Apartment Complex Investment Property For Sale in Glendive, Mt
The Plainview Apartments, in Glendive Montana, is a 44-unit two-building apartment complex approximately 51,000 total square feet on 2.0 acres. The property was constructed in two phases - Phase I was a 24-unit building completed in April of 2012 and Phase II was a 20-unit building completed in October of 2014. Both buildings are constructed using concrete foundations, wood frame, insulated windows, pre-finished wood siding, masonry wainscot, fully fire sprinklered and asphalt shingle roofing. The complex offers 8 three-bedroom units and 36 two-bedroom units, all with two full baths, walk-in closets and their own washer/dryer. The three-bedroom floorplans are approximately 1,200 SF each and the two-bedroom floorplans total approximately 1,100 SF each. Each unit has separate gas and electric utility meters that the tenants pay directly. Utility costs are substantially less than competing properties due to new and better-quality construction and insulation. There are 14 single car garages available for rent, plus 43 outside parking spaces with electrical plug-ins for automobile block heaters during the winter months. Overflow parking is available across the street at the Glendive Fairgrounds. Glendive has a strong rental market with an unemployment rate of 1.9 and the area's largest employers health care etail/public administration are consistently hiring. Occupancy is currently at full capacity with an average monthly rent around $800. Ownership has a goal to maintain 90-95 occupancy and average rent of $850 for 2021. Compared to the other apartment homes in Glendive, the subject property has been able to maintain higher occupancy even at higher rates.