848 SF
    • 0.23 lot acres
    Off-Market
    Last Sale Jan 7, 2021
    $3,600,000
    Property ID
    US79-0065297
    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
    $4,010,000
    Show details
    Cap Rate Potential
    9.8%
    Investment properties
    Location Intelligence

    Current Use by 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

    Property Details for 300 Phillips Ave

    Year built
    1890
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.23 lot acres
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    43085
    APU
    43085

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,330,000
      ML approach
      $4,510,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,773,000
      Market price range: $617k - $3.74M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,350,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Sioux Falls
    County
    Minnehaha
    State
    South Dakota
    Longitude
    -96.7264
    Latitude
    43.5501
    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
    $53,136
    $138,600
    $2,792,100
    $2,930,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,085,000
      70,928 SF

      217 Phillips Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      217 Phillips Ave, Sioux Falls, SD 57104-6317
      View Details
    • Value Estimation
      $1,800,000
      51,986 SF

      229 Phillips Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      229 Phillips Ave, Sioux Falls, SD 57104-6317
      View Details
    • Value Estimation
      $7,165,000
      80,702 SF

      230 Phillips Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      230 Phillips Ave, Sioux Falls, SD 57104-6354
      View Details
    • Value Estimation
      $3,700,000
      37,400 SF

      401 Phillips Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      401 Phillips Ave, Sioux Falls, SD 57104-5911
      View Details
    • Value Estimation by Request
      15,026 SF

      220 Phillips Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      220 Phillips Ave, Sioux Falls, SD 57104-6320
      View Details
    • Value Estimation
      $5,625,000
      58,044 SF

      101 Main Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      101 Main Ave, Sioux Falls, SD 57104-6427
      View Details

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    • Contact for pricing
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      Multi-Purpose Facility Near Convention Center

      Investment opportunity: 14,000 SF mixed-use property near Denny Sanford Center.
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      60,798 SF

      Sioux Falls Multifamily Investment Property

      30-unit apartment complex in Sioux Falls, 100% occupied.
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      High-Quality Building on Russell Street

      Well-maintained building with newer roof and HVAC, great visibility.
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      Sioux Falls Data Center Opportunity

      122,293 SF data center or office building for sale.
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      View Details
    • Contact for pricing
      12,480 SF

      Sioux Falls Flex Property

      Flex property with office and shop space for rent.
      1310 E 39Th St N, Sioux Falls, SD 57104
      View Details

    Similar Nearby for Lease

    • $1,400 /Mo

      Industrial Shop Spaces For Rent

      Industrial shop spaces with convenient access and secured property.
      2200-2260 E 34Th St N, Sioux Falls, SD 57104
      View Details
    • $16 SF/Yr

      Retail Space with Windowed Offices

      Retail space featuring windowed offices, storage, and in-suite restrooms.
      715 S Minnesota Ave, Sioux Falls, SD 57104
      View Details
    • Contact for pricing
      3,150 SF

      Functional Flex/Industrial Space Available

      3,150 SF flex/industrial space with drive-in bay for lease.
      3632 N Casco Ave, Sioux Falls, SD 57104
      View Details
    • Contact for pricing
      1,580 SF

      Retail Space in Steel District

      Retail space available in a mixed-use development in Sioux Falls.
      151 E 4 Pl, Sioux Falls, SD 57104
      View Details
    • Contact for pricing
      2,400 SF

      Downtown Office/Retail Space Available

      Office/retail space with high traffic and convenient access.
      112 N Phillips Ave, Sioux Falls, SD 57104
      View Details
    • Contact for pricing
      1,800 SF

      Industrial Shop Spaces For Rent

      Industrial shop spaces in northeast Sioux Falls with convenient access.
      2200-2212 E 34Th St N, Sioux Falls, SD 57104
      View Details
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    300 Phillips Ave
    Sioux Falls, SD 57104-6036
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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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