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 two on-site laundry rooms, 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