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North Russell Apartments 1650 N Russell St 54 Unit Apartment Building For Sale Missoula, MT 59808
Investment Highlights
- Exceptional Market Rent Growth
- Tightening Market Supply Pipeline
- Layered Value-Add and Densification | Preliminary Approval for 32 New Units
Executive Summary
Berkadia Boise Investment Sales is pleased to present the exclusive listing of North Russell Apartments, a 54-unit garden-style community located in Missoula, Montana.
Built in 1997, the property offers studio, one-bedroom, and two-bedroom floor plans ranging from 450 to 820 square feet across multiple two-story buildings. With an active renovation program underway and preliminary city approval to build 32 new units to the existing site, North Russell presents a well-defined, two-stage value-add opportunity.
The community has undergone a proven value-add execution, with 22 units fully renovated featuring new luxury vinyl plank flooring, updated cabinetry, fresh paint, and new appliance packages. Of the remaining 32 units, 3 have been lightly updated, 14 have received classic turns, and 15 remain in original classic condition representing the next operator’s immediate renovation runway. On-site amenities include a shared laundry facility, additional resident storage units, and off-street parking across tree-lined, pet-friendly grounds.
The North Russell Street location places residents 2.4 miles from downtown Missoula and within proximity to the University of Montana, Providence St. Patrick Hospital, and Community Medical Center, the metro’s three largest employers. The Westside neighborhood provides convenient access to the Clark Fork River corridor and the retail and dining along Brooks Street, supporting consistent demand from the educated workforce and student-adjacent renter base that characterizes the Missoula market.
Built in 1997, the property offers studio, one-bedroom, and two-bedroom floor plans ranging from 450 to 820 square feet across multiple two-story buildings. With an active renovation program underway and preliminary city approval to build 32 new units to the existing site, North Russell presents a well-defined, two-stage value-add opportunity.
The community has undergone a proven value-add execution, with 22 units fully renovated featuring new luxury vinyl plank flooring, updated cabinetry, fresh paint, and new appliance packages. Of the remaining 32 units, 3 have been lightly updated, 14 have received classic turns, and 15 remain in original classic condition representing the next operator’s immediate renovation runway. On-site amenities include a shared laundry facility, additional resident storage units, and off-street parking across tree-lined, pet-friendly grounds.
The North Russell Street location places residents 2.4 miles from downtown Missoula and within proximity to the University of Montana, Providence St. Patrick Hospital, and Community Medical Center, the metro’s three largest employers. The Westside neighborhood provides convenient access to the Clark Fork River corridor and the retail and dining along Brooks Street, supporting consistent demand from the educated workforce and student-adjacent renter base that characterizes the Missoula market.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Miscellaneous
Property Facts
| Sale Type | Investment | Building Size | 145,068 SF |
| No. Units | 54 | Average Occupancy | 96% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1997/2025 |
| Apartment Style | Garden | Parking Ratio | 0.78/1,000 SF |
| Building Class | B | Opportunity Zone |
Yes
|
| Lot Size | 2.98 AC | ||
| Zoning | U-MU1 | ||
| Sale Type | Investment |
| No. Units | 54 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 2.98 AC |
| Building Size | 145,068 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built/Renovated | 1997/2025 |
| Parking Ratio | 0.78/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | U-MU1 |
Amenities
Unit Amenities
- Dishwasher
- Microwave
- Storage Space
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Storage Space
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | - | 550 |
| 1+1 | 22 | - | 650 |
| 2+1 | 20 | - | 820 |
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Fairly walkable
40/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 04-2200-16-2-06-01-0000 | Improvements Assessment | $3,525,011 |
| Land Assessment | $1,931,189 | Total Assessment | $5,456,200 |
Property Taxes
Parcel Number
04-2200-16-2-06-01-0000
Land Assessment
$1,931,189
Improvements Assessment
$3,525,011
Total Assessment
$5,456,200
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