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31109745
31109718

703 S. Summit Avenue, Sioux Falls, SD 57104

MM
SD SD 16008
NAI Sioux Falls
Listed by NAI Sioux Falls
$2,400,000
82 days on market
Updated 39 days ago

La Salle Apartments

Details
Property Type Multifamily
Sub Type Apartment Building, High-Rise
Square Footage 19,432
Units 30
NOI $169,315
Pro-Forma Cap Rate 7.05%
Class C
Year Built 1937
Acreage 0.720
Zoning RA-2
Parking Spaces 11 spaces
Parking Per SqFt 0.57

Multifamily | 30 Units

Marketing description

The LaSalle Apartments is historically significant for its role in the local history of Sioux Falls and its synthesis of two modern architectural movements, Art Deco and the International Style. Built by A. Edward Gustafson in 1937, Mr. Gustafson and his wife traveled often to Chicago, staying at the LaSalle Hotel. It was his desire to have the luxurious features of this hotel incorporated into the design of the LaSalle Apartments. Upon completion, there were 18 apartments, each consisting of 2 bedrooms, a large living room with a gas fireplace, a large foyer, and a formal dining room. Shortly after war was declared in 1941, a U.S. Army Air Field was built in Sioux Falls. With housing becoming critical, Mr. Gustafson recognized the need for additional housing and subdivided the apartments to create more apartments. Only apartments 302, which Mr. Gustafson and his family lived in, went unchanged, and remains that way today.

Investment highlights

  • Historic Apartment Building for Sale
  • 30 Units
  • Unit Mix: 12 Studio, 17: 1-Bed, 1: 2 Bed
  • 11 Garage Spaces
  • 6 Furnished Units
  • Striking Art‑Deco Architecture
  • Listed on the National Register of Historic Places
  • Common-Area Patio Above Garages
  • On‑Site Coin‑Operated Laundry

Listing Contacts

MM
SD SD 16008
NAI Sioux Falls
Listed by NAI Sioux Falls

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$169,315.00
$14,109.58/mo

Valuation Metrics

0
DSCR
7.05%
Cap Rate
7.05%
ROI

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Additional Information

Name
Michael Martin
License
SD 16008
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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