304 - 308 S Conklin Ave Avenue

Description

Conklin Apartments, located at 304308 S. Conklin Ave in Sioux Falls, offers an excellent opportunity to acquire a 12-unit multifamily property in a strong rental market. Built in 1975, this Class B garden-style complex features a mix of one studio unit at 450 sq. ft., five one-bedroom units at 550 sq. ft., and six two-bedroom units at 675 sq. ft., for a total of 7,250 net rentable square feet situated on a 0.42-acre lot. The property includes off-street parking at a ratio of 1.17 spaces per unit, brick exterior construction with a mansard-style roof, and individually metered electricity with sub-metered water and sewer. As of June 24, 2025, the building is 91.7% occupied with in-place rents totaling $7,187 per month and a market rent potential of $9,323 per month, offering clear upside for investors through lease-up and rent adjustments. Units feature functional layouts with balconies or patios, standard appliances, and laundry connections. The property benefits from a convenient location with excellent visibility, quick access to Interstate 229, and close proximity to retail, dining, and major employment hubs. With its desirable location and income growth potential, Conklin Apartments presents a solid opportunity for both value-add and long-term hold strategies in the growing Sioux Falls market.