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$540,000
Est. payment /mo
4,590 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 4,590 sqft
Price per Sqft $117
Subdivision Gales Addn
MLS Listing ID 22507797
Year Built 1916
Property Sub-Type Other
Property Description
Turnkey 9-Unit Near Downtown Sioux Falls | ~7.8% Cap | $60K/Unit
Extensively renovated and fully occupied, this 9-unit apartment building offers stable, low-maintenance cash flow in one of Sioux Falls' most convenient and steadily improving pockets. Located just one block south of Sunshine Foods and minutes from downtown, major employers, hospitals, and core amenities, this is true workforce housing in a location tenants consistently choose.
The two-story property features nine 1-bed / 1-bath units that have been comprehensively updated—inside and out—covering both cosmetic improvements and key capital items. Durable finishes, clean layouts, and efficient unit sizes make the property easy to operate and consistently rentable.
At roughly $60,000 per unit and performing at an approximate 7.78% cap, this asset offers a combination that is increasingly difficult to find: modernized condition, strong occupancy, and a price point that still allows for real yield. Landlord pays water, sewer, trash, and heat, with RUBS in place for utility recovery; tenants pay electric. Shared laundry provides additional income, and the property benefits from both on-site and off-street parking with front and rear access.
Rents are solid today with measured upside remaining through future renewals, and the unit mix and location also lend themselves well to mid-term or furnished housing strategies for healthcare and downtown professionals.
Clean, stabilized, and easy to own—this is a no-nonsense multifamily asset offering dependable income today and long-term relevance in a growing urban submarket.
Extensively renovated and fully occupied, this 9-unit apartment building offers stable, low-maintenance cash flow in one of Sioux Falls' most convenient and steadily improving pockets. Located just one block south of Sunshine Foods and minutes from downtown, major employers, hospitals, and core amenities, this is true workforce housing in a location tenants consistently choose.
The two-story property features nine 1-bed / 1-bath units that have been comprehensively updated—inside and out—covering both cosmetic improvements and key capital items. Durable finishes, clean layouts, and efficient unit sizes make the property easy to operate and consistently rentable.
At roughly $60,000 per unit and performing at an approximate 7.78% cap, this asset offers a combination that is increasingly difficult to find: modernized condition, strong occupancy, and a price point that still allows for real yield. Landlord pays water, sewer, trash, and heat, with RUBS in place for utility recovery; tenants pay electric. Shared laundry provides additional income, and the property benefits from both on-site and off-street parking with front and rear access.
Rents are solid today with measured upside remaining through future renewals, and the unit mix and location also lend themselves well to mid-term or furnished housing strategies for healthcare and downtown professionals.
Clean, stabilized, and easy to own—this is a no-nonsense multifamily asset offering dependable income today and long-term relevance in a growing urban submarket.
Location
State SD
County Minnehaha
Area Sfc006
Rooms
Basement Partial
Interior
Heating Natural Gas
Flooring Carpet, Laminate
Exterior
Exterior Feature Hard Board
Roof Type Tar and Gravel
Building
Foundation Block
Sewer City Sewer
Water City Water
Schools
Elementary Schools Susan B Anthony Es
Middle Schools Patrick Henry Ms
High Schools Lincoln Hs
School District Sioux Falls
Others
Miscellaneous Separate Meters,Community Water Heater
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Copyright 2025 REALTOR® Association of the Sioux Empire, Inc., Inc. Multiple Listing Service. All rights reserved
LIsted by 605 Real Estate LLC • Blake Bohner
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