Investment Opportunity in Growing Rental Economy Glendive MT

204 Colorado Blvd, Glendive, Montana, 59330

Photos

* FOR SALE

$5,600,000

MLS: 25061-00550

2 Acres

51,000 SqFt

96 beds

88.00 baths

PROPERTY FEATURES

  • 44 units, 14 garages
  • 8 - 3bd/2ba, 36 - 2 bd/2 ba
  • Built: 2014
  • Pro Forma CAP: 5.95%
  • Central Air in all Units
  • Full Occupancy
  • 204 Colorado Blvd, Glendive MT
  • Investment - Rental Income

DESCRIPTION

The Plainview Apartments, in Glendive Montana, is a two-building apartment complex of approximately 51,000 total square feet on 2.0 acres.  The property was constructed in two phases – Phase I was a 24-unit building completed in April of 2012 and Phase II was a 20-unit building completed in October of 2014.

Both buildings are constructed using concrete foundations, wood frame, insulated windows, pre‐finished wood siding, masonry wainscot, fully fire sprinklered and asphalt shingle roofing. The buildings are well built with minimal repairs and maintenance needed since the completion of construction.

The complex offers 8 three-bedroom units and 36 two‐bedroom units.  The three-bedroom floorplans are approximately 1,200 SF each and the two-bedroom floorplans total approximately 1,100 SF each.  Each unit has separate gas and electric utility meters that the tenants pay directly.  Each unit also has its own washer & dryer.  All units are equipped with two full bathrooms and the bedrooms have walk-in closets.  Utility costs are substantially less than competing properties due to new and better-quality construction and insulation.

There are 14 single car garages available for rent, plus 43 outside parking spaces with electrical plugins for automobile block heaters during the winter months.  Overflow parking is available across the street at the Glendive Fairgrounds.

Glendive is heading into a strong rental market with several exciting economic developments underway. Work has already begun on the Keystone and Oneok pipelines, the Intake Dam project is projected to take 3-5 years, the area’s biggest employers (BNSF and the hospital) are both hiring, the schools are hiring a record number of new teachers and the oil activity continues to rise. Rents will (and have already begun to) increase. Occupancy is currently at full capacity with a history of +/‐85% being steady with an average monthly rent around $800. Ownership has a goal to maintain 90‐95% occupancy and average rent of $850 for 2019. Compared to the other apartments in Glendive, the subject property has been able to maintain higher occupancy even at higher rates.

All information provided in reference to the property has been collected from sources deemed reliable but should be independently verified.

Documents (1)

ADDRESS & DIRECTIONS

  • Street Address: 204 Colorado Blvd
  • City: Glendive
  • State: Montana
  • County: Dawson

Kristi Woodward

4063657974
4069891668
kristiwoodward14@gmail.com