For Sale
$1,195,000

1218 8Th AveGreat Falls, MT 59405

12-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
116
Exceptional investment opportunity in Great Falls, Montana! This 12-unit apartment building, known as Hillcreast, offers a compelling return on investment with a current cap rate of 8.22%. The property boasts 14,985 square feet across three one-story buildings situated on a 0.344-acre lot at 1218 8th Ave S, 59405. Built in 1952, the property includes a mix of one- and two-bedroom units, with nine units recently renovated and three offering value-add potential through further renovations and rent increases. Currently operating at 90% occupancy, the property generates a net operating income (NOI) of $100,751. Amenities include a coin-operated laundry facility, two additional storage rooms (with potential for future apartment expansion), and five off-street parking spaces. Individual unit electric and gas meters are in place. Recent improvements include new electrical service and panels, cement work and grading, paint, kitchen cabinets, flooring, lighting, custom tile in bathrooms, vanities, appliances, and HVAC systems. This turnkey property is priced at $1,195,000, representing a price per unit under $100,000. The property is offered as a 1031 exchange opportunity.

Highlights

  • $1,195,000 asking price for a 12-unit apartment building in Great Falls, Montana.
  • 8.22% cap rate with a Net Operating Income (NOI) of $100,751.
  • 90% occupancy rate.
  • 14,985 square feet on a 0.344-acre lot.
  • Three one-story buildings built in 1952.
  • Nine units recently renovated, three units needing further renovation.

Property Details for 1218 8Th Ave

Property type
Apartment buildings
Square Feet
14,985 SF
Year Built
1952
Buildings
3
Stories
1
Lot Size (sq. ft)
14,985 SF
Units
12

Location Insight

City
Great Falls
County
Cascade
State
Montana
Latitude
47.496428114573
Longitude
-111.28579974251
1218 8Th Ave, Great Falls, Montana

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1218 8Th Ave
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