Two-Unit Retail
New
For Sale
$499,000
1040 Partridge Place #3 & 4, Helena, MT 59602
B-2 retail condominium units currently leased to an operating business near Target and Montana Avenue.
Property Size2,154 SF
Price / SF$231.66
Days on Market4
Property Features for 1040 Partridge Place #3 & 4
General Information
Standard status
Active
Size
2,154 SF
Property subtype
Commercial
Zoning
Business, B-2
Taxes and HOA fees
Annual Taxes
$5,960
Building Details
Building Size
2,154 SF
Year Built
1999
Tenancy
Single
Listing Agency:
Impact Real Estate Montana
(406) 465-8728
Listed By:
Jennifer Williams
(406) 465-8728
Source:
Avatarrealtymt
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 10 at 12:20PM
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 offering includes Units 3 and 4 at Partridge Square Business Condominiums, providing 2,154 square feet of retail-oriented commercial space. The units carry B-2 zoning and were built in 1999. Both units are currently leased to The Tannery, while the sale includes the real estate only and excludes the operating business.
The property is located at 1040 Partridge Place in Helena, across from Target near Montana Avenue. On-site parking serves employees and customers. The two-unit configuration also provides an owner-occupancy option in the future, subject to applicable lease and property considerations.
The property is located at 1040 Partridge Place in Helena, across from Target near Montana Avenue. On-site parking serves employees and customers. The two-unit configuration also provides an owner-occupancy option in the future, subject to applicable lease and property considerations.
Key Highlights
- Two Partridge Square condominium units included: Units 3 and 4
- 2,154 square feet of commercial space
- B‑2 zoning
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
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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?
Storefront property - B-2 retail condominium units currently leased to an operating business near Target and Montana Avenue.
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 $499,000.
What are key features of this property?
This property features: Two Partridge Square condominium units included: Units 3 and 4; 2,154 square feet of commercial space; B‑2 zoning
