TBD Shorthorn Avenue

TBD Shorthorn Avenue, Helena, MT

$7,799,000

Price

5.731 acres

Lot Area

30016377

MlsNumber

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Overview
Lot Area
5.731 acres
MlsNumber
30016377
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.

Highlights
  • Annual Tax: $ 23901.0
  • Age: 1-5 Years Old
  • Lot Size: 5-10 Acres
  • Sewer: City
  • Water: City Water
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Listing ID: bc9f1d50-e433-4446-a35e-ea22a6bd226f
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