Historic Mixed-Use Building in
For Sale
$1,375,000
117 East 3rd Avenue, Mitchell, SD 57301
Mixed-use property with income potential in downtown Mitchell.
Property Size51,600 SF
Price / SF$26.65
Days on Market263
Property Features for 117 East 3rd Avenue
General Information
Standard status
Active
Size
51,600 SF
Property subtype
Mixed Use
Building Details
Building Size
51,600 SF
Year Built
1915
Listing Agency:
NAI | Sioux Falls
(605) 228-9744
Listed By:
Marcus Mahlen, CCIM, SIOR · License #21232
(605) 228-9744
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:02PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI | Sioux Falls
Investment Insights
Based on property information with market context.
Located in downtown Mitchell, this historic 3-story mixed-use property offers excellent visibility and foot traffic. The building, full of character and architectural charm, is zoned for Central Business. It features income-generating potential with 5 commercial spaces and 1 storage space, along with 15 residential apartments. The apartment occupancy rate is 77.8%. The residential units consist of 5 studio apartments, 6 one-bedroom/one-bath apartments, 2 two-bedroom/one-bath apartments, 1 three-bedroom/one-bath apartment, and 1 five-bedroom/two-bath apartment, which is currently operating as an Airbnb. The gross annual revenue is $191,700. Building signage is available. The property offers endless possibilities and historic charm in a great location.
Key Highlights
- Prime downtown location with high visibility and foot traffic.
- Income‑generating mixed‑use property with commercial and residential units.
- Historic building with architectural charm and character.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
703
Businesses Nearby
Explore this area
Business Placement
Demographics for 57301, SD
18,759
Population
9,148
Households
2.1
Avg Household Size
40
Median Age
25%
College-Educated
91%
High-School Grad
238.3 sq mi
ZIP Area
79
Density / Sq Mi
$60,671
Median Household Income
$39,545
Median Earnings
$775
Median Rent
$191,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with income potential in downtown Mitchell.
Where is this mixed-use property located?
The property is located at 117 East 3rd Avenue Mitchell, SD.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Prime downtown location with high visibility and foot traffic.; Income‑generating mixed‑use property with commercial and residential units.; Historic building with architectural charm and character.
