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$2,599,000
179473 MLS
Spearfish Studios presents a rare opportunity to acquire a fully occupied, renovated 39-unit multifamily property located just two blocks from downtown Spearfish. Positioned in one of the Black Hills’ most desirable rental markets, this apartment community offers investors a stabilized asset with strong current income, excellent tenant appeal, and meaningful future upside. The property consists of three separate buildings with a diverse unit mix: 33 studio apartment units, 3 one-bedroom units, 2 two-bedroom units, and 1 spacious five-bedroom basement unit. The buildings include one 3-unit building, one 13-unit building, and one 23-unit building, creating a functional and efficient multifamily layout across the property. Spearfish Studios has benefited from both interior and exterior renovations, giving the property a clean, updated, and attractive feel for residents. The property also includes on-site laundry, a main office, and a communal outdoor area located in the center of the parcels, creating a practical and inviting shared space for tenants. In addition to its current stabilized performance, the property offers potential value-add opportunities. There is room within the main building that may allow for the addition of up to three additional units, subject to any required approvals. The open central area between the parcels may also provide future development or enhancement potential, subject to zoning and municipal requirements. With full occupancy, a renovated physical condition, multiple income-producing buildings, on- site laundry, and an exceptional location near downtown Spearfish, this property is well positioned for both immediate cash flow and long-term appreciation. Spearfish Studios offers an investor the opportunity to acquire a proven multifamily asset in a growing community with strong rental demand, limited comparable inventory, and continued regional growth. Listed by Josiah LaFrance- L'Avance Capital and Real Estate (605) 786-3098

346 Kansas City, Spearfish
$399,000
178696 MLS
Great investment opportunity in the heart of Spearfish! These 3 units each have a private entrance. Unit 230 is a 3-bedroom, 1 bath, with off-street or street parking. Newer flooring & paint. Stove, refrigerator, washer & dryer included. $1,280/mo. Unit 230 1/2 is a 1-bedroom, 1 bath, with off-street parking. The free-standing gas furnace was new in 2022. Refrigerator included. The separate house at 234 is a 2-bedroom, 1 bath, with off-street or street parking. This house has been updated and is cute as a button! Stove, refrigerator, washer & dryer included. This property has great potential. Located a few blocks from the hospital, Safeway, Walgreens, Downtown Spearfish & Spearfish Creek. A new rubber roof was installed in 2021. All new gutters 2021.

230 230 1/2 234 W Ohio, Spearfish
$399,000
88412 MLS
Great investment opportunity in the heart of Spearfish! These 3 units each have a private entrance. Unit 230 is 3 bedroom, 1 bath, off-street or street parking. Newer flooring & paint. Stove, refrigerator, washer & dryer included. $1,280/mo. Unit 230 1/2 is 1 bedroom, 1 bath, off-street parking $725.00/mo. Free-standing gas furnace was new in 2022. Refrigerator included. Separate house at 234 is 2 bedroom, 1 bath, off-street or street parking $1150/mo. This house has been updated and is cute as a button! Stove, refrigerator, washer & dryer included. This property has great potential. Live in one unit and let the rental income make your payment. Located a few blocks from the hospital, Safeway, Walgreens, Downtown Spearfish & Spearfish Creek. New rubber roof was installed in 2021. All new gutters 2021.

230 230 1/2 234 W Ohio Street, Spearfish
$659,000
87691 MLS
For more information, please contact listing agents Heath Gran 605-209-2052 or Scot Munro 605-641-6482 with Great Peaks Realty. Incredible rental investment opportunity with this 5-plex in downtown Spearfish, operating at 100% occupancy rate! 4 of the 5 apartment units have been remodeled to include new appliances and fixtures, flooring, cabinets, vanities and countertops, sinks and toilets. All units are 1-bedroom, 1-bathroom, except the basement unit is a larger 2-bedrooms, 1-bathroom unit. Basement also offers a common laundry room area. There is a detached garage accessed from the alley along with additional parking, plus front off-street parking! Brand new roof in summer 2025.

314 5th Street, Spearfish
$851,500
87192 MLS
A truly rare opportunity to own two beautifully renovated, side-by-side properties in one of Spearfish's most desirable and walkable locations. Situated on to adjoining 0.16-acre lots zoned for both residential and commercial use, this unique property package offers exceptional flexibility for homeowners, investors and future development alike. Both homes are located along a charming creek that flows through the front yards, creating a peaceful, nature-filled setting that is seldom found so close to downtown. Enjoy the convenience of being within walking distance to historic downtown Spearfish, Black Hills State University, local shops, restaurants, and community amenities. The portfolio includes: 731 N Ames St- A fully renovated 2-bedroom, 1-bath single-family home offering 720 square feet of comfortable living space. 735 N Ames St- A fully renovated duplex with 2-bedroom, 1-bath units and full kitchens, totaling 1,102 square feet, plus a detached one-car garage with two additional storage units. both properties have proven history of success as long-term rentals and highly rated Airbnbs, making this an exceptional opportunity for income-producing ownership from day one. Whether you are seeking a strategic investment, a live-in-and-rent opportunity, or a rare side-by-side assemblage in a high-end corridor, this portfolio offers location, versatility, and long-term upside that is increasingly difficult to find in Spearfish.

