Mixed-Use Live-Work
For Sale
$1,250,000
3012 L Drive, Helena, MT 59602
Two-building live-work property with retail/office space, a 1-bedroom apartment, and a heated warehouse-shop.
Property Size8,190 SF
Lot Size2.00 Acres
Price / SF$152.63
Days on Market100
Property Features for 3012 L Drive
General Information
Standard status
Active
Size
8,190 SF
Lot size
2.00 Acres
Zoning
Call Listing Agent for Details
Additional Details
Multifamily Units
1
Building Details
Building Size
8,190 SF
Year Built
1999
Listing Agency:
Windermere Great Divide-Bozeman
(406) 580-7029
Listed By:
Dina Emmert · License #RRE-BRO-LIC-45433
Source:
Purewestrealestate
Added: May 14
Changed: Aug 14
Last Checked: Aug 21 at 4:52AM
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 Windermere Great Divide-Bozeman
Investment Insights
Based on property information with market context.
This mixed-use commercial property includes two separate buildings with multiple use possibilities. The main 5,300± SF commercial/residential structure combines retail and office space with a spacious 1-bedroom, 1-bath apartment, offering additional rental income options and live-work flexibility. A second 2,890± SF heated warehouse-shop building provides enclosed space for storage, operations, or light industrial needs.
The property sits at the highly visible intersection of Canyon Ferry Road and Wylie Drive in Helena and is addressed as 3012 L Drive. Outside, it features a large gravel/dirt yard with ample space for parking, equipment storage, contractor use, and fleet or vehicles. Existing leases are in place, providing immediate income potential.
For buyers looking to own or operate a flexible commercial asset, the combination of street-facing retail/office space, onsite residential use, heated warehouse-shop space, and yard area supports a range of mixed-use arrangements on approximately 2+ acres.
The property sits at the highly visible intersection of Canyon Ferry Road and Wylie Drive in Helena and is addressed as 3012 L Drive. Outside, it features a large gravel/dirt yard with ample space for parking, equipment storage, contractor use, and fleet or vehicles. Existing leases are in place, providing immediate income potential.
For buyers looking to own or operate a flexible commercial asset, the combination of street-facing retail/office space, onsite residential use, heated warehouse-shop space, and yard area supports a range of mixed-use arrangements on approximately 2+ acres.
Key Highlights
- Two‑building commercial live‑work property on ~2+ acres at Canyon Ferry Road and Wylie Drive in Helena
- Main 5,300± SF building includes retail and office space plus a 1‑bedroom, 1‑bath apartment
- Second 2,890± SF heated warehouse‑shop building for storage, operations, or light industrial use
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
$106,771
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
8.54%
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%
$2,135,420
$2.1M
Cap Rate 7%
$1,525,300
$1.5M
Cap Rate 9%
$1,186,344
$1.2M
Market Conditions
NOI Build-Up for 8,190 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
$157.2K $19.20/SF
− Vacancy
−$4.7K −$0.58/SF
EGI
$152.5K $18.62/SF
− OpEx
−$45.8K −$5.59/SF
NOI
$106.8K $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%
$2,135,420
Cap Rate 7%
$1,525,300
Cap Rate 9%
$1,186,344
Alternative Uses
Best Use
Retail
$1.53M
$1.33M – $1.78M
NOI $106,771 @ 7.0% cap · market cap 8.54%
Second Best
Office B
$1.25M
$1.10M – $1.46M
NOI $87,715 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$1.78M
$1.56M – $2.08M
NOI $124,540 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-building live-work property with retail/office space, a 1-bedroom apartment, and a heated warehouse-shop.
Where is this live-work space located?
The property is located at 3012 L Drive Helena, MT.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two‑building commercial live‑work property on ~2+ acres at Canyon Ferry Road and Wylie Drive in Helena; Main 5,300± SF building includes retail and office space plus a 1‑bedroom, 1‑bath apartment; Second 2,890± SF heated warehouse‑shop building for storage, operations, or light industrial use
