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703 S Summit Ave 30 Unit Apartment Building $2,600,000 ($86,667/Unit) 5.82% Cap Rate Sioux Falls, SD 57104
Investment Highlights
- 30-unit historic apartment building with Art Deco architectural design.
- Listed on the National Register of Historic Places, preserving its historic significance.
- 11 garage spaces and six furnished units included in the offering.
- Unit mix includes 12 studios, 17 one-bedroom units, and one two-bedroom unit.
- On-site amenities include coin-operated laundry and a common-area patio above garages.
- Located near downtown Sioux Falls with convenient access to retail, dining, and healthcare facilities.
Executive Summary
La Salle Apartments presents a rare opportunity to acquire a historically significant multifamily property in Sioux Falls, South Dakota. Built in 1937 and listed on the National Register of Historic Places, this property combines Art Deco and International Style architecture with enduring charm and functionality.
The building comprises 30 units, including 12 studios, 17 one-bedroom units, and one two-bedroom unit, with six units offered furnished. Residents enjoy unique architectural details, common-area patio space above the garages, and on-site coin-operated laundry facilities. The property also includes 11 garage spaces, providing additional convenience for tenants.
Situated on a 0.72-acre lot, La Salle Apartments offers a proforma cap rate of 5.82% and is zoned RA-2. Its location near downtown Sioux Falls provides easy access to local amenities, dining, and retail, as well as proximity to Sanford Health and major city thoroughfares. This asset offers investors a stable income opportunity with historic character and long-term value in a growing market.
The building comprises 30 units, including 12 studios, 17 one-bedroom units, and one two-bedroom unit, with six units offered furnished. Residents enjoy unique architectural details, common-area patio space above the garages, and on-site coin-operated laundry facilities. The property also includes 11 garage spaces, providing additional convenience for tenants.
Situated on a 0.72-acre lot, La Salle Apartments offers a proforma cap rate of 5.82% and is zoned RA-2. Its location near downtown Sioux Falls provides easy access to local amenities, dining, and retail, as well as proximity to Sanford Health and major city thoroughfares. This asset offers investors a stable income opportunity with historic character and long-term value in a growing market.
Property Facts
| Price | $2,600,000 | Apartment Style | Low-Rise |
| Price Per Unit | $86,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.41 AC |
| Cap Rate | 5.82% | Building Size | 19,736 SF |
| No. Units | 30 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1937 |
| Property Subtype | Apartment | ||
| Zoning | RA-2 | ||
| Price | $2,600,000 |
| Price Per Unit | $86,667 |
| Sale Type | Investment |
| Cap Rate | 5.82% |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.41 AC |
| Building Size | 19,736 SF |
| No. Stories | 2 |
| Year Built | 1937 |
| Zoning | RA-2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 30 | - | 657 |
1 1
Moderately walkable
70/100
Fairly drivable
50/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 38715 | Improvements Assessment | $884,400 |
| Land Assessment | $58,500 | Total Assessment | $942,900 |
Property Taxes
Parcel Number
38715
Land Assessment
$58,500
Improvements Assessment
$884,400
Total Assessment
$942,900
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703 S Summit Ave
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