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    Spearfish, SD
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    Spearfish, SD Multifamily Properties for Sale

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    Hot Springs, SD Lead, SD Belle Fourche, SD Saint Onge, SD Whitewood, SD Deadwood, SD Central City, SD Sturgis, SD
    10 properties
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    5-Unit Apartment Building with Garage
    Updated: Mar 9
    5-Unit Apartment Building with Garage

    314 5th Street, Spearfish, SD 57783

    $659,000
    4,305 sqft
    5‑unit apartment property with 4,305 square feet
    100% occupancy rate
    Unit mix includes four 1‑bedroom, 1‑bath apartments and one 2‑bedroom, 1‑bath basement unit
    Four units remodeled with updated appliances, fixtures, flooring, cabinets, and plumbing fixtures
    Detached garage with alley access, additional parking, and front off‑street parking
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    Updated Duplex with Barn
    Updated: Sep 15, 2025
    Updated Duplex with Barn

    3225 Old Belle Road, Spearfish, SD 57785

    $849,000
    3,950 sqft 1.62 AC lot
    3,950‑square‑foot duplex property on 1.62 acres
    Two updated rental units, each with 2 bedrooms and 1 bathroom
    Mostly finished barn currently leased for office and storage use
    Located at 3225 Old Belle Road in Spearfish, just off Exit 8
    Outbuildings, barn, and RV parking included
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    22-Unit Apartment Property
    22-Unit Apartment Property

    TBD 1954-1984 Russell Street, Spearfish, SD 57783

    $5,685,000
    3.25 AC lot

    Modern furnished apartments offer open layouts, private outdoor space, and dedicated off-street parking.

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    Turn a Listing Into an Investment Snapshot Cap Rate, Potential NOI, Demand score for every listing. Go To Analytics Center
    Modern 22-Unit Duplex Development
    Modern 22-Unit Duplex Development

    TBD 1954-1984 Russell St, Spearfish, SD 57783

    $5,685,000
    836 sqft

    Appliance-furnished duplex units feature open layouts, private outdoor space, and dedicated off-street parking.

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    Spearfish Multifamily Development Opportunity
    Spearfish Multifamily Development Opportunity

    S 27th Street lot: 12 & 13, Spearfish, SD 57783

    $339,000
    0.57 AC lot

    Half-acre corner lot zoned R3, ideal for multifamily development.

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    Mixed-Use Property with Duplex
    Mixed-Use Property with Duplex

    3225 Old Belle Road, Spearfish, SD 57783

    Contact for pricing
    3,950 sqft 1.62 AC lot

    Light Industrial-zoned property combining office-storage space with an updated two-unit rental home.

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    Turnkey 20-Unit Motel Property
    Turnkey 20-Unit Motel Property

    925 North 3rd Street, Spearfish, SD 57783

    Contact for pricing
    5,787 sqft

    Zoned C-1 commercial motel/Airbnb with plans for two duplexes and a completed flood study.

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    Mixed-Use Building with Parking
    Mixed-Use Building with Parking

    517 N Main Street, Spearfish, SD 57783

    $795,000

    Renovated mixed-use building offers three commercial spaces and three residential units with six paved off-street parking spaces.

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    Mixed-Use Building with Opera House
    Mixed-Use Building with Opera House

    604 N Main St, Spearfish, SD 57783

    Contact for pricing
    43,000 sqft

    Main Street commercial property combining retail, entertainment, office, apartment, and studio uses in one established building.

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    Renovated Duplex with Balcony
    Renovated Duplex with Balcony

    735 N Ames Street, Spearfish, SD 57783

    Contact for pricing

    Renovated 2-story duplex offers two 2-bedroom units, each with a full kitchen, plus a one-car garage and storage.

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    Based on your search, we've compiled 16 Potential Opportunities for your consideration. Besides 10 Active listings in Spearfish, SD, we suggest exploring several alternatives: 4 properties in Nearby Cities, and similar 2 Off-Market properties to explore as potential leads

    Opportunities in Nearby Cities

    Here are 4 Similar properties we found in Nearby Locations for your consideration.

    Three-Duplex Multifamily Property
    Three-Duplex Multifamily Property

    802 Miners Avenue, Lead, SD 57754

    $275,000
    3,894 sqft

    Three duplexes provide varied residential layouts with a shared two-car garage and renovation needs.

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    Retail Space
    Retail Space

    209 Terraville Avenue, Lead, SD 57754

    Contact for pricing
    3,456 sqft

    Located in Lead with Residential zoning.

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    Mobile Home Court & Storage
    Mobile Home Court & Storage

    200 Charles St, Deadwood, SD 57732

    Contact for pricing
    17.28 AC lot

    Turn-key mobile home community and self-storage investment opportunity.

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    Three-Unit Furnished Hotel
    Three-Unit Furnished Hotel

    57 Sherman St, Deadwood, SD 57732

    Contact for pricing

    Western-themed lodging property with private kitchens, whirlpool tubs, laundry, and designated parking for each unit.

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    Off-Market Properties in Spearfish, SD

    Consider similar Off-Market properties in Spearfish, SD. You may contact the owners directly to inquire about their potential intentions to sell. To help you make a strong first impression, we can assist by reaching out to these owners with compelling proposals created using our AI tool.

    230 Main St
    Multifamily properties

    230 Main St, Spearfish, SD 57783

    Value Estimation by Request
    8,685 sqft 0.64 AC lot
    View details
    1724 Rustler Cir
    Multifamily properties

    1724 Rustler Cir, Spearfish, SD 57783

    Value Estimation by Request
    4,256 sqft
    View details

    Spearfish, SD Multifamily Properties Market Trends and Statistics

    Explore 12 multifamily properties for sale in Spearfish, SD, showcased through 10 active listings on our real estate platform. These investment opportunities span a total of 61,828 square feet of properties for sale, with an estimated market value of $14,012,000.

    Sale prices for multifamily properties in Spearfish, SD start at $339,000, averaging $2,335,333, and reaching up to $5,685,000 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

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    Top Commercial Asset Segments

    Commercial property segments ranked by active listings on the market

    Apartment buildings 4
    Duplexes 4
    Short term rental properties 2
    Triplexes 1

    Demographics Overview

    Population 18K
    Population Growth (5Y) +9.0%
    Median Household Income $64,970
    College Educated 47.6%

    High-Yield Neighborhoods for Investment

    Identify Spearfish submarkets with the highest inventory density on the market and evaluate the average listing prices of real estate assets

    Neighborhood Average Price
    Sturgis - 57785 $849K
    Spearfish - 57783 $2.3M

    Taxes & Financing

    Tax Rate (average for all types) 1.58%
    Property Tax per SF $27.33 per SF
    Tax Rate vs County Average 0.02 pp below county avg
    Average Loan-to-Value 65.0%

    Listings Trend

    New vs delisted commercial listings in Lawrence County

    New Delisted

    Total CRE Inventory on Market (SF)

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    Browse Multifamily properties for Sale Near Spearfish, SD

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    Most Searched ZIP Codes in Spearfish, SD

    • 57783
    • 57785

    Featured Spearfish Real Estate Agencies

    Realmo connects you with licensed Spearfish CRE brokers providing property specifications, local market pricing, and commercial transaction underwriting support.

    Landmark Realty & Development Company
    1130 North Main Street, Suite #7 Spearfish, SD 57783
    Phone: 16056412979
    www.spearfishlandmark.com

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