Live-Work Penthouse with
For Sale
$697,000
115 N Broadway Street, Billings, MT 59101
The residence-and-business layout may accommodate office or studio use, subject to applicable approvals.
Property Size2,800 SF
Price / SF$248.93
Days on Market172
Property Features for 115 N Broadway Street
General Information
Standard status
Active
Size
2,800 SF
Elevators
Yes
Property subtype
Office
Additional Details
Floor
Penthouse
Office Units
1
Taxes and HOA fees
Annual Taxes
$2,237
Amenities
balcony
private rooftop
herb gardens
patio entertaining space
hot tub infrastructure
two basement storage rooms
Building Details
Building Size
2,800 SF
Year Built
2002
Buildings
1
Listing Agency:
Coldwell Banker The Brokers
Listed By:
Kim Barnett · License #RRE-RBS-LIC-126005
(406) 671-6528
Source:
Careychapman
Added: Apr 17
Changed: Oct 1
Last Checked: Oct 4 at 1:55PM
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 Coldwell Banker The Brokers
Investment Insights
Based on property information with market context.
This 2,800-square-foot penthouse in the Montana Power Building pairs residential features with a layout that may support business use, subject to applicable approvals. Details include original law-office doors, preserved tile and glass, a five-burner gas range, Corian counters, a built-in wine cabinet, and a gas fireplace connected to the building’s original brick flue. A balcony and private rooftop provide outdoor space, while the rooftop also has herb gardens and hot tub infrastructure. The building was constructed in 2002.
Two basement storage rooms and garage parking across the street are included. The property is at 115 N Broadway Street in downtown Billings, with city views from the balcony and rooftop.
Two basement storage rooms and garage parking across the street are included. The property is at 115 N Broadway Street in downtown Billings, with city views from the balcony and rooftop.
Key Highlights
- 2,800‑square‑foot penthouse in the Montana Power Building
- Private rooftop with herb gardens, patio space, and hot tub infrastructure
- Garage parking across the street and two basement storage rooms
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
$30,694
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
4.40%
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%
$613,880
$613.9K
Cap Rate 7%
$438,486
$438.5K
Cap Rate 9%
$341,044
$341.0K
Market Conditions
NOI Build-Up for 2,800 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
$48.7K $17.40/SF
− Vacancy
−$7.8K −$2.78/SF
EGI
$40.9K $14.62/SF
− OpEx
−$10.2K −$3.65/SF
NOI
$30.7K $10.96/SF
Area
Billings, MT
Vacancy
16.00%
Lease Rate
$17.40 /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%
$613,880
Cap Rate 7%
$438,486
Cap Rate 9%
$341,044
Alternative Uses
Best Use
Office B
$438.5K
$383.7K – $511.6K
NOI $30,694 @ 7.0% cap · market cap 4.40%
Second Best
Mixed Use
$386.4K
$338.1K – $450.8K
NOI $27,048 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$610.9K
$534.6K – $712.8K
NOI $42,766 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Explore this area
Business Placement
Demographics for 59101, MT
41,522
Population
18,864
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
91%
High-School Grad
590.8 sq mi
ZIP Area
70
Density / Sq Mi
$58,165
Median Household Income
$36,258
Median Earnings
$930
Median Rent
$243,000
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Live-work space - The residence-and-business layout may accommodate office or studio use, subject to applicable approvals.
Where is this live-work space located?
The property is located at 115 N Broadway Street Billings, MT.
What is the asking price?
The asking price for this property is $697,000.
What are key features of this property?
This property features: 2,800‑square‑foot penthouse in the Montana Power Building; Private rooftop with herb gardens, patio space, and hot tub infrastructure; Garage parking across the street and two basement storage rooms
