3600 Montana Ave Helena, MT 59602

Property Details for 3600 Montana Ave

Year built

1970

Lot size

19.57 lot acres

Property type

Mobile home & RV parks

Property subtype

Land

Description

Exceptional investment opportunity in Helena, Montana's thriving market. This 19.57-acre, 56-pad mobile home community, known as Pebble Gardens, presents a compelling value-add proposition. Currently boasting 41 occupied units (73% occupancy as of July 1, 2024) and generating a NOI of $126,865, this Class D property offers a 2.49% cap rate at an asking price of $5,100,000 ($91,071.43 per pad). Built in 1970, the single-story property sits on a lot zoned R-1 and benefits from a month-to-month ground lease. Significant upside potential exists through various avenues. The remaining 10.5 acres offer the possibility of expansion or redevelopment into a mixed-use project, leveraging the property's prime location along a major commercial corridor with high traffic counts (19,349 in 2021). Proximity to major retailers like Target, Bob Ward's, and Murdoch's enhances visibility and potential for future development. The current county zoning, bordering Helena city services on three sides, presents further development opportunities (buyer to verify capacity). The strong demand for affordable housing in the area, coupled with a 26.6% increase in the median home price in the past year ($447,551), underscores the investment's potential. Additional revenue streams could be generated by submetering the remaining vacant pads. This property represents a rare chance to acquire a well-positioned asset with substantial growth potential in a desirable Montana location.