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    230 Main St Spearfish, SD 57783

    Sponsored
    For Sale
    $2,200,000

    High-yield, 31-unit apartment complex in prime location.

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    340
    This exceptional investment property, located at 230 N MAIN in Spearfish, South Dakota, presents a rare opportunity to acquire a thriving multi-family complex. The property comprises four separate buildings situated on 0.64 acres of land, offering 8,685 square feet of finished space. Currently housing 31 units, the complex boasts a strong rental income stream, with monthly rates ranging from $625 to $850. At 100% occupancy, the gross monthly rental income potential reaches $22,375, translating to an annual potential of $268,500. Thirty of the units are studio apartments, while a larger 824-square-foot unit serves as a manager's suite and office, complete with one bedroom and one bathroom. A substantial laundry room generates additional income. The property benefits from a pet-friendly policy, a significant advantage in the Spearfish market, contributing to high occupancy rates. Utilities (electricity, gas, water, and sewer) are covered by the owner. The property's prominent location on Main Street, with over 200 feet of frontage, ensures excellent visibility and accessibility. With its substantial land area and prime location, this property offers significant potential for appreciation and diverse commercial uses. This is a turnkey investment opportunity with strong cash flow and significant upside potential.

    Property Features for 230 Main St

    General Information

    Property type
    Other commercial real estate
    Lot Size
    8,712 SF
    Property Profile Location Intelligence

    Current Use by Public Records

    Bell's Motor Lodge ... Motel

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spearfish
    County
    Lawrence
    State
    South Dakota
    Longitude
    -103.857
    Latitude
    44.48548

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    FAQs

    What type of property is this?
    Commercial real estate - High-yield, 31-unit apartment complex in prime location.
    Where is this commercial real estate located?
    The property is located at 230 Main St Spearfish, SD.
    What is the asking price?
    The asking price for this property is $2,200,000.
    Request Owner's contact information
    230 Main St Spearfish, SD 57783
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    230 Main St Spearfish, SD 57783
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