316 E 15th St, Sioux Falls, SD 57104

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.