Burnham Ranch Condo Association 2476 Shorthorn Ave 12 Unit Apartment Building $10,469,400 CAD ($872,450 CAD/Unit) 6.24% Cap Rate Helena, MT 59602

75 Unit Condo Association in Burnham Ranch Subdivision. 12 of the condo units are currently built and can act as cash flow while the remaining units are being completed. These 12 units are fully occupied and fully managed. There are full entitlements with the remaining 63 units to be built as a full 75 unit condominium - giving flexibility to lease and hold, or sell off individual units or the whole project. This property and the newly leased units will be a 6% cap or better after stabilization. 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. The project has a great location. Tenants can have a convenient commute to shopping, and major employment opportunities such as state jobs near the capitol complex, healthcare in the south hills medical area, and industrial jobs around the airport such as Boeing.
There are currently 4 triplexes constructed. All units have 2 bedrooms and 2 baths. However, the center units have an additional half bath on the main floor, and a balcony on the second floor. Each unit has a single car garage, and small cement patio as well. Each unit is entered through a private entrance, which leads to a kitchen and living/dining room on the main floor. The kitchen is 9' x 15.5', has a central sink and dishwasher, and small breakfast bar. Upstairs, the bedrooms are both 12'x12', although the master bedroom has an attached bathroom and walk in closet. The washer & dryers are located on the second level as well. The existing units were constructed in 2023 and are fully occupied and have management in place. They have great views of the mountains in every direction, particularly the Elkhorn range to the south. These units offer a great place to live in a market with an extreme housing shortage.
The remaining 21 triplexes are waiting for you to build them! As it stands, the existing infrastructure includes the western and southern frontage access roads, along with city services. To complete the project, two private roads will need to be constructed through the site along with the extension of the city water and sewer. The site is generally flat, except a slight decline to the north east. Building plans are already drawn up, allowing you to start constructing the 63 remaining units soon. The condo bylaws have been drafted, but not yet recorded.