1000 4th Ave SW 24 Unit Apartment Building $1,399,000 ($58,292/Unit) Conrad, MT 59425

Missile Apartments presents a rare opportunity to acquire a 24-unit multifamily investment property in Conrad, Montana, consisting of three separate 8-plex buildings situated on a spacious and well-maintained site. The property offers an attractive unit mix of twenty-one 2-bedroom, 1-bathroom apartments and three 1-bedroom, 1-bathroom apartments, serving a broad tenant base and providing stable workforce housing in a market with limited rental inventory. Originally developed and operated as an affordable housing community, the property is no longer subject to income or rent restrictions, creating a compelling value-add opportunity for investors. Current rental rates remain below market levels, providing future ownership with the ability to gradually reposition the property toward market-rate rents while benefiting from continued demand for quality rental housing in the area. In addition to rental upside, investors may have the opportunity to improve overall property performance through operational efficiencies and expense management. Historical operating expenses reflect the property's prior affordable housing structure and may not represent a fully optimized market-rate operation. As a result, future ownership may be able to enhance net operating income through both revenue growth and expense reductions. The property features mature landscaping, attractive green spaces, ample off-street parking, and a well-maintained physical plant, providing residents with a desirable living environment while minimizing future capital expenditure concerns. The three-building configuration also offers operational flexibility and diversification within a single investment.
Offered at a price substantially below its current tax-appraised value, Missile Apartments represents an exceptional opportunity to acquire a sizeable multifamily asset with existing cash flow, significant upside potential, and a clear path toward increased value through strategic management and market-rate repositioning. Opportunities of this scale are uncommon in North Central Montana, making this a compelling acquisition for investors seeking both stability and long-term appreciation potential. All units are separately metered for electricity which tenants pay themselves.