Remodeled Office
For Sale
$374,900
111 N Last Chance Gulch Suite 3c, Helena, MT 59601
Third-floor professional suite with private offices, a reception area, and a conference room overlooking the downtown walking mall.
Property Size1,315 SF
Lot Size0.26 Acres
Price / SF$285.10
Days on Market9
Property Features for 111 N Last Chance Gulch Suite 3c
General Information
Standard status
Active
Size
1,315 SF
Lot size
0.26 Acres
Additional Details
Floor
3
Utilities to Site
Yes
Office Units
1
Building Details
Year Built
1975
Buildings
1
Tenancy
Multi
Listing Agency:
Lemm Real Estate, LLC
(406) 439-9555
Listed By:
David A. Lemm · License #11218
Source:
Mtranchsales
Added: Aug 25
Changed: Aug 31
Last Checked: Sep 1 at 9:10PM
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 Lemm Real Estate, LLC
Investment Insights
Based on property information with market context.
Suite 3C is a 1,315-square-foot office condominium on the third floor of the Arcade Building. The remodeled interior includes an open reception and seating area, three private offices, a conference office with views toward the downtown walking mall, and a copy and break area. Shared restrooms are located nearby. The building was constructed in 1975 and contains 25 commercial and retail condominium units on an 11,481-square-foot city lot.
The property is positioned on Helena’s Downtown Historic Walking Mall within the Central Business District. Access and parking options include a public garage on the walking mall, off-street parking, and another public garage behind the building. The condominium association handles building maintenance and most common expenses, including power to the unit. City water and sewer serve the property.
The property is positioned on Helena’s Downtown Historic Walking Mall within the Central Business District. Access and parking options include a public garage on the walking mall, off-street parking, and another public garage behind the building. The condominium association handles building maintenance and most common expenses, including power to the unit. City water and sewer serve the property.
Key Highlights
- 1,315‑square‑foot third‑floor office condominium in Suite 3C
- Remodeled layout with open reception, three private offices, conference office, and copy/break area
- Conference office overlooks Helena’s Downtown Historic Walking Mall
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
$14,084
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
3.76%
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%
$281,680
$281.7K
Cap Rate 7%
$201,200
$201.2K
Cap Rate 9%
$156,489
$156.5K
Market Conditions
NOI Build-Up for 1,315 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
$22.1K $16.80/SF
− Vacancy
−$3.3K −$2.52/SF
EGI
$18.8K $14.28/SF
− OpEx
−$4.7K −$3.57/SF
NOI
$14.1K $10.71/SF
Area
Lewis and Clark County, MT
Vacancy
15.00%
Lease Rate
$16.80 /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%
$281,680
Cap Rate 7%
$201,200
Cap Rate 9%
$156,489
Alternative Uses
Best Use
Office B
$201.2K
$176.1K – $234.7K
NOI $14,084 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$285.7K
$250.0K – $333.3K
NOI $19,996 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,807
Businesses Nearby
Explore this area
Business Placement
Demographics for 59601, MT
30,848
Population
15,937
Households
1.9
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
130.2 sq mi
ZIP Area
237
Density / Sq Mi
$70,502
Median Household Income
$44,000
Median Earnings
$1,023
Median Rent
$355,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Third-floor professional suite with private offices, a reception area, and a conference room overlooking the downtown walking mall.
Where is this office units located?
The property is located at 111 N Last Chance Gulch Suite 3c Helena, MT.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 1,315‑square‑foot third‑floor office condominium in Suite 3C; Remodeled layout with open reception, three private offices, conference office, and copy/break area; Conference office overlooks Helena’s Downtown Historic Walking Mall
