The building, located at the intersection of Soviet Street (formerly Palace Street), Moscow Street (formerly Nikolskaya), and Michurinskaya Street (formerly Kozlovskaya), is a brick structure with two floors, a high basement, and an extension in the central part designed as a mezzanine. The roof of the building is multi-pitched and hipped. The object is situated along the perimeter of an irregularly shaped plot, which defines its complex volumetric configuration.

The architectural design of the building is executed in an original interpretation of the "brick" style, which became popular in Russia in the second half of the 19th century. All decorative elements, such as the window sills, the "plank" rustication of the first floor, and the intricate ornament of the crowning cornice, are made of brick. The main facade of the building is characterized by geometric shapes and a symmetrical composition, divided by vertical divisions of the risalits. The proportions of the side risalits relate to the proportions of the windows and the central part, creating a sense of unity in the composition.

The facades of the building have a complex rhythmic pattern based on a metric series of window openings with various outlines. On the first floor, the windows are arched with radiating patterns, while on the second, they are semi-circular. The tectonics of the brick framework is manifested in the surface patterns, where the lower tiers appear more massive due to the large decor, while the elements of the second floor and mezzanine visually lighten the composition. Similar techniques are used on other facades of the building facing the streets, while the courtyard facades remain unrefined.

The history of the building begins in the 19th century. On March 22, 1882, merchant Ivan Sergeyevich Zhemarin applied to the Tambov Provincial Zemstvo Administration for permission to build a new house on his estate opposite Nikolskaya Church. He proposed to build on part of the sidewalk to level the street and was willing to relocate the pavement at his own expense. The City Duma and the city administration granted permission for construction in April 1882. By the end of the 19th century, the house was "built roughly."

On September 12, 1896, the manager of the Tambov Treasury addressed the acting governor with a request to expand the premises, as the existing ones were too cramped. It was proposed to use Zhemarin's house, which was valued at 14,000 rubles, to house the Treasury and the Chamber. The project and estimate for adapting the building were approved in February 1897, and the renovation work was completed in the same year. In 1898, the building became the home of the Ministry of Finance.

During the Soviet era, the building was used by various organizations, including an agricultural technical school and a party school. During the Great Patriotic War, it housed evacuation hospital No. 1981, as commemorated by a memorial plaque on the wall of the treasury.