409 S Grand Avenue A rare offering in Bozeman's coveted Bon Ton Historic District - built in 1902 and thoughtfully converted into five income-producing apartments on one of the most walkable blocks south of Main Street. Tree-lined streets, historic mansions, and the city's most architecturally distinguished residential corridor define the address. Downtown Bozeman, Montana State University, Cooper Park and various trail systems are all within an easy stroll or short bike ride. Set on an 8, 400+ square foot lot in the heart of the historic core, the property delivers what the Bozeman market almost never offers in one package: an irreplaceable in-town location, a stabilized rent roll, and a meaningful redevelopment path. The five-unit configuration produces consistent income with rents currently positioned below market - a built-in lever for the next owner to realize immediate upside through routine turnover and modernization, without speculative assumptions. Beyond the in-place cash flow, the long-term value sits in the land. Bozeman's historic neighborhoods near downtown have become the city's most contested and sought-after development ground, and the Bon Ton has been repeatedly cited by city planners as a model of the "missing middle" density Bozeman is actively encouraging. The lot's location, dimensions, and existing multi-unit use position the property as one of the rare in-fill opportunities in Bozeman's most desirable submarket - a hold-for-yield asset today, with optionality for the next owner to reimagine the site. Opportunities like this on one of the most prestigious blocks in Bozeman don't come around that often.