617 S Walts Ave Sioux Falls, SD 57104

Fully leased triplex offering potential immediate cash flow with built-in upside in a strong central Sioux Falls rental location. Current gross rents total $1,945/month ($23,340 annually), delivering solid in-place income from day one.
Unit Breakdown: • 617 S. Walts Avenue – 1BR / 1BA (upper level). $550/month. Month-to-month lease. Tenant pays for gas and electric. • 902 W. 15th Street – 2BR / 1BA (main floor). $895/month. Month-to-month lease. Tenant pays for electric. Landlord pays for gas. • 904 W. 15th Street – Efficiency / 1BA (main floor). $500/month. Month-to-month lease. Tenant pays for electric. Landlord pays for gas. All units feature updated cabinetry, bathrooms, and durable hard-surface flooring (carpet in bedroom of 1BR only). The 1BR and 2BR units include stainless steel gas ranges and refrigerators, plus stainless steel dishwashers (2BR new 11/2023; 1BR replaced 11/2025). Studio includes gas range and refrigerator.
Capital improvements minimize deferred maintenance concerns. Steel siding installed over original wood siding with insulation board between layers (asbestos siding removed at installation). Roof fully replaced in 2017, including tear-off of three layers, new sheeting, and Freeze-Guard ice & water shield per city code.
Mechanical systems are solid and efficient. Main floor furnace (serving 2BR and studio) is approximately 4 years old and 95% efficient. Upper 1BR has separate furnace (approx. 10 years old, 80% efficient), allowing tenant-paid heat. Window A/C units provided. Infrastructure upgrades include copper water supply lines (including service line from street), plastic drain lines to main stack, and vinyl windows in upper and studio units. Coin-operated washer and dryer onsite provide additional income potential. Foundation consists of rock under main structure and concrete block under studio portion. Excellent rental location near downtown Sioux Falls, major employers, shopping, dining, and public transit. Stable occupancy history - current owner has held the property since November 1980! Ideal for investors seeking immediate income with potential upside, or owner-occupants looking to offset living expenses. Tenant-occupied. Showings by appointment with notice required. License Disclosure: Cyndi Herrboldt, a South Dakota Licensed Property Manager, and Greg Herrboldt, a South Dakota Residential Rental Agent, are owners of the property.