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    Property profile & analytics

    615 1st St Sioux Falls, SD 57103

    • Warehouses
    • 11,359 SF
    • 2.05 lot acres
    OFF-MARKET
    Value Estimations
    $345,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US79-0079771
    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.

    Current Use by Public Records

    • Warehouses

    Property Details for 615 1st St

    Year built
    1973
    Construction
    STEEL FRAME
    Lot size
    2.05 lot acres
    Property size
    11,359 SF
    Property type
    Warehouses
    APN
    69263
    APU
    69263

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $340,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $386,000
      Market price range: $263k - $899k

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

    Location Insight

    • Map
    • Local Demand
    City
    Sioux Falls
    County
    Minnehaha
    State
    South Dakota
    Longitude
    -96.7186
    Latitude
    43.5575
    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
    $7,019
    $156,100
    $168,900
    $325,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $310,000
      0.20 Acres

      1721 Walnut St, Unit 1

      WAREHOUSE, STORAGE • 0.20 Acres
      1721 Walnut St, Sioux Falls, SD 57103
      View Details
    • Value Estimation by Request
      1.47 Acres

      511 Clf Ave

      WAREHOUSE, STORAGE • 1.47 Acres
      511 Clf Ave, Sioux Falls, SD 57103
      View Details
    • Value Estimation
      $310,000
      5,000 SF

      312 8th St

      WAREHOUSE, STORAGE • 5,000 SF
      312 8th St, Sioux Falls, SD 57103
      View Details
    • Value Estimation
      $305,000
      10,788 SF

      206 Fairfax Ave

      WAREHOUSE, STORAGE • 10,788 SF
      206 Fairfax Ave, Sioux Falls, SD 57103
      View Details
    • Value Estimation
      $330,000
      5,600 SF

      828 Weber Ave

      WAREHOUSE, STORAGE • 5,600 SF
      828 Weber Ave, Sioux Falls, SD 57103
      View Details
    • Value Estimation
      $280,000
      4,000 SF

      234 Weber Ave

      WAREHOUSE, STORAGE • 4,000 SF
      234 Weber Ave, Sioux Falls, SD 57103-7018
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,750 SF

      Sioux Falls Commercial Property

      4,750 sq ft commercial space in Sioux Falls, SD.
      600 S Charlotte Ave, Sioux Falls, SD 57103
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    • $1,500,000
      14,160 SF

      Heated Warehouse/Storage For Sale

      Heated warehouse with security system and 14’ clear height.
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    • Contact for pricing
      4,000 SF

      Sioux Falls Warehouse with Climate Control

      4,000 SF climate-controlled warehouse with convenient access and ample parking.
      604 S Charlotte Ave, Sioux Falls, SD 57103
      View Details
    • $1,200,000
      3,109 SF

      Reid Street Industrial Building

      Historic Flex Space, Prime Location
      114 Reid St, Sioux Falls, SD 57103
      View Details
    • $1,700,000
      6,800 SF

      Sioux Falls Welding Business Opportunity

      Turnkey welding business for sale in downtown Sioux Falls.
      400 N Weber Ave, Sioux Falls, SD 57103
      View Details
    • $975,000
      3,109 SF

      Sioux Falls Flex/Industrial Building

      Stand-alone building near 8th & Railroad, potential for redevelopment.
      114 S Reid St, Sioux Falls, SD 57103
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      8,855 SF

      8th & Fairfax Warehouse Opportunity

      Spacious Sioux Falls warehouse, ideal for single tenant.
      1001 8Th St, Sioux Falls, SD 57103
      View Details
    • $6 SF/Yr
      10,403 SF

      Northeast Sioux Falls Flex Space

      5,877 SF flex space for lease in Sioux Falls.
      1407 North Cleveland Ave, Sioux Falls, SD 57103
      View Details
    • $10 SF/Yr
      20,278 SF

      Harrisburg Crossing Office Space

      Flexible Office Suites in Prime Location
      220 Cliff Ave, Sioux Falls, SD 57103
      View Details
    • $8 SF/Yr
      2,496 SF

      East Bank Flex Space Available

      Flex space in the East Bank sector of Sioux Falls.
      121 S Franklin Ave, Sioux Falls, SD 57103
      View Details
    • $7 SF/Yr
      5,877 SF

      Sioux Falls Flex Space Available

      5,877 SF flex space for lease in Sioux Falls.
      1405-1407 N Cleveland Ave, Sioux Falls, SD 57103
      View Details
    • $19 SF/Yr
      939 SF

      Executive Suites, Sioux Falls

      Prime Office Space Available Now
      100 Krohn Pl, Sioux Falls, SD 57103
      View Details
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    615 1st St
    Sioux Falls, SD 57103
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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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