North Russell Apartments

Exclusive Multifamily Opportunity

1650 N Russell St  |  Missoula, MT 59808

OPPORTUNITY

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.

  • Address 1650 N Russell Street
  • City, State, Zip Missoula, MT 59808
  • County Missoula
  • Geocode04-2200-16-2-06-01-0000
  • Tax ID250507
  • Zoning U-MU1
  • Site Size/Acreage 2.97 Acres
  • Built1997
  • Renovated2025
  • Units 54
  • Buildings 8
  • Rentable SF 36,380 SF
  • Average Unit SF 700
  • Average In-Place Rent$1,278
  • Average In-Place Rent/SF$1.90

INVESTMENT HIGHLIGHTS

Exceptional Rent Growth

Effective rent across the Missoula metro reached $1,741 per month in Q1 2026, up 9.1% year over year, more than four times the national rate of 1.7%. Occupancy climbed 230 basis points to 96.7%, roughly 180 basis points above the national average, reflecting tight conditions for stabilized assets in the Westside submarket.

Layered Value-Add and Densification

The 2.97-acre recently underwent a rezoning to U-MU1 that became effective in March 2026. This removes certain density and parking restrictions and prioritizes urban mixed-use projects in this neighborhood. Additionally, a third-party feasibility study has been completed to add an additional 30 new units to the property, providing a defined second leg of value-add upside in a submarket the City of Missoula has explicitly rezoned for increased mixed-use density.

Tightening Supply Pipeline

After 1,641 units delivered across 2023 to 2025, the highest three-year stretch on record, the Missoula pipeline has compressed to just 42 units currently under construction. Net absorption has outpaced completions since the start of 2024, positioning stabilized communities like North Russell Apartments to capture incremental rent growth as new deliveries taper.

54

units

1997

Year Built

2025

Year renovated

700

AVG SF

Property Summary

North Russell Apartments is located 2.4 miles from downtown Missoula, Montana. The 54-unit garden-style community sits on 2.97 acres and offers studio, one-bedroom, and two-bedroom floor plans ranging from 450 to 820 square feet across multiple two-story buildings.

Of the 54 units, 22 have been fully renovated with new luxury vinyl plank flooring, refreshed paint, updated fixtures, new kitchen cabinetry, and new appliance packages. Three units have received light updates and 14 have received classic turns, with 15 units remaining in original classic condition.

The community offers an on-site shared laundry facility, off-street parking across 113 surface stalls, and dedicated resident storage units. The grounds are tree-lined and pet-friendly, with ample green space for residents to enjoy. The two-story garden-style configuration sits within a quiet residential pocket of the Westside neighborhood, one of Missoula’s most established close-in communities where residents are within immediate reach of the Clark Fork River corridor and the extensive trail network that runs along its banks.

Neighborhood amenities including local dining, coffee shops, and retail along nearby streets support a walkable, amenity-rich lifestyle that appeals strongly to the University of Montana student population, young professionals, and healthcare workers employed at Providence St. Patrick Hospital and Community Medical Center, two of the metro’s largest employers located within two miles of the property. The combination of proximity to the university, major employers, and Missoula’s outdoor recreation culture produces consistent, broad-based renter demand in this submarket.

Value Add Summary

North Russell Apartments offers a layered value-add proposition with four different unit classifications. They are as follows:

  • Renovated: 22 units have received new LVP flooring, paint, cabinetry, quartz countertops, and undermount sinks. Select units have received new appliances.
  • Light Renovations: 3 units have new LVP flooring, paint, quartz countertops, and undermount sinks.
  • Classic Turns: 14 units have new paint, faucets, and light fixtures.
  • Classic: 15 units remain in unrenovated condition and represent the next operator’s near-term renovation runway.

North Russell’s value add strategy is supported by 9.1% year-over-year rent growth across the Missoula metro. Currently, renovated units are achieving a weighted average of $107 higher in-place rents, actively proving the upside new investors can achieve by following a similar strategy. Alongside market growth, Berkadia projects market rents for the 32 remaining unrenovated units achieving a $175  premium per unit, increasing Gross Potential Rent at North Russell an additional $67K per year.

$67K

Additional
GPR upon completion
of renovation program

+$175

Pro forma
rent premium for
classic unit renovations

32

Units
remain ready
to renovate

 


Fully Renovated Unit

VIRTUAL TOURS

North Russel 2 Bed Renovated

2 Bed Classic

1 Bed Reno

Contact Us

Investment Sales

CLAY ANDERSON
Senior Managing Director
208.440.2486
[email protected]
ID CRE #SP34431

SPENCER HANSEN
Director
208.921.2560
[email protected]
ID CRE #SP54287

CHRISKOTT TODD
Associate Director
208.906.9515
[email protected]
ID CRE #SP58860

Mortgage Bankers

ROBERT DOXSEE
Managing Director
425.777.0235
[email protected]

MICHAEL MANOLIDES
Senior Director
253.670.2143
[email protected]

CONNOR LEMLEY
Associate  Director
206.455.1592
[email protected]

Office

800 West Main Street
Suite 1410
Boise, ID 83702
berkadia.com
berkadia.com/northwest

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