For Sale
$2,800,000

900 Otis AveEnnis, MT 59729

Prime Montana location, four luxury units.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a brand-new, Class A, four-unit multifamily property in the desirable town of Ennis, Montana. Completed in 2023, this three-story building is part of a larger six-building development situated on approximately 3.21 acres. The property boasts convenient access to Ennis' downtown area, Ennis Lake, and the Madison River. Each of the four units offers a luxurious living experience, presenting a compelling opportunity for both short-term and long-term rental income. The property is fully entitled, engineered, and architecturally designed, constructed by a reputable local general contractor with extensive experience in the Southwest Montana market. Projected net operating income ranges from 7% to 12% under managed or self-managed scenarios, with modeled five-year IRR returns of 13% to 19%. The asking price is $2,800,000, representing a price per unit of $700,000. This investment offers potential for significant equity multiple (1.25 to 2.0x) on total cash investment, along with opportunities for individual unit sales for periodic liquidity events. High occupancy rates (60%-70% year-round) are anticipated for short-term rentals, while long-term rental demand is also strong in this area. This property is ideal for investors seeking a passive or hands-on approach, or those interested in owning a unit for personal use.

Highlights

  • 7-12% projected Net Operating Income (NOI).
  • 1.25-2.0x equity multiple.
  • 13-19% projected five-year IRR.
  • 60-70% average annual occupancy for short-term rentals.
  • Strong long-term rental demand.
  • Individual unit sales provide potential liquidity.

Property Details for 900 Otis Ave

Property type
Residential income homes
Class
A
Year Built
2023
Buildings
1
Stories
3
Units
4

Location Insight

City
Ennis
County
Madison
State
Montana
Latitude
45.3577319
Longitude
-111.733386
900 Otis Ave, Ennis, Montana

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900 Otis Ave
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