Historic Duplex with
For Sale
$369,500
205 N Excelsior Avenue, Butte, MT 59701
Residential, MT
Property Size4,890 SF
Lot Size0.07 Acres
Price / SF$75.56
Days on Market70
Property Features for 205 N Excelsior Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 6, Bedroom 5
Subdivision
Emmet Add
Standard status
Active
APN
1359000
Size
4,890 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
EMMET ADD, S14, T03 N, R08 W, BLOCK 2, N 33'2"" OF LTS 14-16
Tax Annual Amount
2990
Legal Description
EMMET ADD, S14, T03 N, R08 W, BLOCK 2, N 33'2"" OF LTS 14-16
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
paid laundry area
Building Details
Year built
1905
Floors in Building
2
Number of units
2
Architectural style
Other
Listing Agency:
Century 21 Shea Realty
(406) 723-5455
Listed By:
Jennifer Shea · License #RRE-BRO-LIC-13804
(406) 560-5366
Added: Jul 18
Changed: Sep 16
Last Checked: Sep 25 at 3:06AM
MLS# 357847
Copyright © 2026 Billings Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1905, this up-and-down duplex contains approximately 4,890 square feet across two residences. Each unit includes wood flooring, a living room, broad central hallway, three bedrooms, a full bathroom, formal dining room, and kitchen. The upper residence also features an enclosed sunroom.
A basement area provides paid laundry, storage, and a utility room, while each unit has a separate small garage that can support parking or additional storage. The property is served by public water and public sewer, with hot-water heating powered by natural gas. It is located near the hospital, Montana Tech, and historic uptown Butte.
A basement area provides paid laundry, storage, and a utility room, while each unit has a separate small garage that can support parking or additional storage. The property is served by public water and public sewer, with hot-water heating powered by natural gas. It is located near the hospital, Montana Tech, and historic uptown Butte.
Key Highlights
- Two‑unit duplex totaling approximately 4,890 square feet
- Each residence offers 3 bedrooms, a full bathroom, kitchen, dining room, and living room
- Upper unit includes an enclosed sunroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,593
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.82%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$651,860
$651.9K
Cap Rate 7%
$465,614
$465.6K
Cap Rate 9%
$362,144
$362.1K
Market Conditions
NOI Build-Up for 4,890 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$49.9K $10.20/SF
− Vacancy
−$3.3K −$0.68/SF
EGI
$46.6K $9.52/SF
− OpEx
−$14.0K −$2.86/SF
NOI
$32.6K $6.67/SF
Area
Silver Bow County, MT
Vacancy
6.65%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$651,860
Cap Rate 7%
$465,614
Cap Rate 9%
$362,144
Alternative Uses
Best Use
Multifamily LT 5
$465.6K
$407.4K – $543.2K
NOI $32,593 @ 7.0% cap · market cap 8.82%
Second Best
Apartment 5plus
$428.8K
$375.2K – $500.3K
NOI $30,015 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$1.07M
$932.5K – $1.24M
NOI $74,601 @ 7.0% cap · market cap 20.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
695
Businesses Nearby
Explore this area
Business Placement
Demographics for 59701, MT
33,937
Population
16,834
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
94%
High-School Grad
509.7 sq mi
ZIP Area
67
Density / Sq Mi
$56,799
Median Household Income
$34,793
Median Earnings
$811
Median Rent
$219,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two self-contained residences offer three-bedroom layouts, basement storage, laundry facilities, and separate small garages.
Where is this duplex located?
The property is located at 205 N Excelsior Avenue Butte, MT.
What is the asking price?
The asking price for this property is $369,500.
What are key features of this property?
This property features: Two‑unit duplex totaling approximately 4,890 square feet; Each residence offers 3 bedrooms, a full bathroom, kitchen, dining room, and living room; Upper unit includes an enclosed sunroom
