Victorian Triplex - Great Falls Montana - 7.8% Cap Rate

[Egan Lohman]

This is a fully remodeled (winter 2017/2018) triplex in the heart of Great Falls, MT.  Each unit is separately metered. The property includes a detached 6-car garage (separate individual garages). NEW roof, flooring, drywall, paint, cabinets, fixtures. Gross rents BEFORE remodel were $2,600/mo which did not include use of the 6-car garage. Anticipated gross rents with new tenants is $3,000/mo. Excellent investment rental property.

• Individually metered
• 6 car garage, detached with separate bays
• New roof (Sept. 2017)
• Unit 1 and 2 FULLY remodeled down to studs (winter 2017/2018)

Click here for pictures and pro forma!

Unit 1:

• Basement unit
• 1 bed
• 1bath
• $600/month (pre-remodel)
• Tenant pays gas/electric

Unit 2:

• Main floor unit
• 2 bed
• 1 bath
• $870/month (pre-remodel)
• Tenant pays gas/electric

Unit 3:

• Upstairs unit
• 4 bed
• 2 bath
• $1,100/month (pre-remodel)
• Tenant pays gas/electric

Financials:

Purchase price: $312,500

Monthly gross rent: $2570

Monthly expenses: $759

• Taxes: $178
• Insurance: $50
• Utilities: $145
• 5% maintenance/vacancy: $129
• 10% management:  $257

Monthly net rent: $1811

NOI: $21,732

Cap Rate (with management): 6.9%

Cap Rate (without management): 7.9%

These cap rates are all PRE-REMODEL!  Rents can and should be raised!

Click here for pictures and pro forma!