Renovated Four-Unit Office
For Sale
$1,200,000
1554 Harrison, Butte, MT 59701
The four office units are occupied under leases and include off-street parking.
Property Size4,650 SF
Price / SF$258.06
Days on Market1039
Property Features for 1554 Harrison
General Information
Standard status
Active
Size
4,650 SF
Property subtype
Commercial
Zoning
C2 - Community Commercial
Occupancy
100%
Additional Details
Office Units
4
Taxes and HOA fees
Annual Taxes
$6,811
Building Details
Building Size
4,650 SF
Year Built
1974
Year Renovated
2021
Owner Occupied
No
Listing Agency:
ERA Landmark Real Estate
(406) 579-1989
Listed By:
Ethan Stokes
(406) 579-1989
Source:
Outlaw
Added: Oct 27, 2023
Changed: Aug 29
Last Checked: Aug 30 at 1:43PM
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 ERA Landmark Real Estate
Investment Insights
Based on property information with market context.
Built in 1974 and extensively renovated about 2021, this 4,650-square-foot office property is configured as four separate office units. Each unit is currently occupied, with leases in place. The layout is described as adaptable to a five-unit configuration, providing flexibility for a revised arrangement. Off-street parking serves the property.
Zoned C2 - Community Commercial, the asset is positioned for continued commercial leasing, owner occupancy, or a mixed arrangement. Retail conversion is also identified as a possible retrofit. Located at 1554 Harrison in Butte, Montana, the property combines an established office configuration with existing occupancy and updated improvements.
Zoned C2 - Community Commercial, the asset is positioned for continued commercial leasing, owner occupancy, or a mixed arrangement. Retail conversion is also identified as a possible retrofit. Located at 1554 Harrison in Butte, Montana, the property combines an established office configuration with existing occupancy and updated improvements.
Key Highlights
- 4,650 SF office property renovated about 2021
- Four office units currently occupied with leases in place
- Layout can be converted from four units to five
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
$60,035
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
5.00%
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%
$1,200,700
$1.2M
Cap Rate 7%
$857,643
$857.6K
Cap Rate 9%
$667,056
$667.1K
Market Conditions
NOI Build-Up for 4,650 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
$93.2K $20.04/SF
− Vacancy
−$13.1K −$2.83/SF
EGI
$80.0K $17.21/SF
− OpEx
−$20.0K −$4.30/SF
NOI
$60.0K $12.91/SF
Area
Silver Bow County, MT
Vacancy
14.10%
Lease Rate
$20.04 /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%
$1,200,700
Cap Rate 7%
$857,643
Cap Rate 9%
$667,056
Alternative Uses
Best Use
Office B
$857.6K
$750.4K – $1.00M
NOI $60,035 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$886.8K – $1.18M
NOI $70,940 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Explore this area
Business Placement
Demographics for 59701, MT
33,937
Population
16,834
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
94%
High-School Grad
509.7 sq mi
ZIP Area
67
Density / Sq Mi
$56,799
Median Household Income
$34,793
Median Earnings
$811
Median Rent
$219,200
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 - The four office units are occupied under leases and include off-street parking.
Where is this office units located?
The property is located at 1554 Harrison Butte, MT.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,650 SF office property renovated about 2021; Four office units currently occupied with leases in place; Layout can be converted from four units to five
