508 Main StLead, SD 57754

Property Details for 508 Main St

Year built

1969

Lot size

0.12 AC

Property size (Sq ft)

1,512 SF

Property type

Other commercial real estate

Property subtype

Showrooms

APN

31090-02900-020-00

APU

310900290002000

Description

This exceptional investment opportunity presents a thriving downtown Lead laundromat situated on a 0.04-acre lot at 508 Main Street. The property boasts a long-standing history as a beloved local business, ensuring a consistent revenue stream. A recent renovation has added a secondary lease space, significantly increasing the property's income potential. This newly remodeled area offers flexibility for various uses, potentially expanding the laundromat's operations or serving as independent rental units. Furthermore, a new office space is included, providing additional rental income opportunities. The existing tenants in the back areas may have the option to continue their leases, with terms to be negotiated with the new owner. This presents a unique chance to acquire a turnkey operation with immediate income generation and significant upside potential through further development or lease management. The property is priced at $499,000 and offers a compelling blend of established business and flexible rental spaces in a prime downtown location. The size of the building is not specified in the provided information. This presents a rare opportunity to own a piece of Lead's vibrant commercial landscape. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $531,044

  6.5%

  $490,194

  7%

  $455,180

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,000,523

  Geo Method

  $314,802

• Alternative Use

  Use

  Valuation

  Residential

  $413,497

  Hospitality

  $378,761

  Educational

  $315,125

  Medical

  $325,963

  Retail

  $490,194

Location Insight

City

Lead

County

Lawrence

State

South Dakota

Latitude

44.3521

Longitude

-103.769

CBSA code

43940

CBSA name

SPEARFISH, SD MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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