For Sale
$7,500,000

426 Colbalt DrKalispell, MT 59901

24-Unit Apartment Building, Montana

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional new construction apartment building, completed in 2024, presents a compelling investment opportunity in Kalispell, Montana. Located at 426 Colbalt Drive, this three-story, 28,265 square foot property boasts 24 units, offering a mix of one-bedroom/one-bathroom, two-bedroom/one-bathroom, and two-bedroom/two-bathroom floor plans. The property sits on a 0.91-acre lot zoned RA-1/PUD, providing excellent potential for future development or expansion. The building's prime location on the south end of Kalispell, just off the bypass and within a minute of Rankin Elementary, ensures high occupancy rates. A nearby playground enhances the property's appeal. Currently, units are already being leased, and a property management company is in place, streamlining operations. The asking price is $7,500,000, translating to $312,500 per unit and a price per square foot of $265.35. The pro-forma NOI is $378,472, representing a 5.05% cap rate. This turnkey investment offers immediate cash flow and significant long-term growth potential in a thriving Montana market. The property is conveniently located near amenities and benefits from its proximity to a local elementary school.

Highlights

  • $7,500,000 asking price for a 24-unit apartment building.
  • New construction, 2024 build, totaling 28,265 square feet on a 0.91-acre lot in Kalispell, Montana.
  • Excellent location near Rankin Elementary and the bypass.
  • Unit mix includes one-bedroom/one-bathroom, two-bedroom/one-bathroom, and two-bedroom/two-bathroom units.
  • $312,500 per unit, with a pro-forma cap rate of 5.05% and a pro-forma NOI of $378,472.
  • Property management company in place, and units are currently leasing.

Property Details for 426 Colbalt Dr

Property type
Land, Apartment buildings
Square Feet
28,265 SF
Year Built
2024
Buildings
1
Stories
3
Lot Size (sq. ft)
39,640 SF
Units
24

Location Insight

City
Kalispell
County
Flathead
State
Montana
Latitude
48.16779873996
Longitude
-114.30932421306
426 Colbalt Dr, Kalispell, Montana

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426 Colbalt Dr
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