230 N Main St
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230 N Main St
31 Unit Apartment Building $2,200,000 ($70,968/Unit) Spearfish, SD 57783
Investment Highlights
- Central Location
- Pet-Friendly
- Large Laundry Room on-site
Executive Summary
This 31-unit apartment complex is located on Main Street in the heart of Spearfish, SD. The property includes 4 separate buildings that are situated on 4 city lots with a total land area of .64 acres and 8,685 square feet of finished space. Current rental rates range from $625-$850/month with a gross monthly rental income potential of $22,375 ($268,500 annual) at 100% capacity. The owner pays for electricity, gas, city water, and city sewer. This is one of the few pet-friendly complexes in Spearfish, which has created a strong demand for the units. With the exception of the 824 square foot, 1 bed, 1 bath manager’s suite and office, 30 of the 31 units are studio apartments. There is a large laundry room generating additional income. With more than 1/2 acre of land and 200 feet of frontage on the main corridor through Spearfish, the value of this property will continue to appreciate overtime and the commercial uses will remain endless.
Property Facts
| Price | $2,200,000 | Apartment Style | Low Rise |
| Price Per Unit | $70,968 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.65 AC |
| No. Units | 31 | Building Size | 8,685 SF |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1955 |
| Price | $2,200,000 |
| Price Per Unit | $70,968 |
| Sale Type | Investment |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.65 AC |
| Building Size | 8,685 SF |
| No. Stories | 1 |
| Year Built | 1955 |
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 31 | $737.50 | - |
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Walk Score ®
Very Walkable (71)
zoning
| Zoning Code | C-1 (Central Commercial District) |
| C-1 (Central Commercial District) |
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230 N Main St
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