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    230 Main St Spearfish, SD 57783

    Sponsored
    For Sale
    $2,200,000

    31-Unit Apartment Complex, High Demand

    Property size:
    8,685 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a 31-unit apartment complex ideally situated at 230 N. Main Street in the thriving city of Spearfish, South Dakota. The property encompasses four separate buildings, totaling 8,685 square feet of finished space, situated on a sizable 0.64-acre lot. Built in 1955, the complex consists primarily of studio apartments, with one larger 824-square-foot manager's suite and office included. Current rental rates range from $625 to $850 per month, generating a substantial gross monthly rental income potential of $22,375, or $268,500 annually at full occupancy. The property's pet-friendly policy contributes to its high occupancy rates and strong demand within the Spearfish market. Utilities (electricity, gas, water, and sewer) are covered by the owner. A sizeable laundry room provides an additional income stream. With over half an acre of land and significant frontage on Main Street, this property offers considerable long-term appreciation potential and diverse commercial possibilities. The asking price for this lucrative investment is $2,200,000. This is a rare opportunity to acquire a well-established, income-producing multifamily property in a desirable location.

    Property Features for 230 Main St

    General Information

    Property type
    Multifamily properties
    Square Feet
    8,685 SF
    Lot Size
    27,878 SF

    Building Details

    Year Built
    1955
    Buildings
    4
    Stories
    1
    Units
    31

    HighLights

    • 31‑unit apartment complex in Spearfish, SD.
    • 8,685 square feet on a 0.64‑acre lot.
    • Primarily studio apartments, plus an 824 sq ft manager's suite.
    • $22,375 gross monthly income potential ($268,500 annually).
    • Pet‑friendly with high occupancy rates.
    • Owner‑paid utilities.
    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
    -103.85692298567
    Latitude
    44.485455900363

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    FAQs

    What type of property is this?
    Multifamily property - 31-Unit Apartment Complex, High Demand
    Where is this multifamily property 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.
    What are key features of this property?
    This property features: 31-unit apartment complex in Spearfish, SD.; 8,685 square feet on a 0.64-acre lot.; Primarily studio apartments, plus an 824 sq ft manager's suite.
    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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