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Property profile & analytics
OFF-MARKET
Estimated value
$640,000
Strip malls
421 Phillips Ave 100 Sioux Falls, SD 57104-5988
Entity Owned
Free & Clear
Property ID
US79-0092457
Property summary
AI-generated overview
This exceptional 520-square-foot retail storefront, located in Suite 116 of the Jones421 Marketplace, presents a unique opportunity for businesses seeking a vibrant downtown presence. Situated on Phillips to the Falls, this property enjoys high visibility and foot traffic, benefiting from its proximity to the popular Levitt at the Falls. The space features floor-to-ceiling doors and windows, offering abundant natural light and showcasing the attractive outdoor courtyard. The open interior layout provides flexibility for various retail configurations. The property is zoned DTPUD (Downtown Planned Town Unit Development) and has an APN of 012216158048000. This single-tenant space is available for lease commencing May 16th, 2024, under a gross lease agreement. Rent is $1200 per month, plus electricity; internet is the tenant's responsibility. A 24-hour notice is required for all showings. Don't miss this chance to establish your business in a thriving downtown location.
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2017
Construction
TYPE NOT SPECIFIED
Total area
16,517 SF
Lot
0.11 ac (4,731 SF)
Zoning code
C3;GENERAL COMMERCIAL
APN
88703
UPID
US79-0092457
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
-
Net Profit Marketing Advertising Agency Marketing & Advertising
-
Jones421 Food Market Farmer's Market
-
Boki European Street Food Restaurant
-
North End Bakery and Deli Restaurant
-
Boki Gelato and Cafe Grocery & Convenience Store Specialty Food Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$480k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$802k
Blend (final)
Blend
$640k
Owner & transaction history
JONES LOFTS LLC
JONES LOFTS LLC
Zoning & alternative use
C3;GENERAL COMMERCIAL · Sioux Falls, SD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.0M
+62.0%
Auto repair, garage
$1.0M
+60.3%
Office building
$890,000
+38.4%
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
by Request
ML approach
$480,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$645,000
Current use
MEDICAL BUILDING
$1,040,000
Change: +62% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,030,000
Change: +60% · Conversion: Difficult
OFFICE BUILDING
$890,000
Change: +38% · Conversion: Moderate
COMMERCIAL (GENERAL)
$805,000
Change: +25% · Conversion: Easy
WAREHOUSE, STORAGE
$725,000
Change: +13% · Conversion: Difficult
Blend value · Realmo final
$640k
Range $576k – $704k · ±10%
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
$39 / 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
$21,353
Tax year 2022
Assessed value
$1,911,200
Assessed 2022
Previous assessed
$1,351,900
+41.4% YoY
Effective rate
1.12%
On assessed value
Assessed land
$66,300
Assessed improvement
$1,844,900
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
2017
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
CENTRAL
Stories
1
Total area
16,517 SF
Lot
0.11 ac (4,731 SF)
Zoning code
C3;GENERAL COMMERCIAL
APN
88703
UPID
US79-0092457
Jurisdiction
MINNEHAHA
Zoning & alternative use
C3;GENERAL COMMERCIAL · Sioux Falls, SD
Zoning C3;GENERAL COMMERCIAL · permitted uses
C3;GENERAL COMMERCIAL · Sioux Falls, SD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Sioux Falls. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$645,000
MEDICAL BUILDING
Est. value
$1.0M
AUTO REPAIR, GARAGE
Est. value
$1.0M
OFFICE BUILDING
Est. value
$890,000
COMMERCIAL (GENERAL)
Est. value
$805,000
WAREHOUSE, STORAGE
Est. value
$725,000
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
AUTO REPAIR, GARAGE
OFFICE BUILDING
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
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
2017
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Lot
0.11 ac
Current owner
From public records · entity-resolved
JONES LOFTS LLC
Entity
Free & Clear · 0 yrs held
Mailing address
421 N PHILLIPS AVE APT #202, SIOUX FALLS, SD 57104-5993
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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