123 N 9th St, Miles City, MT 59301

4 unit apartment building with excellent rental history. There is a fifth unit available with some remodeling and finish work to make it rentable. Building has an occasional vacancy, several long term tenants. Owner has updated the boiler system, exterior painting, landscaping, concrete and yard. New roof 2019, owners are installing central air in all units. Good location close to downtown shopping, restaurant's, bars, banks, etc. Units are metered for electricity. Landlord pays first $50/mo in unit 1, 2,3,4, monthly average is $9-27/ unit. Landlord pays for gas and electric for heat, average is $237/mo. Water and sewer is $98/mo, garbage $31/mo. Property insurance is $2,482/yr. Current gross rent is $2100/mo for 4 units. Monthly expenses are around $931/mo, potential net is $1169/mo. This is a 6.41% CAP rate at the $219,000 asking price. All leases are month to month. Unit #5 can be made rentable with some remodeling and finish work. This would increase income by $400-500/mo. The property will have a LOMA completed to remove it from the flood zone.