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Garden apartment buildings
MT
Cut Bank
59427
229 2nd SE Ave

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FOR SALE

Garden apartment buildings

229 2nd SE Ave, Cut Bank, MT 59427-3445

3,600 SF 0.92 ac lot Built 1948

Entity Owned 18-yr Hold Free & Clear

Property ID

US52-0822076

$2,995,000 3,600 SF

229 2nd SE Ave, Cut Bank, MT 59427-3445
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This exceptional investment opportunity presents a 34-unit apartment complex in Cut Bank, Montana, situated on a 0.916-acre lot at 229 2nd Avenue SE, zip code 59427. Currently boasting 99% occupancy with a waiting list, this property offers significant potential for increased revenue. The seller projects a 9.8% capitalization rate for 2023, with expectations of higher returns in 2024. The complex features convenient amenities including two coin-operated laundries, ample on and off-street parking, a fenced playground, dog run, outdoor games (ping pong, horseshoes, BBQs), and designated smoking areas. Security is enhanced by a security entry system and a comprehensive video surveillance system. Recent and ongoing improvements include a new digital fire detection system, updated window screens, and unit renovations during tenant turnover. The property's low-maintenance exterior is constructed of stucco, masonry, and brick. An adjacent lot offers the potential to expand the complex by an additional 16 units. Tenants utilize a self-service kiosk in the lobby for rent payments. This centrally located property presents a compelling investment opportunity with strong cash flow and significant upside potential.