725 E Cottonwood Street & 704 Front Street

Description

Great investment potential at two contiguous, separately deeded parcels in northeast Mill District, the hip, high growth area of Bozeman where a tremendous number of existing and proposed multimillion dollar redevelopment projects are underway. 1 block from Wild Crumb Bakery, Treeline Coffee, Finks Deli and the Wildlands residences as well as nearby proposed redevelopments which include the Bronkens/Cloverleaf project, Wallace Works, N. Ida/East Cottonwood redevelopment and Block 104. Unobstructed views of the Bridgers from the east sides of both lots. The site is held in two adjacent deeded parcels totaling +/- 18,600 sf with frontage along both E.Cottonwood and Front Streets. The +/- 7,188 north lot (704/704.5 Front St.) contains a +/- 3400 sf 1890s railway warehouse which has been converted into duplex residential housing comprised of two recently renovated (2021/2022) 4 bed/1 bath +/-1700 sf units with high ceilings. Each currently rented for $2,600/mo. Extra parking area. The north parcel residences have the potential to be utilized to fulfill workforce housing obligations. The south parcel of +/- 11,500 sf (725 E. Cottonwood) contains +/- 4,875 sf storage warehouse, rented at below mkt. rates for $1500/mo. The south warehouse is situated at the center of the potential future connection point between the east portion of East Cottonwood Road and the original Front St. The City's Transportation Plan calls for reconnecting and upgrading the extension of East Cottonwood into Front St. for roadway, walking/biking paths, etc. It is also the point of interconnection for sewer, water and other utilities serving the east side of the Mill District. Both parcels are zoned as NEHMU (northeast historic mixed use) which allows for residential, commercial, retail and bar/restaurant uses as well as ADUs. Zoning rights are granted to each individual parcel. Also, two deeded lots offer the ability to use property line adjustments (or easements) to allocate lot sizes between the north and south lots. Tremendous opportunity for the redevelopment of the entire 18,600 sf site with commercial/residential mixed use plus parking. The existing historic warehouse building on the north lot could also be renovated for retail, commercial or office. This site would also be a great location for a potential restaurant or brewery on the north parcel with parking on the 60wide south warehouse.