Victorian Mixed-Use
For Sale
$575,000
215 Broadway Avenue S, Red Lodge, MT 59068
CommercialSale, Red Lodge, MT
Property Size1,924 SF
Lot Size0.07 Acres
Price / SF$298.86
Days on Market48
Property Features for 215 Broadway Avenue S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CBD - Central Business District
Parking
1
Parking features
On Street
Appliances
Refrigerator
Lot features
Alley
Directions
Red Lodge main street (Broadway) south end. Same block as Covering Broadway and Cattail Bakery.
Subdivision
(16) Red Lodge;Luther;Roscoe
Standard status
Active
APN
1097300
Size
1,924 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
Red Lodge Original Townsite, S27, T07 S, R20 E, RLOP LOT 7 BLK 15.
Tax Annual Amount
2984
Legal Description
Red Lodge Original Townsite, S27, T07 S, R20 E, RLOP LOT 7 BLK 15.
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
gas fireplace
Building Details
Year built
1905
Floors in Building
2
Building materials
WoodSiding
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
H BAR S Real Estate
(406) 446-3535
Listed By:
Anner Marble · License #RRE-BRO-LIC-13683
4250098
Added: Aug 19
Changed: Sep 12
Last Checked: Oct 5 at 11:06AM
MLS# 360520
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 1,924-square-foot wood-sided property occupies 0.0717 acres at 215 Broadway Avenue S. The building retains Victorian-era character, including interior and exterior trim details and fir flooring on the main level. Its existing layout includes a front office area with a half bath, conference space, coffee service area, gas fireplace, and main-street access. A separate-entry two-bedroom apartment includes a kitchen, living room, full bath, and laundry, while the upper level contains a studio apartment with a kitchen, bedroom, and full bath.
The property is situated in the central business district of Red Lodge, Montana. One alley parking space is available, with public parking along the front of the property. Public water and public sewer serve the building, which is heated by natural gas and covered by a shingle and composition roof.
The property is situated in the central business district of Red Lodge, Montana. One alley parking space is available, with public parking along the front of the property. Public water and public sewer serve the building, which is heated by natural gas and covered by a shingle and composition roof.
Key Highlights
- 1,924‑square‑foot building on a 0.0717‑acre parcel
- Constructed in 1905 with Victorian‑era trim and main‑level fir flooring
- Front office area includes half bath, conference space, coffee service area, and gas fireplace
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
$21,091
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
3.67%
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%
$421,820
$421.8K
Cap Rate 7%
$301,300
$301.3K
Cap Rate 9%
$234,344
$234.3K
Market Conditions
NOI Build-Up for 1,924 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
$33.5K $17.40/SF
− Vacancy
−$5.4K −$2.78/SF
EGI
$28.1K $14.62/SF
− OpEx
−$7.0K −$3.65/SF
NOI
$21.1K $10.96/SF
Area
Carbon County, MT
Vacancy
16.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$421,820
Cap Rate 7%
$301,300
Cap Rate 9%
$234,344
Alternative Uses
Best Use
Office B
$301.3K
$263.6K – $351.5K
NOI $21,091 @ 7.0% cap · market cap 3.67%
Second Best
Mixed Use
$265.5K
$232.3K – $309.8K
NOI $18,586 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$419.8K
$367.3K – $489.8K
NOI $29,386 @ 7.0% cap · market cap 5.11%
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
1
Office units
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
476
Businesses Nearby
Explore this area
Business Placement
Demographics for 59068, MT
3,670
Population
2,967
Households
1.2
Avg Household Size
52
Median Age
47%
College-Educated
99%
High-School Grad
520.9 sq mi
ZIP Area
7
Density / Sq Mi
$63,704
Median Household Income
$33,293
Median Earnings
$795
Median Rent
$413,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office 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?
Mixed-use property - The 1905 building combines a front office area with separate-entry apartment spaces in a central business district setting.
Where is this mixed-use property located?
The property is located at 215 Broadway Avenue S Red Lodge, MT.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1,924‑square‑foot building on a 0.0717‑acre parcel; Constructed in 1905 with Victorian‑era trim and main‑level fir flooring; Front office area includes half bath, conference space, coffee service area, and gas fireplace
