MLS # 30016377
TBD Shorthorn Avenue, Helena, MT 59602

MLS 30016377 $7,799,000

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.

Contact

Joyner Realty LLC.
Helena, Montana 59601
(406) 558-4767

Architecture

Basement: None
Building Name: Burnham Condos
Construction Materials: Cement Siding
Cooling: Central Air
Flooring: Laminate
Foundation Details: Poured
Heating: Forced Air
Interior Features: Builtin Features
Parking Features: On Street
Roof: Asphalt
Window Features: Insulated Windows

Features / Amenities

Security Features: Carbon Monoxide Detectors, Fire Alarm

Property Features

Current Use: Residential, Subdivision
Fencing: None
Lot Features: Level
Lot Size Acres: 5.731
Lot Size Source: Public Records
Lot Size Square Feet: 249642.36
Number Of Units Total: 12
Road Frontage Type: City Street
Road Surface Type: Asphalt
Topography: Level
View: Mountains, Valley

Utilities

Sewer: Public Sewer
Utilities: Cable Available, Electricity Connected, Natural Gas Connected
Water Source: Public

Location

Subdivision Name: Burnham Ranch Subdivision
Directions: Located just off of East Custer Avenue in Helena, MT on Shorthorn Ave.

Legal and Taxes

Parcel Number: 05188816303050000
Tax Annual Amount: 23901
Tax Legal Description: BURNHAM RANCH SUBD PH 1, S16, T10 N, R03 W, Lot 1-A, ACRES 3.184, COS 3406915, PREV COS 3271064
Tax Year: 2023
Zoning: Business
Zoning Description: B-2

Financial

Tenant Pays: All Utilities, Gas, Heat, Hot Water, Janitorial Service, Water

Realtor

Property Sub Type: Condominium
Property Type: Commercial Sale

© 2024 Montana Regional MLS. Information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed and should be independently verified. Listed By: Tyler D Warne, Coldwell Banker Commercial Green & Green, 800 N Last Chance Gulch, Ste 103, Helena, MT, 59601


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