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305 46th St N 21 Unit Apartment Building $3,796,925 CAD ($180,806 CAD/Unit) 9.64% Cap Rate Great Falls, MT 59405
Investment Highlights
- Located just minutes from Malmstrom Air Force Base, ensuring strong and consistent tenant demand.
- Generates approximately $22,095 per month in gross rental income, supported by tenants paying their own electric and gas utilities.
- Value-add potential through ongoing conversion of a garage into a new 2-bedroom, 1-bath unit and continued interior updates.
- 21-unit multifamily property with a diverse mix of unit types, including 2-bedroom, 1-bedroom, studio, and a 3-bedroom unit.
- Additional income streams from four coin-operated laundry machines and an owner-rented garage space.
- Offers stable cash flow with opportunities for rent growth and operational improvements in a growing Great Falls rental market.
Executive Summary
Excellent investment opportunity located just minutes from Malmstrom Air Force Base, offering strong in-place income with additional upside potential. This 21-unit multifamily property features a diverse unit mix consisting of twelve 2-bedroom units, six 1-bedroom units, one 3-bedroom unit, two studio units, plus an owner-rented garage space, creating multiple income streams within a single asset. The property currently generates approximately $22,095 per month in gross rental income and benefits from consistent tenant demand. Units include individual air conditioning and individual gas forced air, updated flooring in several apartments, and practical layouts appealing to long-term tenants. Tenants pay their own electric and gas utilities, helping control operating expenses, while ownership covers water service and common area utilities. Additional revenue is produced through four coin-operated laundry machines in the common area and an owner-rented garage space. Three garage spaces are located on site, with one currently being converted into a new 2-bedroom, 1-bath unit, providing immediate value-add potential upon completion. This property presents a compelling opportunity for investors seeking stable cash flow with room to increase rents through continued interior updates, operational improvements, and completion of ongoing unit conversion. With solid existing income and a highly desirable rental location near Malmstrom AFB, this asset offers both dependable performance and long-term appreciation potential in the growing Great Falls rental market.
Property Facts
| Price | $3,796,925 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $180,806 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.31 AC |
| Cap Rate | 9.64% | Building Size | 16,785 SF |
| No. Units | 21 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2005 |
| Property Subtype | Apartment |
| Price | $3,796,925 CAD |
| Price Per Unit | $180,806 CAD |
| Sale Type | Investment |
| Cap Rate | 9.64% |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.31 AC |
| Building Size | 16,785 SF |
| No. Stories | 3 |
| Year Built | 2005 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | - |
| 1+1 | 6 | - | - |
| 2+1 | 12 | - | - |
| 3+2 | 1 | - | - |
1 1
Property Taxes
| Parcel Number | 02-3016-09-1-04-01-0000 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $3,371,255 CAD |
Property Taxes
Parcel Number
02-3016-09-1-04-01-0000
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$3,371,255 CAD
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305 46th St N
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