230 Main St Spearfish, SD 57783

Property Details for 230 Main St

Year built

1955

Lot size

0.64 lot acres

Property size

8,685 SF

Property type

Commercial real estate

Description

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.

Location Insight

City

Spearfish

County

Lawrence

State

South Dakota

Longitude

-103.85692298567

Latitude

44.485455900363