128 E Evergreen DR

Property Overview:

• Located at 128 E Evergreen Dr, Kalispell, Montana
• Three newly constructed buildings (2023) with 45 total units
• Mix of Studio (20%), 1BR/1BA (60%), and 2BR/2BA (20%) units
• Monthly rents range from $1,250 to $1,780

Key Features:

• Mountain-modern design with high-end finishes
• Units include stainless steel appliances, washer/dryers, island kitchens (in 1BR/2BR), walk-in closets, private patios/decks
• Central location with excellent walkability
• Near Glacier National Park, Big Mountain skiing, lakes, and outdoor recreation

Market Highlights:

• Kalispell/Flathead County is Montana's fastest-growing region
• Severe housing shortage with 3,161 unit deficit as of 2022
• Market needs 1,500 new units annually for next 10 years
• Current market vacancy rates 5-8%, with many properties fully occupied
• Strong economic and population growth (14.8% population growth census to census)

Investment Metrics:

• 5-year hold period projected
• IRR: 18.6%
• ROI: 121.85%
• CAGR: 17.28%
• Average Cash on Cash Return: 6.6%
• Conservative 6% cap rate.

Business Strategy:

• Self-managed property with existing on-site manager
• Potential addition of short-term rentals. 3 Units Currently Operational.
• Focus on marketing to broader rental pool
• Expected 3-5% reduction in expenses through operational efficiencies
• Conservative underwriting assumptions used

Attractive investment opportunity in a mountain destination market.