For Sale
$1,850,000

229 2Nd AveCut Bank, MT 59427

34-unit apartment complex, high occupancy

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 34-unit apartment complex in Cut Bank, Montana, situated on a 0.916-acre lot at 229 2nd Avenue SE, zip code 59427. Currently boasting 99% occupancy with a waiting list, this property offers significant potential for increased revenue. The seller projects a 9.8% capitalization rate for 2023, with expectations of higher returns in 2024. The complex features convenient amenities including two coin-operated laundries, ample on and off-street parking, a fenced playground, dog run, outdoor games (ping pong, horseshoes, BBQs), and designated smoking areas. Security is enhanced by a security entry system and a comprehensive video surveillance system. Recent and ongoing improvements include a new digital fire detection system, updated window screens, and unit renovations during tenant turnover. The property's low-maintenance exterior is constructed of stucco, masonry, and brick. An adjacent lot offers the potential to expand the complex by an additional 16 units. Tenants utilize a self-service kiosk in the lobby for rent payments. This centrally located property presents a compelling investment opportunity with strong cash flow and significant upside potential.

Highlights

  • $1,850,000 asking price.
  • 34-unit mixed-use apartment complex on a 0.916-acre lot in Cut Bank, Montana.
  • Potential to expand to 36 units and add 16 more units on an adjacent lot.
  • 99% occupancy with a waiting list; 2023 CAP rate of 9.8%, projected higher in 2024.

Property Details for 229 2Nd Ave

Property type
Mixed-use properties, Land
Lot Size (sq. ft)
39,901 SF
Units
34

Location Insight

City
Cut Bank
County
Glacier
State
Montana
Latitude
48.6315247
Longitude
-112.334028
229 2Nd Ave, Cut Bank, Montana

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229 2Nd Ave
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