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Helena,MT 59602
Key Details
Property Type Condo
Sub Type Condominium
Listing Status Active
Purchase Type For Sale
Subdivision Burnham Ranch Subdivision
MLS Listing ID 30016377
HOA Y/N No
Annual Tax Amount $23,901
Tax Year 2023
Lot Size 5.731 Acres
Acres 5.731
Property Description
Exceptional Condominium Development Opportunity in Helena, Montana (59601)
Discover an outstanding investment opportunity with this 75-unit residential condominium development situated in the heart of Helena, Montana (59601). Each meticulously designed unit in this attractive triplex layout offers comfort and style, making it an ideal choice for discerning tenants.
This property is perfectly located near essential shopping centers, convenient interstate access, and a variety of recreational opportunities, ensuring a balanced lifestyle for residents.
There are currently 12 units built, and the project is fully entitled for 63 more. Each of the 75 units features a thoughtful design with 2 bedrooms, ensuring ample space and privacy. The convenience of in-unit laundry hookups adds to the ease of living. 75 Unit Condo Association in Burnham Ranch Subdivision. 12 of the condo units are currently built and can act as a cash flow while remaining units are being completed. Full entitlements with the remaining 63 to be built condominiums, new condition and recently being brought to the market for rents. This property and the newly leased project will be a 6% cap or better after stabilization at proforma rents and costs. This could benefit from a builder/developer or large investor that may want to continue the project but vertically integrate the process and manage the construction and build to a more profitable quality building.
6% CAP Rate when fully stabilized
Local Professional Property management
Fully entitled 63 units to complete, ongoing construction
6 units completed
6 units near completion
Fully entitled to complete 63 more units
Current cost is $210/sf
Marshall and Swift support a 12% decrease in costs, while still supporting a similar perceived quality for the market
Land cost per unit is under $60,000/unit
Special Highlights:
The center unit of each triplex boasts an additional half bath, totaling 2 and 1/2 baths, catering to the needs of a modern lifestyle.
The primary bedroom in each unit includes an en-suite bathroom, offering an extra touch of luxury and comfort.
Investment Potential: With a competitive 6% cap rate, this development presents a lucrative opportunity for investors seeking a steady income stream in a growing market.
Investment Highlights:
Steady Income Potential: The strategic location and quality of the units are designed to attract a stable tenant base, ensuring a consistent rental income.
Growth Potential: Helena's expanding market and the development's proximity to key amenities make it a sought-after location for potential renters.
Conclusion:
This residential condominium development is not just a property investment; it's a gateway to becoming a part of Helena's vibrant community. With its prime location, thoughtful design, and strong investment potential, it represents a unique opportunity in Montana's real estate market.
Location
State MT
County Lewis And Clark
Zoning B-2
Rooms
Basement None
Interior
Interior Features Built-in Features
Heating Forced Air
Cooling Central Air
Flooring Laminate
Fireplace No
Exterior
Garage On Street
Fence None
Utilities Available Cable Available,Electricity Connected,Natural Gas Connected
Waterfront No
View Y/N Yes
Water Access Desc Public
View Mountain(s),Valley
Roof Type Asphalt
Present Use Residential,Subdivision
Parking Type On Street
Building
Lot Description Level
Foundation Poured
Sewer Public Sewer
Water Public
Others
Tax ID 05188816303050000
Security Features Carbon Monoxide Detector(s),Fire Alarm
Special Listing Condition Standard