514 23Rd AveBozeman, MT 59718

Property Details for 514 23Rd Ave

Year built

1984

Construction

WOOD

Lot size

0.35 AC

Property size (Sq ft)

2,544 SF

Zone code

6

Property type

Office buildings

APN

06-0798-11-4-18-09-0900

APU

6079811418090900

Description

This exceptional Class A multifamily property, located at 514 & 516 N 23rd Avenue in Bozeman, Montana, presents a lucrative investment opportunity. The 2-story, 2,726 square foot duplex, built in 2001, sits on a 0.24-acre lot and is zoned R2 - Residential Two-Household M. Each of the two units boasts 5 bedrooms and 3 bathrooms, offering a total of 10 bedrooms. The units feature open kitchens, living areas with wood flooring and bay windows, and direct access to a shared backyard with mature trees. The main floor of each unit includes an ensuite master bedroom, two additional bedrooms, and a central bathroom. The lower level provides two more bedrooms, a laundry area, and a bonus room. Recent updates include new carpeting, appliances, hot water heaters, and fresh paint throughout. Exterior improvements include a new roof, gutters, and sprinkler system. The property currently has 50% occupancy and offers 3 parking spaces per unit. This property is ideally situated near parks, schools, Montana State University, shopping, and transportation, making it highly attractive to renters. The asking price is $1,285,000, translating to $235 per square foot. This represents a unique opportunity to acquire a well-maintained, high-demand property in Bozeman's competitive real estate market, suitable for both owner-occupancy and rental income generation. The property's size and layout cater to the underserved affordable housing market for larger families and groups in Bozeman.

• CAP approach

  CAP return

  Valuation

  6%

  $454,957

  6.5%

  $419,961

  7%

  $389,963

• Comparable approach

  Method

  Valuation

  Relative Method

  $542,406

  Geo Method

  $542,406

• Alternative Use

  Use

  Valuation

  Residential

  $520,751

  Hospitality

  $477,005

  Educational

  $396,863

  Medical

  $410,511

  Retail

  $617,342

Location Insight

City

Bozeman

County

Gallatin

State

Montana

Latitude

45.6735

Longitude

-111.067

CBSA code

14580

CBSA name

BOZEMAN, MT MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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