For Sale
$5,100,000

3600 Montana AveHelena, MT 59602

Montana Mobile Home Community - Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
116
Exceptional investment opportunity in Helena, Montana's thriving market. This 19.57-acre, 56-pad mobile home community, known as Pebble Gardens, presents a compelling value-add proposition. Currently boasting 41 occupied units (73% occupancy as of July 1, 2024) and generating a NOI of $126,865, this Class D property offers a 2.49% cap rate at an asking price of $5,100,000 ($91,071.43 per pad). Built in 1970, the single-story property sits on a lot zoned R-1 and benefits from a month-to-month ground lease. Significant upside potential exists through various avenues. The remaining 10.5 acres offer the possibility of expansion or redevelopment into a mixed-use project, leveraging the property's prime location along a major commercial corridor with high traffic counts (19,349 in 2021). Proximity to major retailers like Target, Bob Ward's, and Murdoch's enhances visibility and potential for future development. The current county zoning, bordering Helena city services on three sides, presents further development opportunities (buyer to verify capacity). The strong demand for affordable housing in the area, coupled with a 26.6% increase in the median home price in the past year ($447,551), underscores the investment's potential. Additional revenue streams could be generated by submetering the remaining vacant pads. This property represents a rare chance to acquire a well-positioned asset with substantial growth potential in a desirable Montana location.

Highlights

  • Expand the existing 56-pad mobile home community by developing the remaining 10.5 acres or redeveloping the entire site into a mixed-use project.
  • Increase revenue by submetering vacant pads.
  • Helena's median home price increased 26.6% year-over-year to $447,551, indicating strong market demand.
  • Property borders Helena city services on three sides (buyer to verify utility capacity).
  • High visibility location with 19,349 (2021) daily traffic count near Target, Bob Ward's, and Murdoch's.

Property Details for 3600 Montana Ave

Property type
Mobile home & RV parks, Land
Class
D
Year Built
1970
Buildings
1
Stories
1
Lot Size (sq. ft)
852,469 SF
Units
41

Location Insight

City
Helena
County
Lewis and Clark
State
Montana
Latitude
46.62477
Longitude
-112.023809
3600 Montana Ave, Helena, Montana

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3600 Montana Ave
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