Live-Work
New
For Sale
$697,000
115 N Broadway Street, Billings, MT 59101
CommercialSale, Billings, MT
Property Size2,800 SF
Price / SF$248.93
Days on Market7
Property Features for 115 N Broadway Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
CBD - Central Business District
Subdivision
Historic Montana Power Bldg 09
Lot features
Alley
Standard status
Active
APN
A34212Y
Size
2,800 SF
Taxes and HOA fees
Tax Description
HISTORIC MONTANA POWER BUILDING (09), S03, T01 S, R26 E, UNIT 5B, 12.23% COMMON AREA INTEREST, LT 17-18, N9" LT 19 BLK 92 BILLINGS OT
Tax Annual Amount
2237
Legal Description
HISTORIC MONTANA POWER BUILDING (09), S03, T01 S, R26 E, UNIT 5B, 12.23% COMMON AREA INTEREST, LT 17-18, N9" LT 19 BLK 92 BILLINGS OT
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
original law-office doors
discreet office access
preserved building tiles
handcrafted glass from Montana Power panes
5-burner gas range
built-in wine cabinet
Corian counters
balcony
marble-topped built-in buffet
gas fireplace
original Murphy bed
ACME Hotel clawfoot tub
private rooftop
herb gardens
patio entertaining space
hot tub infrastructure
basement storage rooms
Building Details
Year built
2002
Floors in Building
1
Building materials
Brick, Masonry
Roof type
Membrane, Flat
Architectural style
Other
Listing Agency:
Coldwell Banker The Brokers · Coldwell Banker Real Estate
(406) 652-6100
Listed By:
Kim Barnett · License #RRE-RBS-LIC-126005
(406) 671-6528
Added: Sep 29
Changed: Sep 30
Last Checked: Oct 5 at 10:06AM
MLS# 362156
Copyright © 2026 Billings Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,800-square-foot penthouse in the Montana Power Building can accommodate residential, business, or combined live-work use, subject to applicable approvals. Interior features include a kitchen with a five-burner gas range, Corian counters, and built-in wine storage, along with a gas fireplace connected to the original brick flue. An original Murphy bed, clawfoot tub, marble-topped buffet, and preserved building finishes add character. Heating is forced-air natural gas, with central air conditioning.
A balcony and private rooftop terrace provide outdoor space and downtown views. The rooftop includes herb gardens, patio space, and infrastructure for a hot tub. Two basement storage rooms and garage parking across the street are also included.
A balcony and private rooftop terrace provide outdoor space and downtown views. The rooftop includes herb gardens, patio space, and infrastructure for a hot tub. Two basement storage rooms and garage parking across the street are also included.
Key Highlights
- 2,800‑square‑foot penthouse in the Montana Power Building
- Residential, business, or combined live‑work use subject to applicable approvals
- Private rooftop with herb gardens, patio area, and hot tub infrastructure
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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Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
3,667
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - A rooftop terrace, distinctive interior details, and two basement storage rooms complement the flexible penthouse layout.
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; Residential, business, or combined live‑work use subject to applicable approvals; Private rooftop with herb gardens, patio area, and hot tub infrastructure
