Commercial Bldg with long term tenant

Highlights:

• Building class A
• Upper level open for owner use or new tenant
• Long term tenant in place on the main level
• Landmark property
• Strong population stability with above average quality of life in Spearfish, SD
• Robust labor market

Description:

Positioned at one of the most recognizable intersections in Spearfish, theLown Mercantile Building is one of the Black Hills' most celebrated commercial landmarks. Constructed in 1893 and proudly listed on the National Register of Historic Places, this iconic property has long stood as a symbol of Spearfish's remarkable evolution from a frontier trading community into one of South Dakota's premier destinations for tourism, higher education, and commerce. Following an award-winning historic rehabilitation, the building seamlessly blends timeless architecture with modern commercial functionality. Extensive renovations include structural reinforcement, updated mechanical systems, a fully equipped commercial kitchen, restored sandstone exterior, and expanded dining and entertainment areas. A striking timber-framed rear addition further distinguishes the property with multiple outdoor entertainment decks, generous storage, unfinished office space, and infrastructure designed for a future commercial passenger elevator, creating exceptional flexibility while positioning the building for enhanced ADA accessibility. Inside the main level, guests are welcomed into the Six Goats Tavern, featuring soaring ceilings, exposed timber beams, hardwood flooring, rustic architectural details, abundant natural light, and a spacious open dining room centered around an impressive full-service bar. The thoughtfully designed commercial kitchen and prep areas provide efficient service to both the dining and bar spaces, supporting high-volume operations with ease. The currently available second floor is designed for banquets, weddings, corporate events, private gatherings, potential offices, and meetings. 701 5th Street offers an extraordinary combination of historic significance, architectural character, modern infrastructure, and long-term investment potential. Landmark properties of this caliber rarely become available.
There is a stairwell along the right, front side of the building that allows interior access to the second floor via a flight of stairs. The back of the building features exterior stair access and future elevator access to the second floor. The interior outlot has the capacity to accommodate an additional five-story building at a future date. The owner has designed a really cool building that could serve as main-level parking, then upper apartments, condominium space, or even a boutique space that might allow guests direct, interior access to the space for day or overnight use.