346 KANSAS CITY, Spearfish, SD 57783
ORIGINAL TOWN · Lawrence County
Key Facts
Description
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
Property Information
Property Type
Residential Income
Sub-Type
Multi Family
Year Built
1978
Zoning
Unknown
MLS® Listing#
179473
Property Features
Cooling
Heating
Basement
Lot Features
Construction
Foundation
Roof
Security
Sewer
Water Source
Affordability Calculator
$539,800
Estimated monthly payment
$14,365/mo
Principal $2,159,200 · Est. interest $3,012,276 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Spearfish, SD
- $728,571
- Median Listing Price
- 70
- Median Days on Market
- 2,813
- Median Sq Ft
- $253
- Median Price / Sq Ft
- 160
- Active Listings
- This home’s price is 270% above the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Spearfish, SD.
Location
Getting Around
Points of Interest in Spearfish, SD
Showing the Spearfish area map.
Nearby Schools
West Elementary School
Elementary · 0.4 mi away
Mountain View Elementary School
Elementary · 0.5 mi away
Spearfish School District
School · 0.5 mi away
Spearfish Special Education
School · 0.6 mi away
Spearfish Middle School
Secondary · 0.6 mi away
Spearfish High School
Secondary · 0.6 mi away
Kid Konnection
School · 0.8 mi away
Creekside Elementary School
Elementary · 1.1 mi away
Genesis School of Natural Health
School · 2.3 mi away
Black Hills Christian Academy
School · 3.2 mi away
Lead-Deadwood School District
Elementary · 10.3 mi away
South Park Elementary School
Elementary · 10.8 mi away
Belle Fourche Middle School
Secondary · 10.8 mi away
Lead-Deadwood Middle School - 02
Secondary · 10.8 mi away
Whitewood Elementary School
Elementary · 11.4 mi away
South Park Elementary School
Elementary · 11.5 mi away
North Park Elementary School
Elementary · 13.1 mi away
Sturgis Williams Middle School
Secondary · 18.2 mi away
Meade School District 46-1
School · 18.2 mi away
Sturgis Elementary School
Elementary · 18.3 mi away
Commute Calculator
Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| TBD E Colorado Boulevard, Spearfish, SD | $1,950,000 | — | — | — |
| TBD E COLORADO BLVD, Spearfish, SD | $1,950,000 | — | — | — |
| 11829 VALLEY VIEW CIRCLE, Spearfish, SD | $1,989,900 | 4 | — | 3,891 |
| 2111 Vantage Cir, Spearfish, SD | $2,000,000 | 4 | — | 3,747 |
| 2111 VANTAGE CIR, Spearfish, SD | $2,000,000 | 4 | — | 3,747 |
| Kellem Lane, Spearfish, SD | $2,033,380 | — | — | — |
Moving Cost Estimate
EXIT Agents in Spearfish
Listing Courtesy: L'AVANCE CAPITAL AND REAL ESTATE - 6057863098
Presented by: JOSIAH LAFRANCE