731 & 735 N Ames Street, Spearfish
$475,000
87183 MLS
This beautifully renovated 2-story duplex is a rare find, offering both charm and versatility in a prime location near downtown Spearfish and Black Hills State University. Nestled on a spacious lot with a picturesque creek running through, this property provides serene surroundings along with easy access to local amenities, making it perfect for homeowners or investors. Each unit features 2 bedrooms, 1 full bath, and a full kitchen. The upstairs unit includes a washer/dryer combo and a spacious balcony, perfect for relaxing and taking in the peaceful views. Both units have been fully renovated, offering a fresh and modern appeal. The property also boasts excellent storage and functionality, with a one-car garage and two attached storage units providing ample space for vehicles, tools, or other needs. Recent upgrades to the building include new siding, and a new electrical box, ensuring the property is move-in ready. The duplex has been successfully operated as a combination of a long-term rental and an Airbnb, offering multiple income streams and flexibility for the next owner. Whether you're looking to live in one unit and rent out the other, continue its use as a profitable rental property, or explore new opportunities, the possibilities are endless! Don’t miss this incredible opportunity to own a turnkey property in a sought-after location. Schedule your showing today and start envisioning your future in this unique and versatile duplex. Jaden Harper 512.983.6619

735 N Ames Street, Spearfish
$525,000
86148 MLS
Property presented by Ashley S. Goodrich, SRS with RE/MAX In The Hills (605) 645-2479.POTENTIAL DUPLEX OPPORTUNITY!! Lower level bedrooms are all non-conforming due to lack of proper and up-to date egress windows. Each residence would even have it's OWN PRIVATE garage space. Looking for a unique gem outside of City limits with a spacious and very function ranch style home, a huge 30x40 pole barn for storage and that additional oversized 21x37 garage space....I have it for you! Located in and on the very desirable Upper Valley Road area, you are just minutes from downtown Spearfish, all of the shopping, coffeeshops, medical facilities, and so much more. This home is very unique in the way that there are 3 spacious bedrooms on the main level, a huge laundry room, along with two bathrooms, a roomy living area with a gas fireplace, dining room space and a great galley kitchen with a walk in pantry. The basement offers 4 additional bedrooms that are all non-conforming (not having the proper egress windows), and additional very open and spacious living room with a pellet stove, a dining area, kitchenette and a second laundry room! This is also a walkout basement. The home and outbuildings sit on a lovely and level 0.52+/- acre lot that is fenced in! Come a take a peek at this cool home. It surely is one of a kind. The possibilities are endless.

262 Upper Valley Road, Spearfish
$900,000
175726 MLS
Incredible opportunity to own an investment property on 1.62 acres just off Exit 8 with endless options for expansion of the space. This versatile property includes a barn that is mostly finished and is currently being leased as an office & storage space. Plus, an updated duplex rental home (each unit offering 2 bedrooms and 1 bathroom), and ample land for future expansion of units, storing equipment or building additional structures if desired.

3225 Old Belle Rd, Spearfish
$900,000
86080 MLS
For more information, please contact listing agents Scot Munro 605-641-6482 or Heath Gran 605-209-2052 with Great Peaks Realty. Incredible opportunity to own an investment property on 1.62 acres just off Exit 8 with endless options for expansion of the space. This versatile property includes a barn that is mostly finished and is currently being leased as an office & storage space. Plus, an updated duplex rental home (each unit offering 2 bedrooms and 1 bathroom), and ample land for future expansion of units, storing equipment or building additional structures if desired.

3225 Old Belle Road, Spearfish
$5,685,000
171038 MLS
New Rental Expansion!! The Russell Street Duplexes offer a total of 22 rental units. They are a modern-day, fully appliance furnished apartment style. Including upstairs & downstairs units that serve as a fantastic investment opportunity! Each duplex has 836 sq ft providing adequate living space, presenting an open concept layout with large stationary island complimented with 2 bedrooms (one ensuite), 2 full bathrooms and laundry room. Each unit has a deck/patio and off-street parking spaces. These units run at 100% occupancy since they were completed. Currently the site has 11 buildings with a total of 22 units. The full development is approved for 21 structures (42 units) in all. Call today!

TBD 1954-1984 Russell St Tbd 3187-3834, Spearfish
$5,685,000
82169 MLS
For more information, please contact listing agents Heath Gran 605-209-2052 or Scot Munro 605-641-6482 with Great Peaks Realty. New Rental Expansion!! The Russell Street Duplexes offer a total of 22 rental units. They are a modern-day, fully appliance furnished apartment style. Including upstairs & downstairs units that serve as a fantastic investment opportunity! Each duplex has 836 sq ft providing adequate living space, presenting an open concept layout with large stationary island complimented with 2 bedrooms (one ensuite), 2 full bathrooms and laundry room. Each unit has a deck/patio and off-street parking spaces. These units run at 100% occupancy since they were completed. Currently the site has 11 buildings with a total of 22 units. The full development is approved for 21 structures (42 units) in all. Call today!

TBD 1954-1984 Russell Street, Spearfish