Available For Sale - Multifamily

18,999 SF | Show Pricing $

LISTED BY

Ethan Kanning
NAI Business Properties, 406-672-0435

AVAILABILITY DETAILS

Size
18,999 SF
Price/SF
Show Pricing $
Listing ID
SA544966
Notes
Offering is a shovel ready development project within the EBURD TIF district which includes a 17,532 SF lot and a fully completed architectural plan set with approved permitting. Current permit expires June 1, 2024 so new owner would need to resubmit with existing plan set. The project is located within the EBURD Tax Increment Finance District and eligible for TIF funds.



The pending 18,999 SF mixed use development project consists of 4,606 SF of main floor office space, and 16 apartments throughout the main floor and a 6,375 SF second floor and 6,375 SF third floor offering a mix of studio, 2 bed/1 bath and 1 bed/1 bath apartment units.



The current owner/developer has a pending LOI on 1,200 SF of main floor office space and a signed LOI and draft lease with a local non profit to masterlease all 16 apartments upon completion of the project. The total project cost will vary based on the developer, contractor, how much work is self performed, etc. but the current developer estimates the site work and hard costs will between $4-5MM ($211-263/SF) which does not include $325k for the land and architectural plans and $40k for new footers. Asking price for commercial development lot is $175,000 and $150,000 for the architectural projects. The projected construction expense of $4-5MM includes all civil work related to site work, utilities and landscaping.



The project qualifies for TIF funds via the standard application and grant/repayment process. The standard allocation of TIF funds granted for a project is 16.7% of the total project costs (site acquisition, site work, hard costs, soft costs) which equates to $668,000 up to $835,000 of TIF monies depending on total project size. These funds would be reimbursed to the new owner/developer upon completion and receipt of Certificate of Occupancy of the project for reimbursable expenses. While the TIF committees and Montana Code Annotated suggest a 16.7% ratio (1/6), the new owner/developer could potentially ask for money in excess of the standard ratio.
Uses
Multifamily

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Ethan Kanning, NAI Business Properties