229 2Nd AveCut Bank, MT 59427

Property Details for 229 2Nd Ave

Year built

1948

Construction

WOOD

Lot size

0.92 AC

Property size (Sq ft)

3,600 SF

Zone code

1

Property type

Residential income properties

Property subtype

Garden apartment buildings

APN

38-4529-12-2-15-14-0000

APU

38452912215140000

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $841,701

  6.5%

  $776,955

  7%

  $721,458

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,189,712

  Geo Method

  $1,189,712

• Alternative Use

  Use

  Valuation

  Residential

  $776,955

  Hospitality

  $711,687

  Educational

  $592,115

  Medical

  $612,479

  Retail

  $921,068

Location Insight

City

Cut Bank

County

Glacier

State

Montana

Latitude

48.6317

Longitude

-112.334

Property Tax & Assessments

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