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Property profile & analytics
FOR LEASE
Investment properties

401 N Phillips Ave Sioux Falls, SD 57104

37,400 SF 0.3 ac lot Built 1902
Entity Owned 3-yr Hold Absentee Owner ~ Est. High Equity
Property ID
US79-0041558
Property summary
AI-generated overview

This exceptional 15,000 square foot mixed-use building, originally constructed in 1903 using native Sioux Quartzite, presents a rare redevelopment opportunity in the heart of Sioux Falls, South Dakota. Located at 401 N. Phillips Ave, this property boasts a rich history as a four-story grocery warehouse. Currently undergoing renovation, the main floor offers 7,500 square feet of adaptable office space, perfect for executive, traditional, or creative office uses. The building's prime location places it at the center of Sioux Falls' revitalized 6th Street district, near significant landmarks such as the $21 million Unity Bridge, Cherapa Place, Steel District, Levitt Bandshell, Startup Sioux Falls, Jones 421, Jacobson Plaza, and Falls Park. This is one of the last remaining redevelopment opportunities on Phillips Avenue, offering businesses a chance to be part of a thriving, dynamic urban environment. The building is situated in Minnehaha County, South Dakota, and features multiple tenancy options. This is an unparalleled chance to establish a presence in a rapidly growing and highly desirable area.

Property profile
Verified
Property type Investment properties
Use group OFFICE/RESIDENTIAL (MIXED USE)
Year built 1902
Construction TYPE NOT SPECIFIED
Total area 37,400 SF
Lot 0.3 ac (13,199 SF)
APN 27655
UPID US79-0041558
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
  • DJ Mccullough Art Gallery Artist Art Gallery
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$3.64M
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$3.70M
Owner & transaction history
Sixth & Phillips North LLC · 3 yrs held
Sixth & Phillips North LLC
since 2022
Last sale
$3.6M
2 recorded transactions
2022
$3.6M
2021
Price N/A
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant $3.6M +97.8%
Retail stores $2.6M +40.2%
Medical building $2.4M +29.7%
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