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    3500 S Phillips Ave Sioux Falls, SD 57105

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    3500 S Phillips Ave Sioux Falls, SD 57105

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    • Office buildings
    • 19,804 SF
    • 1.01 lot acres
    For Lease
    $2,005,000
    View Listing →
    Office Space on Phillips Avenue For Lease
    $2,005,000

    Office Space on Phillips Avenue

    Office building with easy access to major routes.

    3500 S Phillips Ave, Sioux Falls, SD 57105
    View Listing
    Property ID
    US79-0031774
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • DataBank - Sioux Falls, SD / Business To Business Service / Automation Company
    • KMS Engineering / Structural Engineer
    • Dianne S. Heynen, MS / Physician
    • Aflac Insurance: Russell Hanson / Insurance Agency
    • Craig Law Office / Law Firm / Financial Advisor

    Property Details for 3500 S Phillips Ave

    Year built
    1978
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.01 lot acres
    Property size
    19,804 SF
    Property type
    Office buildings
    APN
    39834
    APU
    39834

    Description

    The Jameson Building, a prestigious Class A office property located at 3500 S. Phillips Avenue in Sioux Falls, South Dakota, offers a unique opportunity for businesses seeking high-quality space. This 19,804 square foot building, constructed in 1978, sits on a 1.01-acre lot and boasts a convenient location at the southeast corner of E. 43rd Street and S. Phillips Avenue. Its prime location provides easy access to major transportation arteries, including Minnesota Avenue, Interstate 229, and 41st Street, ensuring seamless commutes for employees and clients. Currently, there is 801 square feet of vacant, traditional executive office space available for lease within this multi-tenant building. The building features ample paved on-site parking for tenants and visitors. The property is situated in Minnehaha County, South Dakota, and offers a desirable address within Sioux Falls' thriving business community. This is an exceptional opportunity to secure space in a well-maintained, Class A building with excellent visibility and accessibility. The available space is ideal for a variety of businesses seeking a professional and convenient location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,826,000
      Market price range: $1.45M - $3.15M
      AI Estimate
      $1,383,000
      Market price range: $739k - $2.73M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,310,000
      Current use
      AUTO REPAIR, GARAGE
      $1,855,000
      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
    -96.7257
    Latitude
    43.5128
    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
    $27,470
    $175,100
    $1,287,900
    $1,463,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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

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      View Details
    • Value Estimation
      $1,385,000
      11,562 SF

      3710 Kiwanis Ave

      OFFICE BUILDING • 11,562 SF
      3710 Kiwanis Ave, Sioux Falls, SD 57105-4232
      View Details
    • Value Estimation
      $930,000
      8,034 SF

      3405 Kiwanis Ave

      OFFICE BUILDING • 8,034 SF
      3405 Kiwanis Ave, Sioux Falls, SD 57105-4213
      View Details
    • Value Estimation
      $790,000
      5,499 SF

      3809 Kiwanis Cir

      OFFICE BUILDING • 5,499 SF
      3809 Kiwanis Cir, Sioux Falls, SD 57105-4266
      View Details
    • Value Estimation
      $550,000
      3,450 SF

      3313 Glendale Ave

      OFFICE BUILDING • 3,450 SF
      3313 Glendale Ave, Sioux Falls, SD 57105
      View Details
    • Value Estimation by Request
      1,044 SF

      517 20th St

      OFFICE BUILDING • 1,044 SF
      517 20th St, Sioux Falls, SD 57105-0606
      View Details

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      Prime Land in Growing Area

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    Similar Nearby for Lease

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      Western Mall Office/Retail Space

      Office and retail space in high-traffic Western Mall location.
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      Sioux Falls Executive Suites Available

      Executive suites for rent in Sioux Falls with plumbing.
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      South Sioux Falls Office Suites

      Professional office suites in south Sioux Falls with private offices.
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      Professional Office Space Available

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      Private Office Suites For Rent

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    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.

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    3500 S Phillips Ave, Sioux Falls, SD, 57105

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