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    508 Main St Miles City, MT 59301

    View on Map
    For Sale
    $357,000

    Commercial Building - Miles City, MT

    Property size:
    12,056 SF
    Lot size:
    0.16 Acres
    Added:
    Sep 22, 2025
    Days on Market:
    197
    Last Refresh:
    Apr 6 at 4:06 am

    Property Features for 508 Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Interior features
    Flooring- Linoleum, Flooring- Carpet, Elevator(s)
    Exterior features
    View Of City
    Accessibility
    Accessible Elevator Installed
    Standard status
    Active
    APN
    1417403311006000
    Size
    12,056 SF
    Lot size
    0.16 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Building materials
    Brick
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Eric Smeltzer

    Listing agent Eric Smeltzer

    Listing office Smeltzer Auctions & Real Estate 203 Highland Park Road, Glendive, MT

    Listing date Sep 22, 2025

    MLS# 331341 Listing URL

    Copyright © 2026 Glendive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Downtown Commercial Building in Miles City

    This three-story commercial building, located on Main Street in downtown Miles City, Montana, was originally constructed in 1900 and remodeled in 2009. The building offers approximately 12,056 square feet of space and includes off-street parking in the rear. The 3,750-square-foot main floor, currently rented for $1000 per month, features entrances at both the front and rear of the building. A freight elevator with three stops is present, though it was not operational at the time of inspection. The second floor, accessible via a separate covered stairway with a locked door, includes a large reception area, three office spaces, and two bathrooms. The third floor provides access to the back entrance of the building and contains multiple rooms. The basement houses an updated hot water boiler heating system. According to the main floor tenant, the roof has an updated rubber bladder. Situated on a 0.16-acre lot, this multi-purpose building is zoned for commercial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    KYUS & KMTA Radio Station Moran's Custom Leather ... Department Store Media Consultant - Marks ... Advertising Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Miles City
    County
    Custer
    State
    Montana
    Longitude
    -105.8510597
    Latitude
    46.4058084

    Nearby Similar for Sale

    • $1,150,000
      9,600 SF

      Retail Building on Main Street

      9,600 SF retail building on a 28,000 SF lot.
      2913 Main St, Miles City, MT 59301
      View Details
    • $7,395,000
      69,081 SF

      Miles City Multifamily Investment Portfolio

      Thriving property management business with nearly 100 units.
      603 Washington, Miles City, MT 59301
      View Details

    FAQs

    What type of property is this?
    Office building - Three-story commercial building in downtown Miles City, Montana.
    Where is this office building located?
    The property is located at 508 Main St Miles City, MT.
    What is the asking price?
    The asking price for this property is $357,000.
    What are key features of this property?
    This property features: High‑visibility location on Main Street in downtown Miles City.; Multi‑purpose, 3‑story building with income‑generating potential (currently rented main floor).; Updated hot water boiler heating system and rubber roof.
    (406) 377-1169
    We can help!
    Listing Contact
    Eric Smeltzer
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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