Business Condo Retail
For Sale
$499,000
1040 Partridge, Helena, MT 59602
Two leased retail condo units offer 2,154 square feet and are zoned B-2.
Property Size2,154 SF
Price / SF$231.66
Days on Market33
Property Features for 1040 Partridge
General Information
Standard status
Active
Size
2,154 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,960
Building Details
Year Built
1999
Listing Agency:
Impact Real Estate Montana
Listed By:
Jennifer Williams · License #RRE-RBS-LIC-78966
Source:
Clearwaterproperties
Added: Jul 23
Changed: Aug 23
Last Checked: Aug 23 at 6:40AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Impact Real Estate Montana
Investment Insights
Based on property information with market context.
This sale offers two retail units within the Partridge Square Business Condominiums: Unit 3 and Unit 4. Together, the units comprise 2,154 square feet and are zoned B-2. The units are currently leased to The Tannery, providing income while still offering the option for an owner-occupant scenario in the future.
The property is located at 1040 Partridge Place in Helena, Montana, and the public remarks indicate it sits across from Target off Montana Ave. The offering also notes excellent parking for employees and clientele.
For a private showing, contact a real estate professional. Please do not approach the tenant or business during business hours; real estate conveys only, and the business does not convey.
The property is located at 1040 Partridge Place in Helena, Montana, and the public remarks indicate it sits across from Target off Montana Ave. The offering also notes excellent parking for employees and clientele.
For a private showing, contact a real estate professional. Please do not approach the tenant or business during business hours; real estate conveys only, and the business does not convey.
Key Highlights
- Two leased retail condominium units (Unit 3 and Unit 4) within Partridge Square Business Condominiums
- Total 2,154 SF combined across Unit 3 & Unit 4
- Units are zoned B‑2
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
$28,081
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
5.63%
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%
$561,620
$561.6K
Cap Rate 7%
$401,157
$401.2K
Cap Rate 9%
$312,011
$312.0K
Market Conditions
NOI Build-Up for 2,154 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
$41.4K $19.20/SF
− Vacancy
−$1.2K −$0.58/SF
EGI
$40.1K $18.62/SF
− OpEx
−$12.0K −$5.59/SF
NOI
$28.1K $13.04/SF
Area
Lewis and Clark County, MT
Vacancy
3.00%
Lease Rate
$19.20 /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%
$561,620
Cap Rate 7%
$401,157
Cap Rate 9%
$312,011
Alternative Uses
Best Use
Retail
$401.2K
$351.0K – $468.0K
NOI $28,081 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$467.9K
$409.4K – $545.9K
NOI $32,755 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
532
Businesses Nearby
309k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 21%
Shops & Services 21%
Apparel 17%
Dining 15%
Target
Superstores
66,005 visits/mo
0.3 miles
Murdoch's Ranch & Home Supply
Home Improvements & Furnishings
37,513 visits/mo
0.4 miles
McDonald's
Dining
33,454 visits/mo
0.4 miles
Albertsons
Groceries
31,313 visits/mo
0.4 miles
Ross Dress for Less
Apparel
19,998 visits/mo
0.3 miles
Demographics for 59602, MT
29,390
Population
12,091
Households
2.4
Avg Household Size
42
Median Age
39%
College-Educated
94%
High-School Grad
524.3 sq mi
ZIP Area
56
Density / Sq Mi
$87,841
Median Household Income
$49,580
Median Earnings
$1,291
Median Rent
$369,800
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - Two leased retail condo units offer 2,154 square feet and are zoned B-2.
Where is this retail space located?
The property is located at 1040 Partridge Helena, MT.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two leased retail condominium units (Unit 3 and Unit 4) within Partridge Square Business Condominiums; Total 2,154 SF combined across Unit 3 & Unit 4; Units are zoned B‑2
