Industrial Warehouse With Office
New
For Sale
$4,500,000
1011 E Second, Butte, MT 59701
COMMERCIAL - MT
Property Size27,940 SF
Lot Size1.81 Acres
Price / SF$161.06
Days on Market3
Property Features for 1011 E Second
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
I1 - Light Industrial
Parking
27
Parking features
Garage, Parking Lot
Subdivision
(99) All Other Areas/See Remarks
Standard status
Active
APN
0304710
Size
27,940 SF
Lot size
1.81 Acres
Taxes and HOA fees
Tax Description
S18, T03 N, R07 W, 420A, 781A, PARCEL 00B, TRACT B
Tax Annual Amount
15828
Legal Description
S18, T03 N, R07 W, 420A, 781A, PARCEL 00B, TRACT B
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
conference room
showers
Building Details
Year built
1990
Floors in Building
2
Building materials
Block, Frame
Roof type
Metal
Listing Agency:
Century 21 Shea Realty
(406) 723-5455
Listed By:
Jennifer Shea · License #RRE-BRO-LIC-13804
(406) 560-5366
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 10:06PM
MLS# 361353
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.
This 27,940-square-foot industrial property combines approximately 22,940 square feet of warehouse space with an approximately 5,000-square-foot office area. Built in 1990, the facility has cement block construction, a metal roof, steel truss framing, and approximately 20-foot ceilings. Warehouse improvements include a cooler, two semi docks, three industrial overhead doors, and a bay door with a drive-in ramp. The office component spans two stories and includes reception space, five main-floor offices, executive offices, a conference room, and three restrooms.
Located in the Butte, Montana Warehouse District, the property sits on 1.81 acres with parking for 27 vehicles plus additional yard parking. The building has three-phase electric service, natural gas and hot water heating, public water, and public sewer. Additional features include a walk-in safe, four additional exterior exits, and warehouse heating and air conditioning.
Located in the Butte, Montana Warehouse District, the property sits on 1.81 acres with parking for 27 vehicles plus additional yard parking. The building has three-phase electric service, natural gas and hot water heating, public water, and public sewer. Additional features include a walk-in safe, four additional exterior exits, and warehouse heating and air conditioning.
Key Highlights
- 27,940‑square‑foot industrial property on 1.81 acres
- Approximately 22,940‑square‑foot warehouse and 5,000‑square‑foot office area
- Two semi docks, 3 industrial overhead doors, and 1 bay door with drive‑in ramp
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
$360,727
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
8.02%
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%
$7,214,540
$7.2M
Cap Rate 7%
$5,153,243
$5.2M
Cap Rate 9%
$4,008,078
$4.0M
Market Conditions
NOI Build-Up for 27,940 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
$559.9K $20.04/SF
− Vacancy
−$78.9K −$2.83/SF
EGI
$481.0K $17.21/SF
− OpEx
−$120.2K −$4.30/SF
NOI
$360.7K $12.91/SF
Area
Silver Bow County, MT
Vacancy
14.10%
Lease Rate
$20.04 /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%
$7,214,540
Cap Rate 7%
$5,153,243
Cap Rate 9%
$4,008,078
Alternative Uses
Best Use
Office B
$5.15M
$4.51M – $6.01M
NOI $360,727 @ 7.0% cap · market cap 8.02%
Second Best
Warehouse
$2.94M
$2.57M – $3.43M
NOI $205,841 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$6.09M
$5.33M – $7.10M
NOI $426,248 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
2
Dock-high doors
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Kaw Avenue Storage — 1223 Kaw Ave, Butte, MT 59701
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- Broadway Garage Indoor Vehicle — 226 E Broadway St, Butte, MT 59701
Frequently Asked Questions
What type of property is this?
Warehouse - Block construction includes dock access, overhead doors, and a drive-in ramp.
Where is this warehouse located?
The property is located at 1011 E Second Butte, MT.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 27,940‑square‑foot industrial property on 1.81 acres; Approximately 22,940‑square‑foot warehouse and 5,000‑square‑foot office area; Two semi docks, 3 industrial overhead doors, and 1 bay door with drive‑in ramp
