230 Main St, Spearfish, SD 57783

31 Unit Apartment Building | $2,200,000 ($70,968/Unit) | Spearfish, SD 57783

Asking Price $2,200,000

Property Type: Multifamily
Square Feet: 8,685 SF

Listing Contacts

Property Info

Property Overview

This 31-unit apartment complex is located on Main Street in the heart of Spearfish, SD. The property includes 4 separate buildings that are situated on 4 city lots with a total land area of .64 acres and 8,685 square feet of finished space. Current rental rates range from $625-$850/month with a gross monthly rental income potential of $22,375 ($268,500 annual) at 100% capacity. The owner pays for electricity, gas, city water, and city sewer. This is one of the few pet-friendly complexes in Spearfish, which has created a strong demand for the units. With the exception of the 824 square foot, 1 bed, 1 bath manager’s suite and office, 30 of the 31 units are studio apartments. There is a large laundry room generating additional income. With more than 1/2 acre of land and 200 feet of frontage on the main corridor through Spearfish, the value of this property will continue to appreciate overtime and the commercial uses will remain endless.

Property Details

Class: B
Year Built: 1955
Stories: 1
Lot Size (sq. ft): 28,314 SF
Units: 31

Highlights

Central Location
Large Laundry Room on-site
Pet-Friendly

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