East Side Plaza

Sioux Falls | SD

Offering Summary

  • Status: just listed
  • Price: $6,275,000
  • Cap Rate: 8.25%
  • GLA: 50,493 SF
  • Net Operating Income: $517,877
  • Price/SF: $124
  • Year(s) Built: 1975
  • Lease Type: NNN
  • Major Tenants: Austad's Golf, Family Dollar, Upper Cut Bar & Grill, Ship 605, Roll N Smoke. Tomacelli's Pizza/Pasta & Player's Club
  • 100% Occupied 50,493 SF Neighborhood Center in Sioux Falls, SD | Income Tax Free State
  • Shadowed by Hy-Vee | One of Only Full-Service Grocery Stores Servicing Wide Radius
  • Long-Standing Center | Originally Constructed in 1975 | Heavily Renovated Over Time to Meet High End Needs of Top Tier Tenants – Including Exterior, Interior and Common Areas
  • Situated Along 4.1 Acres | Includes 2 Separate Buildings | Six Total Tenants
  • Strong Mixture of Diversified, Ecommerce-Proof Tenants | National, Regional and Local Brands | Golf, Dollar Goods, Restaurant/Bars, Video Gaming, Convenience, and Specialty Shopping
  • Major Tenants Include Austad’s Golf, Family Dollar, Upper Cut Bar & Grill, Roll N’ Smoke, Ship 605, and Tomacelli’s Pizza/Player’s Club
  • 84% of GLA Has Base Term Rental Increases | Significant Increases to Net Operating Income | Hedge Against Inflation
  • Anchored by Austad’s Golf | Deep Success at Site with 30 Years of Operational History | 57% of GLA and 42% of Base Rent | Current Lease Runs Until 10/2028
  • Austad’s Golf | 10 Locations Across 5 States | #1 Location within Brand with Over 88k Customers Per Year | Location is their Headquarters
  • Family Dollar | Just Exercised 5-Yr Extension | Second Largest Tenant at 8,000 SF | Modest Rent/SF | Ranked In 81st Percentile for Foot-Traffic Per Placer.Ai – T-12
  • Modest Rent Levels Averaging Only $10.85/SF | Staggered Lease Expirations | Mixture of Options and Naked Leases | Steady Income, Upside Opportunity, and Hedge Against Relocation Risk
  • Favorable NNN Lease Structures | Recapture of Tax, CAM, Insurance Expenses | Includes Majority of MGMT and Admin Fees | Minimal Landlord Responsibilities
  • Strategic Location Situated at Signalized Hard-Corner | Over 36,155 Vehicles Per Day | Less Than 0.2 Miles From I-229 Exit/On-Ramp
  • Strategic Development Situated Alongside Strong Retailers + Surrounded by Dense & Growing Residential Region | Caters Extremely Well to Neighborhoods | Zoning Restrictions and Lack of Developable Land Creates High Barriers to Entry for Future Competition
  • Dense & Mature Demographics | Population Counts of 16,331 within 1-Mile, 80,995 within 3-Miles, and 137,867 within 5-Miles | Average Household Income in Excess of $94,473
  • Major points of Interest in the Immediate Vicinity Include Hy-Vee, Walmart, Menards, Target, Aldi, Planet Fitness, Dollar Tree, Burlington, Kohl’s, Starbucks, Freddy’s, Panera, Taco Bell, Discount Tire, and an Array of Small Shops
  • Sioux Falls is the County Seat of Minnehaha County | Most Populous City in South Dakota | South Dakota is Income Tax Free State – Heavy Increase to Returns
EXCLUSIVELY LISTED BY:

Zach Turner

Senior Director