1040 Partridge Place 3 & 4, Helena, MT 59602

Building Details

Year Built 1999 More

Listing Agency: Impact Real Estate Montana

Listed By: Jennifer Williams Show Phone

Source: Mtranchsales

Added: Sep 21 Changed: Oct 26 Last Checked: Oct 7 at 2:52PM

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Investment Insights

Based on property information with market context.

This offering includes Units 3 and 4 within Partridge Square Business Condominiums, providing 2,154 square feet of retail space. The property was constructed in 1999 and carries B-2 zoning. The sale includes the real estate only; the operating business does not convey.

The units are positioned across from Target off Montana Avenue and include access to parking for employees and customers. Both units are currently leased to The Tannery, with the property also presented as a potential future owner-occupancy opportunity.

Key Highlights

• Two units totaling 2,154 square feet
• B‑2 zoning
• Constructed in 1999

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,081

Cap Rate

5.92%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$561,620 $561.6K

Cap Rate 7%

$401,157 $401.2K

Cap Rate 9%

$312,011 $312.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,154 SF

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 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 (±1% cap)

NOI $28,081 @ 7.0% cap · market cap 5.92%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$467.9K

$409.4K – $545.9K (±1% cap)

NOI $32,755 @ 7.0% cap · market cap 6.91%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Quality Vision Care Ophthalmologist Knapp Insurance Agency Insurance Agency The Tannery Tanning Salon Endurance Chiropractic Alternative Medicine Practice Jenet A. Melton, OD Physician

Suggested Use

Top Pick Law Firm HVAC Service Plumbing Service Parking Lot & Garage Bakery Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

532

Businesses Nearby

309k

Monthly Visits Nearby

Balanced

Demand for This Use

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

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - B-2-zoned retail condominium units are currently leased to The Tannery.

Where is this storefront property located?

The property is located at 1040 Partridge Place 3 & 4 Helena, MT.

What is the asking price?

The asking price for this property is $474,000.

What are key features of this property?

This property features: Two units totaling 2,154 square feet; B‑2 zoning; Constructed in 1999